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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Wisconsin, a property disclosure statement is a legal document that a seller of real property must provide to a prospective buyer. This document, often referred to as a Real Estate Condition Report, is required by state law under Wis. Stat. § 709.02. The seller must disclose any known material defects or problems with the property that could significantly affect its value or the buyer's use and enjoyment of it. The disclosure must be made in good faith and based on the seller's actual knowledge at the time of the transaction. The law outlines specific items that must be addressed in the report, including defects in the roof, plumbing, electrical systems, heating and cooling systems, and other structural components of the property. If the seller is unaware of any defects, this must also be stated in the disclosure. Failure to provide a complete and accurate disclosure can lead to legal consequences for the seller, including the potential for the buyer to seek rescission of the sale or damages.

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Real property

property disclosure statement

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Wisconsin State Code

Wisconsin State Code

Real property

property disclosure statement

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