John J. Laubmeier
Buying a home is the largest financial decision a typical person makes. There are many issues that require a lot of the buyer’s time and attention, such as locating the right house, obtaining financing, figuring out the logistics of moving, and often selling the buyer’s current house. One issue that must not get lost in the shuffle is accurately determining and evaluating the condition of the house you will be buying. All too frequently, buyers discover “surprises” about their new house within weeks or months of moving in, such as water in the basement, roof leaks, or mold.
To reduce the risk of unwanted surprises, it is critical for the buyer to obtain and review the seller’s Real Estate Condition Report (the “Condition Report”). Under Wisconsin law, a seller of residential real estate who has lived in the property being sold must provide the buyer with a Condition Report. The Condition Report is a statutory form that includes approximately 30 statements related to the property; such as “I am aware of defects in the roof” and “I am aware of defects in the electrical system.” The seller then checks, “yes,” “no,” or “n/a” (not applicable). The Condition Report provides an opportunity for the seller to explain any “yes” responses.
The following are some practical tips for buyers regarding the Condition Report:
If you have any questions about how the information in this article may affect you or your business, please contact John Laubmeier at jlaubmeier@stroudlaw.com or (608) 257‑2281 or your Stroud attorney.
DISCLAIMER: The information in this article is provided for general informational purposes only, is not necessarily updated to account for changes in the law, and should not be considered tax or legal advice. This article is not intended to create, nor does the receipt of it constitute, an attorney-client relationship. You should consult with your own legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.