The Wisconsin property disclosure statement is completed by a property owner to disclose any known property defects to a prospective buyer prior to executing a purchase agreement. Sellers of residential property are legally required to complete this form (known as the “Real Estate Condition Report”) and give it to the buyer unless the buyer is their personal representative, trustee, conservator, or fiduciary, or if the property transfer is exempt from the real estate transfer fee (§ 709.01(2)). The report must be given to the buyer within ten (10) days of executing a purchase contract. If the property being sold is a condominium, the seller will also need to complete the Condominium Addendum to Real Estate Condition Report and attach it to the property disclosure.
Purchase Agreement – A real estate contract between a buyer and seller for the transfer of residential property between the parties.