2011 - 2012 LEGISLATURE
ASSEMBLY SUBSTITUTE AMENDMENT 1,
TO 2011 ASSEMBLY BILL 560
March 5, 2012 - Offered by Representative Rivard.
AB560-ASA1,1,5 1An Act to amend 703.33 (1) (a), 703.33 (2) (a) 3., 703.33 (3c), 703.33 (4) (a), 703.33
2(4) (b) 1., 703.33 (4) (b) 2., 703.33 (6), 709.02 (2) (intro.) and 709.02 (2) (d); and
3to create 703.33 (4) (d) of the statutes; relating to: condominium information
4on real estate condition reports and rescission of contracts of sale for
5condominiums.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB560-ASA1, s. 1 6Section 1. 703.33 (1) (a) of the statutes is amended to read:
AB560-ASA1,1,87 703.33 (1) (a) A copy Copies of the proposed or existing declaration, the bylaws,
8and any rules or regulations, together with an index of the contents.
AB560-ASA1, s. 2 9Section 2. 703.33 (2) (a) 3. of the statutes is amended to read:
AB560-ASA1,2,1710 703.33 (2) (a) 3. YOU MAY AT ANY TIME WITHIN 5 BUSINESS DAYS
11FOLLOWING RECEIPT OF THESE DOCUMENTS, OR FOLLOWING NOTICE

1OF ANY MATERIAL CHANGES IN THESE DOCUMENTS, CANCEL IN
2WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY
3DEPOSITS MADE. IF THE SELLER DELIVERS LESS THAN ALL OF THE
4DOCUMENTS REQUIRED, YOU MAY, WITHIN HAVE 5 BUSINESS DAYS
5FOLLOWING RECEIPT OF THE DOCUMENTS, TO CANCEL IN WRITING THE
6CONTRACT OF SALE OR, IF THE SELLER DELIVERS A COVER SHEET AND
7INDEX, TO
DELIVER A WRITTEN REQUEST FOR ANY MISSING
8DOCUMENTS. SEE THE INDEX, IF ANY, FOLLOWING THIS INFORMATION
9TO DETERMINE IF DOCUMENTS ARE MISSING.
IF YOU TIMELY DELIVER
10A WRITTEN REQUEST FOR MISSING DOCUMENTS, YOU MAY, AT ANY TIME
11WITHIN 5 BUSINESS DAYS FOLLOWING THE EARLIER OF EITHER THE
12RECEIPT OF THE REQUESTED DOCUMENTS OR THE SELLER'S DEADLINE
13TO DELIVER THE REQUESTED DOCUMENTS, CANCEL IN WRITING THE
14CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY DEPOSITS
15MADE. YOU HAVE NO FURTHER RIGHT TO CANCEL THE CONTRACT OF
16SALE BASED ON THE DOCUMENTS UNLESS THE DOCUMENTS ARE
17MATERIALLY CHANGED.
AB560-ASA1, s. 3 18Section 3. 703.33 (3c) of the statutes is amended to read:
AB560-ASA1,3,319 703.33 (3c) Delivery of incomplete set of disclosure materials. If the seller
20delivers disclosure materials that include the cover sheet and index required in sub.
21(2) (a) and (b), but that do not include all of the documents required under sub. (1),
22the purchaser may, within shall have 5 business days from receipt of the disclosure
23materials, to request in writing any documents that were required to be delivered
24under sub. (1), but that were not timely delivered. If no executive summary required
25under subs. (1) (h) and (1m) has been prepared, the seller may so inform the

1purchaser when the seller delivers the disclosure materials to the seller. The seller
2has 5 business days following receipt of the purchaser's request to deliver the
3requested documents to the purchaser.
AB560-ASA1, s. 4 4Section 4. 703.33 (4) (a) of the statutes is amended to read:
AB560-ASA1,3,95 703.33 (4) (a) Any purchaser may at any time within 5 business days following
6receipt of all of the documents required under sub. (1) and within 5 business days
7following receipt of all of the amendments any amendment required under sub. (3m),
8rescind in writing a contract of sale without stating any reason and without any
9liability on his or her part.
AB560-ASA1, s. 5 10Section 5. 703.33 (4) (b) 1. of the statutes is amended to read:
AB560-ASA1,3,1511 703.33 (4) (b) 1. If the purchaser does not give notice requesting request in
12writing
missing documents as provided under sub. (3c), or may not request missing
13documents because the seller did not provide both a cover sheet and index
, the
14purchaser may rescind within 5 business days following receipt of the incomplete
15disclosure materials.
AB560-ASA1, s. 6 16Section 6. 703.33 (4) (b) 2. of the statutes is amended to read:
AB560-ASA1,3,2117 703.33 (4) (b) 2. If the purchaser gives notice requesting requests in writing
18missing documents as provided under sub. (3c), the purchaser may rescind within
195 business days following the earlier of receipt of the requested documents or the
20deadline, under sub. (3c), for the seller's delivery of the requested missing
21documents.
AB560-ASA1, s. 7 22Section 7. 703.33 (4) (d) of the statutes is created to read:
AB560-ASA1,3,2423 703.33 (4) (d) If a purchaser does not timely rescind under par. (a) or (b), his
24or her right to rescind under this section is terminated.
AB560-ASA1, s. 8 25Section 8. 703.33 (6) of the statutes is amended to read:
AB560-ASA1,4,4
1703.33 (6) Waiver of purchaser's right. Rights of purchasers under this
2section may not be waived in the contract of sale and any attempt to waiver waive
3those rights
is void. However, notwithstanding sub. (4) (d), if the purchaser proceeds
4to closing, the purchaser's right under this section to rescind is terminated.
AB560-ASA1, s. 9 5Section 9. 709.02 (2) (intro.) of the statutes is amended to read:
AB560-ASA1,4,106 709.02 (2) (intro.) In regard to a transfer of a condominium unit, as defined in
7s. 703.02 (15), if the owner is required under s. 709.01 to provide the information
8under sub. (1),
the owner shall furnish, in addition to and at the same time as the
9information required under sub. (1), all the following information as an addendum
10to the real estate condition report under s. 709.03:
AB560-ASA1, s. 10 11Section 10. 709.02 (2) (d) of the statutes is amended to read:
AB560-ASA1,4,1312 709.02 (2) (d) A Unless excused by s. 703.365 (8), a copy of the executive
13summary required under s. 703.33 (1) (h).
AB560-ASA1, s. 11 14Section 11. Initial applicability.
AB560-ASA1,4,18 15(1) Rescission of condominium contract of sale. The treatment of section
16703.33 (1) (a), (2) (a) 3., (3c), (4) (a), (b) 1. and 2., and (d), and (6) of the statutes first
17applies to contracts of sale for the sale of a condominium unit that are entered into
18on the effective date of this subsection.
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