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.
Note: Expressly allows a small condominium to utilize a master association.
AB781,48,108 (b) Under s. 703.10 (2) (c), notice of meetings shall be given in a manner best
9calculated to assure that actual notice is received by the owners of all units of a small
10residential condominium, and the bylaws shall so specify.
AB781,48,1311 (c) Section 703.10 (2) (d) does not apply to a small residential condominium.
12The board of directors shall be composed of one representative from each unit, chosen
13by and from among the unit owners of that unit.
AB781,48,1614 (d) All actions taken by the board of directors of a small residential
15condominium under this chapter must be approved by an affirmative vote or written
16consent of at least 75% of the board.
AB781,48,1717 (e) Section 703.10 (4) does not apply to a small residential condominium.
AB781, s. 60 18Section 60. 703.365 (3m) of the statutes is created to read:
AB781,48,2419 703.365 (3m) Agreement in lieu of bylaws. If approved by written consent of
20all of the unit votes of a small condominium, an agreement may be substituted for
21the bylaws under sub. (3). The terms of the agreement shall include the
22requirements of sub. (3) (a) to (d) and shall be consistent with this section. An
23amendment to an agreement may be made with the affirmative vote or written
24consent of all the unit votes of the small condominium.

Note: Authorizes a small condominium, if approved by written consent of all of the
unit votes, to substitute an agreement for the bylaws. The terms of the agreement must
include the requirements of current s. 703.365 (3) and must otherwise be consistent with
s. 703.365. An amendment to an agreement may be made with affirmative vote or written
consent of all of the unit votes of the small condominium. Compare ss. 180.1823 and
180.1825, stats., relating to agreements in place of bylaws for statutory close
corporations.
AB781, s. 61 1Section 61 . 703.365 (4), (5), (6) (a) (intro.) and (c), (7) and (8) of the statutes
2are amended to read:
AB781,49,53 703.365 (4) Condominium plat. (a) The survey under s. 703.11 (2) (b) shall be
4an as-built survey of the property described in the declaration, building, and other
5improvements on the land which that are part of the small residential condominium.
AB781,49,116 (b) The floor plans under s. 703.11 (2) (c) need only show the location and
7designation of each unit in the building and the limited common elements
8appurtenant to each unit of a small residential condominium. These plans may be
9supplemented by an agreement among all unit owners and mortgagees regarding the
10allocation of use and enjoyment of common elements, which agreement, in both its
11original and any amended form, shall be recorded.
AB781,49,14 12(5) Association. (a) Under s. 703.15 (2), an association shall exist immediately
13upon establishment of a small residential condominium and the declarant shall have
14rights in the association only as an owner of a unit or units.
AB781,49,1615 (b) Directors of a small residential condominium shall be chosen in accordance
16with sub. (3) (c). The board of directors shall meet at least quarterly.
AB781,49,1817 (c) Unless included in the bylaws, s. 703.15 (4) (b) to (d) does not apply to a small
18residential condominium.
AB781,49,20 19(6) (a) (intro.) Paragraphs (b) to (e) apply to a small residential condominium
20if any of the following criteria is met:
AB781,50,5
1(c) The unit owner or owners may challenge the decision after reconsideration
2by the board of directors under par. (b) only in an arbitration proceeding under ch.
3788. Acceptance of a conveyance of a small residential condominium which that is
4subject to pars. (b) to (e) is deemed to constitute an agreement by the unit owner to
5submit challenges to decisions of the board of directors to arbitration.
AB781,50,7 6(7) Expanding condominiums. Section 703.26 does not apply to a small
7residential condominium.
AB781,50,10 8(8) Disclosure requirements. The disclosure required for a small residential
9condominium under s. 703.33 shall be is limited to the disclosure required under s.
10703.33 (1) (a) to (e), if applicable, and a copy of the condominium plat.
AB781, s. 62 11Section 62. 703.37 of the statutes is amended to read:
AB781,50,14 12703.37 Interpretation. For purposes of interpretation of this chapter, a
13condominium is a form of ownership, not a form of land use, and is not a subdivision
14as defined in ch. 236.
Note: Clarifies the current interpretation directive which provides that, for
purposes of interpreting ch. 703, a condominium is not a subdivision under ch. 236, stats.,
by adding the statement that a condominium is "a form of ownership, not a form of land
use".
AB781, s. 63 15Section 63. 703.38 (10) of the statutes is renumbered 703.38 (10) (a) and
16amended to read:
AB781,50,2117 703.38 (10) (a) Section Except as provided in par. (b), s. 703.02 (14m), 1999
18stats., and s.
703.365 applies, 1999 stats., apply to condominiums created on or after
19April 22, 1986, and before the effective date of this paragraph .... [revisor inserts
20date],
and to condominiums created before April 22, 1986, that elect to be subject to
21s. 703.02 (14m), 1999 stats., and s. 703.365, 1999 stats.
AB781, s. 64 22Section 64. 703.38 (10) (b) of the statutes is created to read:
AB781,51,4
1703.38 (10) (b) Sections 703.02 (14m) and 703.365 apply to condominiums
2created on or after the effective date of this paragraph .... [revisor inserts date], and
3to condominiums created before the effective date of this paragraph .... [revisor
4inserts date], that elect to be subject to ss. 703.02 (14m) and 703.365.
AB781, s. 65 5Section 65. 703.38 (11) of the statutes is repealed.
AB781, s. 66 6Section 66. 709.02 of the statutes is renumbered 709.02 (1).
AB781, s. 67 7Section 67. 709.02 (2) of the statutes is created to read:
AB781,51,118 709.02 (2) In regard to a transfer of a condominium unit, as defined in s. 703.02
9(15), the owner shall furnish, in addition to and at the same time as the information
10required under sub. (1), all the following information as an addendum to the real
11estate condition report under s. 709.03:
AB781,51,1512 (a) The name of the condominium and the date the condominium was created
13by recording condominium instruments with the register of deeds under s. 703.07;
14the unit number of the property offered for sale; and the name, address, and
15telephone number of the seller or the seller's agent.
AB781,51,2016 (b) The name and address of the condominium association; a statement
17specifying whether the association is self-managed or has hired or retained
18management; and the name, address, and telephone number of the individual who
19may be contacted as a representative of the association regarding this sale, in
20particular, or the condominium, in general.
AB781,51,2321 (c) The amount of current condominium assessments, fees, special
22assessments, or other charges for which a unit owner is responsible and whether the
23current charges for the unit have been paid.
AB781,51,2424 (d) A copy of the executive summary required under s. 703.33 (1) (h).

Note: Requires an owner of a condominium unit who is transferring ownership of
the unit to include certain information in an addendum to the real estate condition report
pertaining to the condominium unit. The information must include the name of the
condominium and other identifying information; the condominium association and
management authority; and the amount of current condominium assessments, fees, and
other charges for which a unit owner is responsible and whether the current charges have
been paid. The addendum must also include a copy of the executive summary under s.
703.33 (1) (h), stats., as created in Sec. 47 of the bill, if an executive summary is required
under the initial applicability schedule set forth in Sec. 69 (11) of the bill.
AB781, s. 68 1Section 68 . 823.015 of the statutes is created to read:
AB781,52,7 2823.015 Action against condominium association. If a city, village, town,
3or county may bring an action under this chapter to abate a nuisance and the failure
4of a condominium association under ch. 703 to perform its duties to maintain and
5control the common elements is a reason the nuisance has not been abated, the action
6may be brought against the condominium association whether it is incorporated or
7unincorporated.
Note: Allows a city, village, town, or county to proceed directly against a
condominium association in an action to abate a nuisance if the city, village, town, or
county may bring the abatement action under ch. 823 (nuisances) and the failure of the
condominium association to perform its duties to maintain and control the common
elements is a reason the nuisance has not been abated.
AB781, s. 69 8Section 69 . Initial applicability.
AB781,52,139 (1) The treatment of section 703.08 (2) (intro.) of the statutes, the renumbering
10and amendment of section 703.08 (1) of the statutes, and the creation of section
11703.08 (1) (a), (b), and (c) and (3) of the statutes first apply to notices to convert
12residential real property to a condominium that are delivered on the effective date
13of this subsection.
AB781,52,1614 (2) The treatment of section 703.09 (1) (k) of the statutes first applies to
15condominium declarations that are submitted for recording on the effective date of
16this subsection.
AB781,53,3
1(2m) The treatment of section 703.09 (2) and (4) of the statutes first applies to
2condominium declaration amendments that are submitted for recording on the
3effective date of this subsection.
AB781,53,64 (3) The treatment of section 703.11 (2) (c) of the statutes first applies to plats,
5or amendments to plats, that are submitted for recording on the effective date of this
6subsection.
AB781,53,87 (4) The treatment of section 703.11 (5) of the statutes first applies to addenda
8that are submitted for recording on the effective date of this subsection.
AB781,53,119 (5) The treatment of section 703.13 (6) (c) and (d) of the statutes first applies
10to boundary relocations for which written application is made on the effective date
11of this subsection.
AB781,53,1312 (5m) The treatment of section 703.13 (8) of the statutes first applies to mergers
13for which notice is provided on the effective date of this subsection.
AB781,53,1614 (6) The renumbering of section 703.16 (2) of the statutes and the creation of
15section 703.16 (2) (b) of the statutes first applies to condominiums that are created
16on the effective date of this subsection.
AB781,53,1817 (6m) The treatment of section 703.19 (8) of the statutes first applies to
18condemnation proceedings commenced on the effective date of this subsection.
AB781,53,2019 (7) The treatment of section 703.20 (3) of the statutes first applies to
20condominiums that are created on the effective date of this subsection.
AB781,53,2221 (8) The treatment of section 703.24 of the statutes first applies to violations
22that are committed on the effective date of this subsection.
AB781,53,2523 (9) The treatment of section 703.265 of the statutes first applies with respect
24to revisions or adoptions of building codes or zoning ordinances that take effect on
25the effective date of this subsection.
AB781,54,4
1(10) The treatment of section 703.315 of the statutes first applies to
2condominium rental agreements that are renewed or entered into, or periodic
3tenancies that are commenced, on the first day of the 4th month beginning after the
4effective date of this subsection.
AB781,54,65 (11) The treatment of section 703.33 (1) (h), (1m), and (2) (intro.), (a) (form) 2.,
6and (b) (form) 1. and 1c. of the statutes first applies to all of the following:
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