✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
The State of Wisconsin requires you to disclose glaring or obvious defects of your house. You don’t need to tell prospective buyers about each window crack. But if you have mold growing in your basement, the next homeowner needs to know what they are likely signing up for.
An honest approach to home selling will let you avoid lawsuits. Always declare the potential hazards the new homebuyer may have to be concerned about.
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» Selling Home As Is In Wisconsin: Here Is Houzeo’s Guide On How To Sell Your Home As-Is In Wisconsin.
Selling your home in Wisconsin? Here are the seller disclosure requirements you should be aware of:
- Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
- Real Estate Condition Report
Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
The Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any property built before 1978. Every buyer of any residential real property must be notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning.
This federal law requires the sellers of residential real estate to complete a “Lead Warning Statement” to provide the potential buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards.
Sellers must provide a 10-day period for buyers to conduct a paint inspection or risk assessment for lead-based paint or lead-based paint hazards. Visit this site to get a lead hazard inspection firm.
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» Sell My Home Fast Wisconsin: Read Our Blog If You’re In Dire Need To Sell Your House Fast In Wisconsin.
Real Estate Condition Report
As stated in chapter 709 of the Wisconsin Statutes and as required by law in Wisconsin, home sellers are required to complete a Real Estate Condition Report. This form specifically asks sellers to answer a series of questions regarding the condition of certain aspects of the property. These aspects are:
- Structural and Mechanical Defects
- Environmental Hazards
- Wells, Septic Systems, and Storage Tanks Defects
- Taxes, Special Assessments, Permits, etc.
- Land Use
- Additional Information i.e. legal issues to do with the property
In each category that is listed above, home sellers are to answer each question by indicating whether or not you’re aware of any defects. If you answer that you are aware of defects, you must provide a written explanation to detail the flaw.
Meanwhile if the property you are selling is a condominium, you must provide the prospective buyer with contact information for the condo association and a statement of fees or assessments that may be owing.
» How To Sell A House By Owner In Wisconsin: Are You Considering Selling Your House Without A Realtor? Here Are Our Tips For A Smooth Selling Process.
The state law requires that sellers provide the full and completed Real Estate Condition Report to the buyer within ten days after accepting an offer of purchase, but you can also provide it earlier.
Seller disclosures in Wisconsin protect both sides of the home-purchase transaction, putting the buyer on notice and preventing the seller from any liability for future problems. Further full disclosure will protect sellers from future legal claims and give buyers confidence that the seller is being transparent, and that they are aware of material items that may impact the value or habitability of the property they are purchasing.
Tips to Minimize Issues in Wisconsin Disclosure Documents
| Review And Verify | There’s a time allowance (some permit 10 days) to review and verify everything about your Purchase and Sales Agreement—also the square footage, home usage, and marketing. |
| Ask Questions | Ask questions when in doubt. This would help you in avoiding future troubles. |
| Hire A Professional Inspector | A professional inspector can help you gather backup information about the property’s condition. You can also opt for a pre-inspection before listing. » Wisconsin Home Inspectors – Find out the best home inspectors in Wisconsin. |
| Disclose Everything | To avoid problems in your home disclosure statement disclose everything you know honestly. Even though it’s a minor issue, you must disclose it. |
| Get A Licensed Agent Involved | The best way to avoid disclosure issues is to get a licensed WI real estate agents. Agents can help you manage and assist you in the process along the way. |
Wisconsin Residential Property Disclosure Form is a little complicated. Selling your house FSBO is usually good, but then you would have to deal with all the disclosures on your own. However, this demands that you be aware of all the disclosure requirements and that any mistake can cost you dearly. Houzeo can help you with this.
- ✍️ Editor’s Note: Though selling your home yourself on a For Sale By Owner website can save you thousands in commission, we highly recommend you add a Flat Fee MLS listing to your marketing strategy. Check out the best Flat Fee Wisconsin.
Final Word
By listing your property with Houzeo, you get access to all forms in electronic format. And that too, for FREE! Houzeo has segregated all the disclosures state-wise so that you don’t have to hunt for seller disclosure form Wisconsin separately.
Check out some of the Houzeo reviews and how it has helped customers around the US.
Note: This is only a quick guide for sellers in Wisconsin. When selling a home, it’s also best to seek legal advice from experts. However, doing research also comes in handy to gain more information regarding this matter.
Did you know Houzeo’s Gold Plan provides relevant Federal and State Seller Disclosures in Wisconsin?
