703.33 Disclosure requirements in connection with sale of unit.

1,471 words·~7 min read·/wi/chapter-703/703-33-5

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.

13. ‘First right of purchase.’ Whether the association has a first right to purchase the unit.

14. ‘Transfer fee.’ Whether the association charges a fee in connection with a transfer of ownership of the unit and, if a fee is charged, the amount of the fee.

15. ‘Disclosure material fee.’ Whether the association charges a fee for providing the disclosure materials described in this section and, if a fee is charged, the amount of the fee.

16. ‘Payoff statement fee.’ Whether the association charges a fee for providing a payoff statement under s. 703.335 and, if a fee is charged, the amount of the fee.

(1m)Preparation of executive summary. The executive summary under sub.

(h)shall be prepared, and subsequently revised whenever a change is made in the disclosure materials described in sub.

(a)to

(g)that requires a revision of a statement in the summary, by the declarant or the association, whichever is in control of the condominium when the executive summary is prepared or revised.

(2)Disclosure form. The materials required in sub.

(1)shall be delivered to a prospective purchaser with cover sheet, index, and tables of contents as prescribed in this section. A cover sheet and index shall precede all other materials required in sub.

(1). The executive summary required under sub.

(h)shall appear immediately following the index. A table of contents shall precede the section to which it applies.

(a)Cover sheet. A cover sheet shall be of the same approximate size and shape as the majority of the disclosure materials required in sub.

(1)and shall bear the title “Disclosure Materials” and shall contain the name and location of the condominium, the name and business address of the declarant, and the name and business address of the declarant’s agent or, if the seller is not the declarant, the name and address of the seller. Following this information, but separate from it, there shall appear on the front of the cover sheet 3 statements in boldface type, or capital letters no smaller than the largest type on the page, in the following wording:

1. THESE ARE THE LEGAL DOCUMENTS COVERING YOUR RIGHTS AND RESPONSIBILITIES AS A CONDOMINIUM OWNER. IF YOU DO NOT UNDERSTAND ANY PROVISIONS CONTAINED IN THEM, YOU SHOULD OBTAIN PROFESSIONAL ADVICE.

2. THESE DISCLOSURE MATERIALS GIVEN TO YOU AS REQUIRED BY LAW MAY, WITH THE EXCEPTION OF THE EXECUTIVE SUMMARY, BE RELIED UPON AS CORRECT AND BINDING. FOR A COMPLETE UNDERSTANDING OF THE EXECUTIVE SUMMARY, CONSULT THE DISCLOSURE DOCUMENTS TO WHICH A PARTICULAR EXECUTIVE SUMMARY STATEMENT PERTAINS. ORAL STATEMENTS MAY NOT BE LEGALLY BINDING.

3. YOU MAY AT ANY TIME WITHIN 5 BUSINESS DAYS FOLLOWING RECEIPT OF THESE DOCUMENTS, OR FOLLOWING NOTICE OF ANY MATERIAL CHANGES IN THESE DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY DEPOSITS MADE. IF THE SELLER DELIVERS LESS THAN ALL OF THE DOCUMENTS REQUIRED, YOU HAVE 5 BUSINESS DAYS FOLLOWING RECEIPT OF THE DOCUMENTS TO CANCEL IN WRITING THE CONTRACT OF SALE OR, IF THE SELLER DELIVERS A COVER SHEET AND INDEX, TO DELIVER A WRITTEN REQUEST FOR ANY MISSING DOCUMENTS.

SEE THE INDEX, IF ANY, FOLLOWING THIS INFORMATION TO DETERMINE IF DOCUMENTS ARE MISSING. IF YOU TIMELY DELIVER A WRITTEN REQUEST FOR MISSING DOCUMENTS, YOU MAY, AT ANY TIME WITHIN 5 BUSINESS DAYS FOLLOWING THE EARLIER OF EITHER THE RECEIPT OF THE REQUESTED DOCUMENTS OR THE SELLER’S DEADLINE TO DELIVER THE REQUESTED DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY DEPOSITS MADE. YOU HAVE NO FURTHER RIGHT TO CANCEL THE CONTRACT OF SALE BASED ON THE DOCUMENTS UNLESS THE DOCUMENTS ARE MATERIALLY CHANGED.

(b)Index. Following the material required in par.

(a), there shall appear an index of the disclosure materials. An index may begin on the cover sheet, if space permits, and be continued on the first and subsequent pages immediately following the cover sheet or may begin on the first page immediately following the cover sheet and continue on subsequent pages. An index shall be in substantially the following form:

The disclosure materials the seller is required by law to provide to each prospective condominium purchaser contains the following documents and exhibits:

1c. ‘Executive summary.’ The executive summary highlights for a buyer of a condominium unit essential information regarding the condominium. The executive summary begins on page ......

1m. ‘Declaration.’ The declaration establishes and describes the condominium, the units and the common areas. The declaration begins on page ......