703.08 Notice prior to conversion of residential property to condominium.

218 words·~1 min read·/wi/chapter-703/703-08-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Residential real property may not be converted to a condominium unless the owner of the residential real property gives prior written notice of the conversion to each of the tenants of the building or buildings scheduled for conversion. During the 60-day period immediately following the date of delivery of the notice a tenant has the first right to purchase the unit, if the unit is offered for sale at any time during that period, for any of the following:

(a)The price at which the unit is being offered on the market.

(b)The price contained in any accepted offer to purchase the unit.

(c)The price otherwise agreed to by the tenant and the seller.

(2)A tenant may not be required to vacate the property during the 120-day period immediately following the date of delivery of the notice required under sub.

(1)unless the tenant violates a covenant in the lease or fails to pay rent.

(3)A tenant may waive in writing his or her first right of purchase under sub.

(1), his or her right to remain on the property under sub.

(2), or both.

703.08 Note NOTE: 2003 Wis. Act 283 , which affected this section, contains extensive explanatory notes.