Wisconsin Real Estate Purchase Agreement

The Wisconsin residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property. Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.

Do Sellers in Wisconsin Have to Disclose Property Defects?

Wisconsin does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.

Required Seller Disclosures in Wisconsin

• Real Estate Condition Report. The state of Wisconsin states that a seller must inform the potential buyer of any physical issues that they are aware of concerning the property that could decrease the real estate value. The condition report is to be provided for the buyer within ten days of sales offer acceptance and signed by both parties for valid conveyance.
• Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.
• Condominium Addendum to Real Estate Condition Report. Condominiums require further documentation of the current condition of the space that also communicates additional information on common areas of the building and auxiliary fees.

Frequently Asked Questions

How Do You Write a Real Estate Contract in Wisconsin? To write a real estate contract in Wisconsin, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Wisconsin? According to Wisconsin law, buyers have the right to rescind their offer after receiving a property disclosure report from the seller. If a buyer wants to rescind their offer, they are required to notify the seller, in writing, within two days. Read more » What Is the Effective Date of a Real Estate Contract in Wisconsin? In Wisconsin, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Wisconsin? In Wisconsin, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Wisconsin? To fill out a real estate contract in Wisconsin, first, download our customizable Wisconsin real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »