SB687: Bill Text

SB687,11,16 Person ..................................... Items ....................................... Date .................

SB687,11,17 Person ..................................... Items ....................................... Date .................

SB687,11,19 BUYER'S ACKNOWLEDGEMENT

SB687,11,22 The prospective buyer acknowledges that technical knowledge such as that acquired by professional inspectors may be required to detect certain defects such as the presence of asbestos, building code violations, and floodplain status.

SB687,11,23 I acknowledge receipt of a copy of this statement.

SB687,11,24 Prospective buyer ........................................... Date .................

SB687,11,25 Prospective buyer ........................................... Date .................

SB687,12,1 Prospective buyer ........................................... Date .................

SB687,5 Section 5. 709.033 of the statutes is repealed and recreated to read:

SB687,12,6 709.033 Vacant land disclosure report form. The report required under s. 709.02 with respect to real property, as defined in s. 709.001 (5) (b), shall be in substantially the following form and shall include at least all of the following information:

SB687,12,7 VACANT LAND DISCLOSURE REPORT

SB687,12,9 DISCLAIMER

SB687,12,16 This disclosure report concerns the real property located at .... in the .... (city) (village) (town) of ...., county of ...., state of Wisconsin. This report is a disclosure of the condition of that property in compliance with section 709.02 of the Wisconsin Statutes as of .... (month), .... (day), .... (year). It is not a warranty of any kind by the owner or any agents representing any party in this transaction and is not a substitute for any inspections or warranties that the parties may wish to obtain.

SB687,12,20 A buyer who does not receive a fully completed copy of this report within 10 days after the acceptance of the contract of sale or option contract for the above-described real property has the right to rescind that contract (Wis. Stat. s. 709.02), provided the owner is required to provide this report under Wisconsin Statutes chapter 709.

SB687,12,22 NOTICE TO PARTIES REGARDING ADVICE OR INSPECTIONS

SB687,13,3 Real estate licensees may not provide advice or opinions concerning whether or not an item is a defect for the purposes of this report or concerning the legal rights or obligations of parties to a transaction. The parties may wish to obtain professional advice or inspections of the property and to include appropriate provisions in a contract between them with respect to any advice, inspections, defects, or warranties.

SB687,13,5 A. OWNER'S INFORMATION

SB687,13,6 A1. In this form, “aware” means the “owner(s)” have notice or knowledge.

SB687,13,11 A2. In this form, “defect” means a condition that would have a significant adverse effect on the value of the property; that would significantly impair the health or safety of future occupants of the property; or that if not repaired, removed, or replaced would significantly shorten or adversely affect the expected normal life of the premises.

SB687,13,13 A3. In this form, “owner" means the person or persons, entity, or organization that is the owner of the above-described real property.

SB687,13,15 An “owner" who transfers real estate that does not include any buildings is required to complete this report.

SB687,13,21 Exceptions: An “owner” who is a personal representative, trustee, conservator, or fiduciary appointed by or subject to supervision by a court, and who has never occupied the property transferred is not required to complete this report. An “owner” who transfers property that has not been inhabited or who transfers property in a manner that is exempt from the real estate transfer fee is not required to complete this report. (Wis. Stat. s. 709.01)

SB687,14,2 A4. The owner represents that to the best of the owner's knowledge, the responses to the following questions have been accurately checked as “yes,” “ no,” or “not applicable (N/A)” to the property being sold. If the owner responds to any question with “yes,” the owner shall provide, in the additional information area of this form, an explanation of the reason why the response to the question is “yes.”

SB687,14,6 A5. If the transfer is of a condominium unit, the property to which this form applies is the condominium unit, the common elements of the condominium, and any limited common elements that may be used only by the owner of the condominium unit being transferred.

SB687,14,12 A6. The owner discloses the following information with the knowledge that, even though this is not a warranty, prospective buyers may rely on this information in deciding whether and on what terms to purchase the property. The owner hereby authorizes the owner's agents and the agents of any prospective buyer to provide a copy of this report, and to disclose any information in the report, to any person in connection with any actual or anticipated sale of the property.

SB687,14,16 CAUTION: The lists of defects following each question below are examples only and are not the only defects that may properly be disclosed in response to each respective question.

SB687,15,35 B. ENVIRONMENTAL - See PDF for table

SB687,16,12 C. WELLS, SEPTIC SYSTEMS, STORAGE TANKS - See PDF for table

SB687,16,82 D. TAXES, SPECIAL ASSESSMENTS, PERMITS, ETC. - See PDF for table

SB687,18,74 E. LAND USE - See PDF for table

SB687,19,81 F. ADDITIONAL INFORMATION - See PDF for table

SB687,19,86 OWNER'S CERTIFICATION

SB687,19,91 NOTE: Wisconsin Statute section 709.035 requires owners who, prior to acceptance of a purchase contract or an option to purchase, obtain information that would change a response on this report to submit a complete amended report or an amendment to the previously completed report to the prospective buyer within 10 days of acceptance.

SB687,19,93 The owner certifies that the information in this report is true and correct to the best of the owner's knowledge as of the date on which the owner signs this report.

SB687,19,94 Owner ................................................ Date ..............

SB687,19,95 Owner ................................................ Date ..............

SB687,20,1 Owner ................................................ Date ..............

SB687,20,3 CERTIFICATION BY PERSON SUPPLYING INFORMATION

SB687,20,7 A person other than the owner certifies that the person supplied information on which the owner relied for this report and that the information is true and correct to the best of the person's knowledge as of the date on which the person signs this report.

SB687,20,8 Person ..................................... Items ....................................... Date .................

SB687,20,9 Person ..................................... Items ....................................... Date .................

SB687,20,10 Person ..................................... Items ....................................... Date .................

SB687,20,12 BUYER'S ACKNOWLEDGEMENT

SB687,20,15 The prospective buyer acknowledges that technical knowledge such as that acquired by professional inspectors may be required to detect certain defects such as the presence of asbestos, building code violations, and floodplain status.

SB687,20,16 I acknowledge receipt of a copy of this statement.

SB687,20,17 Prospective buyer ........................................... Date .................

SB687,20,18 Prospective buyer ........................................... Date .................

SB687,20,19 Prospective buyer ........................................... Date .................

SB687,6 Section 6. Nonstatutory provisions.

SB687,21,2 (1) Real estate condition and vacant land disclosure reports. Notwithstanding section 709.035 of the statutes, a property owner who furnished to a prospective buyer of the property an original or amended report before the effective date of this subsection need only submit an amended report with respect to the information required under section 709.03 (form) of the statutes, 2015 stats., or by section 709.033 (form) of the statutes, 2015 stats.

SB687,21,18 (2) Emergency rules. Using the procedure under section 227.24 of the statutes, the department of safety and professional services may promulgate rules governing the information about defects that a home inspector is required to provide to a client concerning the results of a home inspection under sections 440.974 (1) (c) and 440.975 (3) (cm) of the statutes for the period before the effective date of permanent rules promulgated under section 440.974 (1) (c) of the statutes but not to exceed the period authorized under section 227.24 (1) (c) of the statutes, subject to extension under section 227.24 (2) of the statutes. Notwithstanding section 227.24 (1) (a), (2) (b), and (3) of the statutes, the department is not required to provide evidence that promulgating a rule under this subsection as an emergency rule is necessary for the preservation of the public peace, health, safety, or welfare and is not required to provide a finding of emergency for a rule promulgated under this subsection. Notwithstanding section 227.24 (1) (e) 1d. and 1g. of the statutes, for emergency rules promulgated under this subsection, the department is not required to prepare and obtain approval of a statement of scope of the rules or to submit the proposed rules in final draft form to the governor for approval.

SB687,7 Section 7. Initial applicability.

SB687,21,22 (1) Real estate condition and vacant land disclosure reports. The treatment of sections 709.03 and 709.033 of the statutes first applies to reports that are furnished on the effective date of this subsection.

SB687,8 Section 8. Effective date.

SB687,21,24 (1) This act takes effect on July 1, 2018.

SB687,21,25 (End)