Property Condition Reports have been used for a long time with regard to Wisconsin residential real estate. They are also used in commercial and other real estate transactions, but not because they are required by law, but because they are negotiated between the parties. Now that is all changing with respect to vacant land sales in Wisconsin
Pursuant to 2011 Wisconsin Act 107, as of July 1, 2012, sellers of vacant land must provide buyers with a condition report set forth by statute. That form is found in Wis. Stat. 709.033.
Failure to comply with these provisions will create problems for sellers. If you or anyone you know faces this situation, feel free to call us at Schober Schober & Mitchell, S.C., and we will be glad to help you comply with this new legal requirement.