Amendment ASA1-AB391

AB391-ASA1,8,19 Person .... Items .... Date ....

AB391-ASA1,8,20 Person .... Items .... Date ....

AB391-ASA1,9,2 Notice regarding advice or inspections

AB391-ASA1,9,7 G. THE PROSPECTIVE BUYER AND THE OWNER MAY WISH TO OBTAIN PROFESSIONAL ADVICE OR INSPECTIONS OF THE PROPERTY AND TO PROVIDE FOR APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN THEM WITH RESPECT TO ANY ADVICE, INSPECTIONS, DEFECTS OR WARRANTIES.

AB391-ASA1,9,8 Buyer's acknowledgement

AB391-ASA1,9,11 H. 1. 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.

AB391-ASA1,9,12 H. 2. I acknowledge receipt of a copy of this statement.

AB391-ASA1,9,13 Prospective buyer .... Date ....

AB391-ASA1,9,14 Prospective buyer .... Date ....

AB391-ASA1,9,15 Prospective buyer .... Date ....

AB391-ASA1, s. 5 Section 5 . 709.03 (form) C. 8. of the statutes, as affected by 1995 Wisconsin Acts 27, section 7067, and .... (this act), is repealed and recreated to read: - See PDF for table

AB391-ASA1, s. 6 Section 6. 709.035 of the statutes is created to read:

AB391-ASA1,10,9 709.035 Amendments to report. If at any time after completing a report, whether the original or an amended report, but before the expiration of the 10-day period specified in s. 709.02 an owner obtains information or becomes aware of any condition that would change a response on the completed report, the owner shall submit to a prospective buyer, within the time required under s. 709.02, a complete amended report or an amendment to the previously completed report, along with a copy of the previously completed report if not already submitted to the prospective buyer, that states all of the following:

AB391-ASA1,10,10 (1) The address of the property.

AB391-ASA1,10,11 (2) The owner's name.

AB391-ASA1,10,12 (3) The date of the report being amended.

AB391-ASA1,10,14 (4) The number of any statement on the report that is affected by the new information.

AB391-ASA1,11,3 (5) How the owner's original response to the statement is changed and, if the response is changed to "yes", an explanation of the reason why the response to the statement is "yes".

AB391-ASA1, s. 7 Section 7. 709.04 of the statutes is amended to read:

AB391-ASA1,11,7 709.04 Indication of compliance. An owner shall indicate compliance with this chapter on the contract of sale or option contract, on the closing statement or in an addendum to one of those documents.

AB391-ASA1, s. 8 Section 8. 709.05 of the statutes is renumbered 709.05 (1) and amended to read:

AB391-ASA1,11,23 709.05 (1) If Except as provided in sub. (2) (b), if a buyer receives a report after submission of a contract of sale or option contract to the seller owner or the seller's owner's agent, the buyer may, after receipt of that report by the prospective buyer and before the applicable deadline, rescind in writing a contract of sale or option contract if a defect, as defined in the report, is disclosed, without any liability on his or her part, and a buyer is entitled to the return of any deposits or option fees paid in the transaction. A prospective buyer who receives a report that is incomplete or that contains an inaccurate assertion that an item is not applicable and who is not aware of the defects that the seller owner failed to disclose may, within 2 business days after receipt of that report, rescind in writing a contract of sale or option contract without any liability on his or her part and is entitled to the return of any deposits or option fees paid in the transaction. Rescissions under this section are timely if they are delivered to the owner or the owner's agent within 2 business days after the prospective buyer or the prospective buyer's agent receives the report. A

AB391-ASA1,12,2 (2) (a) 1. Except as provided in subd. 2., a buyer may not rescind a contract of sale or option contract under this section if he or she receives a complete report before submitting the contract of sale or option contract to the seller owner or the seller's owner's agent.

AB391-ASA1,12,4 (4) The right to rescind under this section is the only remedy under this chapter.

AB391-ASA1, s. 9 Section 9. 709.05 (2) (a) 2. of the statutes is created to read:

AB391-ASA1,12,12 709.05 (2) (a) 2. Unless par. (b) applies, a buyer under subd. 1. who, after submitting the contract of sale or option contract to the owner or the owner's agent, receives an amended report, or an amendment to the report previously received, that discloses a defect that was not disclosed in the report previously received may, after receipt of the amended report or amendment to the report and before the applicable deadline, rescind in writing the contract of sale or option contract and is entitled to the return of any deposits or option fees paid in the transaction.

AB391-ASA1, s. 10 Section 10. 709.05 (2) (b) of the statutes is created to read:

AB391-ASA1,12,18 709.05 (2) (b) A buyer may not rescind a contract of sale or option contract under this section on the basis of a defect disclosed in a report, amended report or amendment to a report if the buyer was aware, or had written notice, of the nature and extent of the defect at the time the contract of sale or option contract was submitted to the owner or the owner's agent.

AB391-ASA1, s. 11 Section 11. 709.05 (3) of the statutes is created to read:

AB391-ASA1,12,23 709.05 (3) Rescissions under this section are timely if they are delivered to the owner or the owner's agent within 2 business days after the prospective buyer or the prospective buyer's agent receives the report, amended report or amendment to the report.

AB391-ASA1, s. 12 Section 12. Initial applicability.

AB391-ASA1,13,2 (1)  This act first applies to a report that is furnished after a contract of sale or option contract acceptance that occurs on the effective date of this subsection.

AB391-ASA1, s. 13 Section 13. Effective dates. This act takes effect on the first day of the 7th month beginning after publication, except as follows:

AB391-ASA1,13,7 (1)  The treatment of section 709.03 (form) C. 8. (by Section 5) of the statutes takes effect on July 1, 1996, or on the first day of the 7th month beginning after publication, whichever is later.

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