AB391-ASA1,8,1919 Person .... Items .... Date ....
AB391-ASA1,8,2020 Person .... Items .... Date ....
AB391-ASA1,9,2
1Notice regarding advice
2 or inspections
AB391-ASA1,9,73 G. THE PROSPECTIVE BUYER AND THE OWNER MAY WISH TO OBTAIN
4PROFESSIONAL ADVICE OR INSPECTIONS OF THE PROPERTY AND TO
5PROVIDE FOR APPROPRIATE PROVISIONS IN A CONTRACT BETWEEN
6THEM WITH RESPECT TO ANY ADVICE, INSPECTIONS, DEFECTS OR
7WARRANTIES.
AB391-ASA1,9,88 Buyer's acknowledgement
AB391-ASA1,9,119 H. 1. The prospective buyer acknowledges that technical knowledge such as
10that acquired by professional inspectors may be required to detect certain defects
11such as the presence of asbestos, building code violations and floodplain status.
AB391-ASA1,9,1212 H. 2. I acknowledge receipt of a copy of this statement.
AB391-ASA1,9,1313 Prospective buyer .... Date ....
AB391-ASA1,9,1414 Prospective buyer .... Date ....
AB391-ASA1,9,1515 Prospective buyer .... Date ....
AB391-ASA1, s. 5 16Section 5 . 709.03 (form) C. 8. of the statutes, as affected by 1995 Wisconsin
17Acts 27, section 7067, and .... (this act), is repealed and recreated to read: - See PDF for table PDF
AB391-ASA1, s. 6 1Section 6. 709.035 of the statutes is created to read:
AB391-ASA1,10,9 2709.035 Amendments to report. If at any time after completing a report,
3whether the original or an amended report, but before the expiration of the 10-day
4period specified in s. 709.02 an owner obtains information or becomes aware of any
5condition that would change a response on the completed report, the owner shall
6submit to a prospective buyer, within the time required under s. 709.02, a complete
7amended report or an amendment to the previously completed report, along with a
8copy of the previously completed report if not already submitted to the prospective
9buyer, that states all of the following:
AB391-ASA1,10,10 10(1) The address of the property.
AB391-ASA1,10,11 11(2) The owner's name.
AB391-ASA1,10,12 12(3) The date of the report being amended.
AB391-ASA1,10,14 13(4) The number of any statement on the report that is affected by the new
14information.
AB391-ASA1,11,3
1(5) How the owner's original response to the statement is changed and, if the
2response is changed to "yes", an explanation of the reason why the response to the
3statement is "yes".
AB391-ASA1, s. 7 4Section 7. 709.04 of the statutes is amended to read:
AB391-ASA1,11,7 5709.04 Indication of compliance. An owner shall indicate compliance with
6this chapter on the contract of sale or option contract, on the closing statement or in
7an addendum to one of those documents.
AB391-ASA1, s. 8 8Section 8. 709.05 of the statutes is renumbered 709.05 (1) and amended to
9read:
AB391-ASA1,11,2310 709.05 (1) If Except as provided in sub. (2) (b), if a buyer receives a report after
11submission of a contract of sale or option contract to the seller owner or the seller's
12owner's agent, the buyer may, after receipt of that report by the prospective buyer
13and before the applicable deadline, rescind in writing a contract of sale or option
14contract
if a defect, as defined in the report, is disclosed, without any liability on his
15or her part, and a buyer is entitled to the return of any deposits or option fees paid
16in the transaction. A prospective buyer who receives a report that is incomplete or
17that contains an inaccurate assertion that an item is not applicable and who is not
18aware of the defects that the seller owner failed to disclose may, within 2 business
19days after receipt of that report, rescind in writing a contract of sale or option
20contract
without any liability on his or her part and is entitled to the return of any
21deposits or option fees paid in the transaction. Rescissions under this section are
22timely if they are delivered to the owner or the owner's agent within 2 business days
23after the prospective buyer or the prospective buyer's agent receives the report. A
AB391-ASA1,12,2 24(2) (a) 1. Except as provided in subd. 2., a buyer may not rescind a contract of
25sale or option contract under this section if he or she receives a complete report before

1submitting the contract of sale or option contract to the seller owner or the seller's
2owner's agent.
AB391-ASA1,12,4 3(4) The right to rescind under this section is the only remedy under this
4chapter.
AB391-ASA1, s. 9 5Section 9. 709.05 (2) (a) 2. of the statutes is created to read:
AB391-ASA1,12,126 709.05 (2) (a) 2. Unless par. (b) applies, a buyer under subd. 1. who, after
7submitting the contract of sale or option contract to the owner or the owner's agent,
8receives an amended report, or an amendment to the report previously received, that
9discloses a defect that was not disclosed in the report previously received may, after
10receipt of the amended report or amendment to the report and before the applicable
11deadline, rescind in writing the contract of sale or option contract and is entitled to
12the return of any deposits or option fees paid in the transaction.
AB391-ASA1, s. 10 13Section 10. 709.05 (2) (b) of the statutes is created to read:
AB391-ASA1,12,1814 709.05 (2) (b) A buyer may not rescind a contract of sale or option contract
15under this section on the basis of a defect disclosed in a report, amended report or
16amendment to a report if the buyer was aware, or had written notice, of the nature
17and extent of the defect at the time the contract of sale or option contract was
18submitted to the owner or the owner's agent.
AB391-ASA1, s. 11 19Section 11. 709.05 (3) of the statutes is created to read:
AB391-ASA1,12,2320 709.05 (3) Rescissions under this section are timely if they are delivered to the
21owner or the owner's agent within 2 business days after the prospective buyer or the
22prospective buyer's agent receives the report, amended report or amendment to the
23report.
AB391-ASA1, s. 12 24Section 12. Initial applicability.
AB391-ASA1,13,2
1(1)  This act first applies to a report that is furnished after a contract of sale or
2option contract acceptance that occurs on the effective date of this subsection.
AB391-ASA1, s. 13 3Section 13. Effective dates. This act takes effect on the first day of the 7th
4month beginning after publication, except as follows:
AB391-ASA1,13,7 5(1) The treatment of section 709.03 (form) C. 8. (by Section 5) of the statutes
6takes effect on July 1, 1996, or on the first day of the 7th month beginning after
7publication, whichever is later.
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