709.05 Right to rescind.

350 words·~2 min read·/wi/chapter-709/709-05

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

(1)Except as provided in sub.

(b), if a buyer receives a report after submission of a contract of sale or option contract to the owner or the owner’s agent, the buyer may, after receipt of that report by the prospective buyer and before the applicable deadline, rescind in writing a contract of sale or option contract if a defect, as defined in the report, is disclosed, without any liability on his or her part, and a buyer is entitled to the return of any deposits or option fees paid in the transaction. A prospective buyer who receives a report that is incomplete or that contains an inaccurate assertion that an item is not applicable and who is not aware of the defects that the owner failed to disclose may, within 2 business days after receipt of that report, rescind in writing a contract of sale or option contract without any liability on his or her part and is entitled to the return of any deposits or option fees paid in the transaction. 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.

1. Except as provided in subd. 2. , a buyer may not rescind a contract of sale or option contract under this section if he or she receives a complete report before submitting the contract of sale or option contract to the owner or the owner’s agent.

2. Unless par.

(b)applies, a buyer under subd. 1. who, after submitting the contract of sale or option contract to the owner or the owner’s agent, receives an amended report, or an amendment to the report previously received, that discloses a defect that was not disclosed in the report previously received may, after receipt of the amended report or amendment to the report and before the applicable deadline, rescind in writing the contract of sale or option contract and is entitled to the return of any deposits or option fees paid in the transaction.