A Wisconsin residential purchase agreement is a legally binding document that governs the sale of residential properties. It outlines the terms and conditions to which the buyer and seller agree, ensuring clarity and protection throughout the transaction process.
Key components of the contract include the negotiation terms, the purchase price, and specifics regarding financial obligations and closing costs. Additionally, the agreement mandates seller disclosures to promote transparency before the property ownership transfers following the sale.
State Laws
- Right to Rescind: The buyer can cancel the contract before a certain deadline if they learn about a defect from a report they receive after submitting a contract of sale [1] .
- Exemptions from Disclosures: The seller doesn’t have to produce a property condition form if the buyer is a fiduciary, conservator, trustee, or personal representative of the seller. They also don’t have to provide a disclosure form if the transaction is exempt from the real estate transfer fee [2] .
- Vacant Land Disclosure Report: The seller must follow the state’s requirements for disclosing information about vacant land for sale [3] .
Realtor Version
Residential Offer to Purchase (WB-11)
The Wisconsin Real Estate Examining Board approves this form for realtors use to initiate and facilitate real estate transactions.
Residential Condominium Offer to Purchase (WB-11)
The Wisconsin Real Estate Examining Board approves this form for realtors use to initiate and facilitate condominium sales and purchases.
Required Seller Disclosures
Lead-Based Paint Disclosure
Per 42 U.S. Code § 4852d, sellers must reveal any lead-based paint hazards to buyers. This requirement only applies to homes built before 1978.
Real Estate Condition Report
The seller must complete a real estate condition report to disclose the property's condition and issue it to the buyer within ten days of closing the deal, per Wis. Stat. § 709.02. Wis. Stat. § 709.03 provides the official formatting for this form.
Condominium Addendum to a Real Estate Condition Report
State law (Wis. Stat. § 709.02(2)) requires that sellers clarify that a property is a condominium by providing this addendum to a real estate condition report.
Do Sellers in Wisconsin Have to Disclose Property Defects?
Yes. Wisconsin is not a caveat emptor (buyer beware) state, so the seller must disclose all material defects. If they don’t, they may be responsible for reversing the property transaction for the buyer’s benefit.
