709.02 Disclosure.
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/wi/chapter-709/709-02A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
709.02 Disclosure.
(1)In regard to transfers described in s. 709.01 , the owner of the property shall furnish, not later than 10 days after acceptance of a contract of sale or option contract, to the prospective buyer of the property a completed copy of the report under s. 709.03 or 709.033 , whichever is applicable, subject to s. 709.035 , except that the owner may substitute for any entry information supplied by a licensed engineer, professional land surveyor, as defined in s. 443.01
(7m), or structural pest control operator, by an individual who is a qualified 3rd party, or by a contractor about matters within the scope of the contractor’s occupation, if the information is in writing and is furnished on time and if the entry to which it relates is identified, and except that the owner may substitute for any entry information supplied by a public agency. Information that substitutes for an entry on the report under s. 709.03 or 709.033 and that is supplied by a person specified in this section may be submitted and certified on a supplemental report prepared by the person, as long as the information otherwise satisfies the requirements under this section. A report under s. 709.03 or 709.033 is considered complete only if the owner answered, or supplied information under s. 709.035 for, each item on the report. A prospective buyer who does not receive a report within the 10 days may, within 2 business days after the end of that 10-day period, rescind the contract of sale or option contract by delivering a written notice of rescission to the owner or to the owner’s agent and is entitled to the return of any deposits or option fees paid in the transaction.
(2)In regard to a transfer of a condominium unit, if the owner is required under s. 709.01 to provide the information under sub.
(1), the owner shall furnish, in addition to and at the same time as the information required under sub.
(1), all the following information as an addendum to the report under s. 709.03 or 709.033 :
(a)The name of the condominium and the date the condominium was created by recording condominium instruments with the register of deeds under s. 703.07 ; the unit number of the property offered for sale; and the name, address, and telephone number of the seller or the seller’s agent.
(b)The name and address of the condominium association; a statement specifying whether the association is self-managed or has hired or retained management; and the name, address, and telephone number of the individual who may be contacted as a representative of the association regarding the sale, in particular, or the condominium, in general.
(c)The amount of current condominium assessments, fees, special assessments, or other charges for which a unit owner is responsible and whether the current charges for the unit have been paid.
(d)Unless excused by s. 703.365
(8), a copy of the executive summary required under s. 703.33
(h).
709.02 Note Note: 2003 Wis. Act 283 , which affected this section, contains extensive explanatory notes.