4 min read Jun 09, 2020

Seller Disclosure Requirements in Wisconsin

seller disclosures in wisconsin

Important: The blog article below is informational and should not be deemed as legal advice. Houzeo and its bloggers are not attorneys. For any questions and legal advice, consult a licensed attorney.

In Wisconsin, the law requires that you divulge certain property flaws to potential home buyers just like in any other state. Although you do not have to disclose every single problem to prospective home buyers, it is imperative to let them know about any major concerns. It can protect you from any potential lawsuits should a home buyer feel as though he or she was not informed about a major problem in the for sale property.

Did you know Houzeo’s Gold Plan provides relevant Federal and State Seller Disclosures?

3 min Video: How to List Your Home on the MLS by Owner

4 min video: Learn How to Submit & Review Offers on Houzeo

Selling your home in Wisconsin? Here are the seller disclosure requirements you should be aware of:

  1. Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
  2. 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.

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.

You must also disclose how long you have lived at the home. 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.

seller disclosures in wisconsin

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 protect both sides of the home-purchase transaction, putting the buyer on notice and preventing the seller from any liability for future problems. 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.

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?

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Flat Fee MLS For Sale By Owner Sellers Guide States Wisconsin

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