703.33 Disclosure requirements in connection with sale of unit.

716 words·~3 min read·/wi/chapter-703/703-33-2

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

(1)Material to be furnished by seller to purchaser before closing. Not later than 15 days prior to the closing of the sale of a unit to a member of the public, the seller shall furnish to the purchaser the following:

(a)Copies of the proposed or existing declaration, the bylaws, and any rules or regulations.

(b)A copy of the proposed or existing articles of incorporation of the association, if it is or is to be incorporated.

(c)A copy of any proposed or existing management contract, employment contract or other contract affecting the use, maintenance or access of all or part of the condominium to which it is anticipated the unit owners or the association will be a party following closing.

(d)A copy of the projected annual operating budget for the condominium including reasonable details concerning the estimated monthly payments by the purchaser for assessments, and monthly charges for the use, rental or lease of any facilities not part of the condominium.

(e)A copy of any lease to which it is anticipated the unit owners or the association will be a party following closing.

(f)A description of any contemplated expansion of the condominium with a general description of each stage of expansion and the maximum number of units that can be added to the condominium.

(g)A copy of the floor plan of the unit together with the information that is necessary to show the location of the common elements and other facilities to be used by the unit owners and indicating which facilities will be part of the condominium and which facilities will be owned by others.

(h)An executive summary setting forth in clear plain language the following information, or the location within the disclosure materials described in pars.

(a)to

(g)where the information may be found, and the date on which the executive summary is prepared or revised:

1. ‘Condominium identification.’ The name of the condominium.

2. ‘Expansion plans.’ A description of the declarant’s expansion plan for the condominium and deadline for implementation and the identity of the condominium management during the expansion period.

3. ‘Governance.’ The name and address of the condominium association; whether the association is self-managed or has hired or retained management; and the name, address, and telephone number of the individual or individuals who may be contacted regarding the condominium in general.

4. ‘Special amenities.’ A description of any special amenities, such as an athletic club or golf course, and a statement of the obligation of a unit owner to join or support the amenity.

5. ‘Maintenance and repair of units.’ A description of an owner’s responsibilities for the repair and maintenance of the unit.

6. ‘Maintenance, repair, and replacement of common elements.’ The identity of the person responsible for the maintenance, repair, and replacement of common elements and limited common elements and whether repairs or replacements will be funded from unit owner assessments, reserve funds, or both.

7. ‘Rental of units.’ Whether unit owners may rent their units and any restrictions on rentals.

8. ‘Unit alterations.’ A description of any rules, restrictions, or procedures governing a unit owner’s authority to alter the unit or use or enclose limited common elements.

9. ‘Parking.’ A description of the availability, restrictions, and costs of parking.

10. ‘Pets.’ A description of rules relating to unit owners’ pets.

11. ‘Reserves.’ Whether the association maintains reserves for repairs and replacement of common elements beyond routine maintenance and, if so, whether a statutory reserve account under s. 703.163 is maintained and the amount of the reserve balance.

11m. ‘Fees on new units.’ A description of any provisions exempting the declarant or modifying the declarant’s obligation to pay assessments on the declarant’s unsold units during the period of the declarant’s control, and any other provisions in the declaration, bylaws, or budget addressing the levying and payment of assessments on units during the period of the declarant’s control.

11q. ‘Amendments.’ An indication that a unit purchaser’s rights and responsibilities may be altered by an amendment of the declaration or bylaws, and a description of the amendment process and requirements.

12. ‘Other restrictions or features.’ At the option of the declarant or association a description of other restrictions or features of the condominium.