AB781,38,12 11703.315 Lease or rental agreements for residential units. (1)
12Definitions. In this section:
AB781,38,1513 (a) "Condominium rental agreement" means an agreement, whether oral or
14written, for the rental or lease of a residential condominium unit by the same tenant
15for a period of more than one month.
AB781,38,1616 (b) "Tenant" means any of the following:
AB781,38,1817 1. A person occupying or entitled to present or future occupancy of a residential
18condominium unit under a condominium rental agreement.
AB781,38,2019 2. A periodic tenant, as defined in s. 704.01 (2), of a residential condominium
20unit that pays rent on a month-to-month or greater recurring interval of time.
AB781,38,2221 (c) "Unit owner" means the owner of a unit that is rented or leased under a
22condominium rental agreement or by a periodic tenant.
AB781,39,7
1(2) Agreement for compliance. Entering into a condominium rental
2agreement constitutes an agreement by the tenant, as a condition of the
3condominium rental agreement, to comply with this chapter, the rules and bylaws
4of the association, and the provisions of the declaration. Entitlement to occupancy
5of a unit as a periodic tenant, as described in sub. (1) (b) 2., constitutes an agreement
6by the periodic tenant, as a condition of the tenancy, to comply with this chapter, the
7rules and bylaws of the association, and the provisions of the declaration.
AB781,39,11 8(3) Copy of written agreement to association. Within 5 business days after
9entering into or renewing a written condominium rental agreement, the unit owner
10shall provide a copy of the agreement to the association. The association shall keep
11a copy of any condominium rental agreement on file while the agreement is in effect.
AB781,39,13 12(4) Contact of unit owner and tenant by association. The association may
13contact or give notice to the tenant or unit owner by:
AB781,39,1514 (a) Making the contact or giving the notice by the means indicated by the tenant
15or unit owner in writing to the association.
AB781,39,1816 (b) If par. (a) does not apply, by any method under s. 704.21 (1) (a) to (e), in the
17case of the tenant, or by any method under s. 704.21 (2) (a) to (d), in the case of the
18unit owner.
AB781,39,21 19(5) Copy of condominium documents to tenant. Before a tenant occupies a
20unit, the unit owner shall provide a copy of the declaration and the association
21bylaws and rules to the tenant or place the information in the unit.
AB781,39,23 22(6) Time share not covered. This section does not apply to a time-share unit
23governed under ch. 707.
Note: Provides a measure of regulation relating to agreements, whether oral or
written, for the rental or lease of a residential condominium unit by the same tenant for

a period of more than one month and to periodic tenancies with a recurring interval of
time of one month or more.
Under sub. (2), a tenant who enters into a covered condominium rental agreement
or who is entitled to occupancy under a covered periodic tenancy agrees to comply with
ch. 703 (condominiums), the rules and bylaws of the association, and the provisions of the
declaration. By making agreement to comply a matter of law, failure of a tenant to comply
with the chapter, declaration, bylaws, or rules will trigger the provisions of ch. 704
(landlord and tenant) that relate to breach of a rental agreement or lease by a tenant.
Under sub. (3), if a written condominium rental agreement is entered into, the unit
owner must provide a copy within five business days to the association. The association
must keep a copy of the agreement on file while the agreement is in effect.
Subsection (4) provides a means of contacting or giving notice to a tenant or unit
owner who is party to a covered condominium rental agreement or periodic tenancy.
Contact or notice may be made or given by the means indicated by the tenant or unit
owner in writing to the association or, if that does not apply, by any method currently
provided under statutory landlord and tenant law for giving notice to a tenant or
landlord.
Subsection (5) provides that a unit owner must provide a copy of the declaration
and the association bylaws and rules to a covered tenant before the tenant occupies the
unit or must place the information in the unit before the tenant occupies the unit.
Under sub. (6), the section expressly does not apply to a time-share unit governed
under ch. 707. The inclusion of sub. (6) is not intended to affect or raise any inference
concerning the meaning of current s. 707.09, stats., relating to the relationship of ch. 703,
condominiums, and ch. 707, time shares.
Section 703.315, as created by this Section, first applies to condominium rental
agreements renewed or entered into approximately 3 months after the effective date of
the bill. See Sec. 69 (10) of the bill.
AB781, s. 47 1Section 47 . 703.33 (1) (h) of the statutes is created to read:
AB781,40,42 703.33 (1) (h) An executive summary setting forth in clear plain language the
3following information or location within the disclosure materials described in pars.
4(a) to (g) where the information may be found:
AB781,40,55 1. `Condominium identification.' The name of the condominium.
AB781,40,86 2. `Expansion plans.' A description of the declarant's expansion plan for the
7condominium and deadline for implementation and the identity of the condominium
8management during the expansion period.
AB781,41,29 3. `Governance.' The name and address of the condominium association;
10whether the association is self-managed or has hired or retained management; and

1the name, address, and telephone number of the individual or individuals who may
2be contacted regarding the condominium in general.
AB781,41,53 4. `Special amenities.' A description of any special amenities, such as an
4athletic club or golf course, and a statement of the obligation of a unit owner to join
5or support the amenity.
AB781,41,76 5. `Maintenance and repair of units.' A description of an owner's
7responsibilities for the repair and maintenance of the unit.
AB781,41,118 6. `Maintenance, repair, and replacement of common elements.' The identity
9of the person responsible for the maintenance, repair, and replacement of common
10elements and limited common elements and whether repairs or replacements will be
11funded from unit owner assessments, reserve funds, or both.
AB781,41,1312 7. `Rental of units.' Whether unit owners may rent their units and any
13restrictions on rentals.
AB781,41,1614 8. `Unit alterations.' A description of any rules, restrictions, or procedures
15governing a unit owner's authority to alter the unit or use or enclose limited common
16elements.
AB781,41,1717 9. `Parking.' A description of the availability, restrictions, and costs of parking.
AB781,41,1818 10. `Pets.' A description of rules relating to unit owners' pets.
AB781,41,2119 11. `Reserves.' Whether the association maintains reserves for repairs and
20replacement of common elements beyond routine maintenance and, if so, whether a
21statutory reserve account under s. 703.163 is maintained.
AB781,41,2322 12. `Other restrictions or features.' At the option of the declarant or association
23a description of other restrictions or features of the condominium.
Note: Sections 47 to 49 require an executive summary highlighting important
disclosure items to be included as the first document, following the index, in the
disclosure materials that must be furnished by a seller of a condominium unit to a buyer.

The executive summary is prepared and revised by the declarant or association,
whichever is in control of the condominium. The executive summary must contain the
following information, or indicate where the information may be found in the disclosure
materials:
1. The name of the condominium.
2. A description of the declarant's expansion plans for the condominium, if any, and
deadline for implementation.
3. Information identifying the condominium association and management
authority and the individual who may be contacted regarding the condominium.
4. A description of special amenities such as an athletic club or golf course and the
obligation of an owner to join or support the amenity.
5. A description of an owner's responsibilities relating to the repair and
maintenance of the unit.
6. The identity of the person responsible for the maintenance, repair, and
replacement of common elements and limited common elements and whether the repair
or replacement will be funded from unit owner assessments or reserve funds.
7. Whether unit owners may rent their units and any restrictions on rentals.
8. A description of any rules, restrictions, or procedures governing a unit owner's
authority to alter the unit or use or enclose limited common elements.
9. A description of the availability, restrictions, and costs of parking.
10. A description of rules relating to unit owners' pets.
11. Whether reserves are maintained by the association and, if so, whether a
statutory reserve account is maintained.
12. At the option of the declarant or association of unit owners, a description of
other restrictions or features of the condominium.
See Sec. 69 (11) for the delayed applicability of the executive summary
requirement.
AB781, s. 48 1Section 48. 703.33 (1m) of the statutes is created to read:
AB781,42,72 703.33 (1m) Preparation of executive summary. The executive summary
3under sub. (1) (h) shall be prepared, and subsequently revised whenever a change
4is made in the disclosure materials described in sub. (1) (a) to (g) that requires a
5revision of a statement in the summary, by the declarant or the association,
6whichever is in control of the condominium when the executive summary is prepared
7or revised.
Note: Imposes an obligation on the declarant or association to prepare the
executive summary and to revise it consistent with changes in the required disclosure
materials.
AB781, s. 49
1Section 49 . 703.33 (2) (intro.) of the statutes is amended to read:
AB781,43,72 703.33 (2) Disclosure form. (intro.) The materials required in sub. (1) shall
3be delivered to a prospective purchaser with cover sheet, index, and tables of contents
4as prescribed in this section. A cover sheet and index shall precede all other
5materials required in sub. (1). The executive summary required under sub. (1) (h)
6shall appear immediately following the index.
A table of contents shall precede the
7section to which it applies.
Note: Specifies the location of the executive summary: immediately following the
index at the beginning of the disclosure materials.
AB781, s. 50 8Section 50. 703.33 (2) (a) (form) 2. of the statutes is amended to read:
AB781,43,159 703.33 (2) (a) (form) 2. THESE DISCLOSURE MATERIALS GIVEN TO YOU
10AS REQUIRED BY LAW MAY, WITH THE EXCEPTION OF THE EXECUTIVE
11SUMMARY,
BE RELIED UPON AS CORRECT AND BINDING. FOR A
12COMPLETE UNDERSTANDING OF THE EXECUTIVE SUMMARY, CONSULT
13THE DISCLOSURE DOCUMENTS TO WHICH A PARTICULAR EXECUTIVE
14SUMMARY STATEMENT PERTAINS.
ORAL STATEMENTS MAY NOT BE
15LEGALLY BINDING.
AB781, s. 51 16Section 51. 703.33 (2) (a) (form) 3. of the statutes is amended to read:
AB781,44,617 703.33 (2) (a) (form) 3. YOU MAY AT ANY TIME WITHIN 5 BUSINESS DAYS
18FOLLOWING RECEIPT OF THESE DOCUMENTS, OR FOLLOWING NOTICE
19OF ANY MATERIAL CHANGES IN THESE DOCUMENTS, CANCEL IN
20WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND OF ANY
21DEPOSITS MADE. IF THE SELLER DELIVERS LESS THAN ALL OF THE
22DOCUMENTS REQUIRED, YOU MAY, WITHIN 5 BUSINESS DAYS
23FOLLOWING RECEIPT OF THE DOCUMENTS, DELIVER A REQUEST FOR

1ANY MISSING DOCUMENTS. IF YOU TIMELY DELIVER A REQUEST FOR
2MISSING DOCUMENTS, YOU MAY, AT ANY TIME WITHIN 5 BUSINESS DAYS
3FOLLOWING THE EARLIER OF EITHER THE RECEIPT OF THE REQUESTED
4DOCUMENTS OR THE SELLER'S DEADLINE TO DELIVER THE REQUESTED
5DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND
6RECEIVE A FULL REFUND OF ANY DEPOSITS MADE.
Note: Sections 50 and 51 revise 2 of the disclosure statements that must appear
in bold face type and capital letters on the cover sheet of the disclosure form given to a
prospective purchaser of a condominium unit to indicate: (1) that the executive summary
(when required; see Sec. 69 (11) of the bill) may not be relied upon as correct and binding
and that the purchaser should consult the disclosure documents to which a particular
executive summary statement pertains; and (2) that a buyer may request missing
disclosure documents within 5 business days following receipt of the other documents and
that, if a request is made, the 5-day cancellation period does not start to run until the
earlier of the receipt of any missing documents that have been requested by the purchaser
or the seller's deadline for delivery of the missing documents. (See Secs. 56 and 58 of the
bill.)
AB781, s. 52 7Section 52. 703.33 (2) (b) (form) 1. of the statutes is renumbered 703.33 (2) (b)
8(form) 1m.
AB781, s. 53 9Section 53. 703.33 (2) (b) (form) 1c. of the statutes is created to read:
AB781,44,1210 703.33 (2) (b) (form) 1c. Executive summary. The executive summary
11highlights for a buyer of a condominium unit essential information regarding the
12condominium. The executive summary begins on page . . . .
Note: Places the executive summary required under this bill first in the list of
items included in the index of disclosure materials that follows the cover sheet to the
disclosure materials.
AB781, s. 54 13Section 54. 703.33 (2) (c) of the statutes is amended to read:
AB781,45,1014 703.33 (2) (c) Tables of contents and page numbers. In addition to an index
15required by par. (b), there shall be provided tables of contents for the declaration, and
16bylaws and articles of incorporation which shall identify shall be provided,
17identifying
each section of these documents and provide providing a page number for
18each section. Each section of disclosure material required in sub. (1) shall, on the first

1page of that material, identify contents of that section but, with an the exception of
2the declaration, and bylaws and articles of incorporation, shall, is not be required to
3have a table of contents. Each page of disclosure materials shall contain a page
4number sufficient to identify it within the body of disclosure materials. Page
5numbers for the declaration, bylaws and articles of incorporation required in par. (b)
6shall be the first page of the table of contents for that section. All other page numbers
7required in the index shall refer to the first page of that section on which the title
8appears.
Each section of disclosure material shall be separately identified by a letter,
9tab, or number. Pages within each section shall be consecutively numbered with an
10indication of the section as part of the pagination.
Note: Clarifies that the entire body of disclosure materials furnished to
purchasers of residential units need not be consecutively paginated by providing that the
consecutive pagination requirement only applies to each section within the body of
disclosure materials. Removes the requirement of a table of contents for the articles of
incorporation. Also makes editorial changes.
AB781, s. 55 11Section 55. 703.33 (3) of the statutes is renumbered 703.33 (3m).
AB781, s. 56 12Section 56 . 703.33 (3c) of the statutes is created to read:
AB781,45,2113 703.33 (3c) Delivery of incomplete set of disclosure materials. If the seller
14delivers disclosure materials that include the cover sheet required in sub. (2) (a), but
15that do not include all of the documents required under sub. (1), the purchaser may,
16within 5 business days from receipt of the disclosure materials, request any
17documents that were required to be delivered under sub. (1), but that were not timely
18delivered. If no executive summary required under subs. (1) (h) and (1m) has been
19prepared, the seller may so inform the purchaser when the seller delivers the
20disclosure materials to the seller. The seller has 5 business days following receipt
21of the purchaser's request to deliver the requested documents to the purchaser.
Note: Authorizes the purchaser to request any documents that are not included
in the disclosure materials within 5 business days of receipt of the materials. The seller

has 5 business days following receipt of the request to deliver the requested documents.
See, also, Sec. 58 of the bill.
AB781, s. 57 1Section 57. 703.33 (4) of the statutes is renumbered 703.33 (4) (a) and
2amended to read:
AB781,46,83 703.33 (4) (a) Any purchaser may at any time within 5 business days following
4receipt of all information of the documents required under sub. (1) and within 5
5business days following receipt of all information of the amendments required under
6sub. (3) (3m), rescind in writing a contract of sale without stating any reason and
7without any liability on his or her part, and the purchaser is entitled to the return
8of any deposits made in account of the contract
.
AB781, s. 58 9Section 58 . 703.33 (4) (b) and (c) of the statutes are created to read:
AB781,46,1310 703.33 (4) (b) If the disclosure materials delivered by the seller do not include
11all the documents required under sub. (1), the purchaser may rescind in writing a
12contract of sale without stating any reason and without any liability on his or her
13part as follows:
AB781,46,1614 1. If the purchaser does not give notice requesting missing documents under
15sub. (3c), the purchaser may rescind within 5 business days following receipt of the
16incomplete disclosure materials.
AB781,46,2017 2. If the purchaser gives notice requesting missing documents under sub. (3c),
18the purchaser may rescind within 5 business days following the earlier of receipt of
19the requested documents or the deadline, under sub. (3c), for the seller's delivery of
20the requested missing documents.
AB781,46,2221 (c) A purchaser who timely rescinds under par. (a) or (b) is entitled to the return
22of any deposits made under the contract.
Note: Provides that the purchaser's 5-day cancellation period does not start to run
until the earlier of the receipt of any missing disclosure documents that have been

requested by the purchaser or 5 business days following the receipt by the seller of a
request for the missing documents.
AB781, s. 59 1Section 59 . 703.365 (title), (1), (2) and (3) of the statutes are amended to read:
AB781,47,5 2703.365 (title) Small residential condominiums. (1) Applicability. (a)
3The declaration for a small residential condominium may provide that any or all of
4subs. (2) to (8) or any parts of those subsections apply to the small residential
5condominium.
Note: Revises a defined term to reflect the revision of that term by Sec. 3 of the
bill. See the Note to that Section. This change is made throughout provisions of s.
703.365, relating to small condominiums.
AB781,47,96 (b) If a declaration under par. (a) provides that any or all of subs. (2) to (8) or
7any parts of those subsections apply, then, except as provided in those subsections
8or parts of those subsections, this chapter applies to the small residential
9condominium in the same manner and to the same extent as to other condominiums.
AB781,47,11 10(2) Declaration. (a) The declaration for a small residential condominium need
11not contain those provisions otherwise required under s. 703.09 (1) (e) to (g) and (i).
AB781,47,1312 (b) The undivided percentage interest in a small residential condominium shall
13be
is allocated equally among the units.
AB781,47,1514 (c) Each unit in a small residential condominium shall have has one vote at
15meetings of the association.
AB781,47,1916 (d) Commercial activity is permitted in a small residential condominium that
17consists solely of units restricted to residential uses
only to the extent that
18commercial activity is permitted in residences in a zoning ordinance adopted under
19s. 59.69, 60.61, 61.35, or 62.23.
Note: Revised to reflect the revised defined term and the change in substance of
that term.
AB781,48,220 (e) All actions taken under this chapter which that require a vote of units or
21unit owners must be approved by an affirmative vote or written consent of at least

175% of the unit votes of a small residential condominium, or a greater percentage if
2required by the declaration or this chapter.
AB781,48,7 3(3) Bylaws. (a) Notwithstanding s. 703.10 (2) (a), all aspects of the
4management, operation, and duties of the association of a small residential
5condominium shall be delegated to the board of directors, which may retain a
6manager, including a master association under s. 703.155, for the small residential
7condominium, and the bylaws shall so specify.
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