Under Wisconsin law, when a property with a private well is being sold, the seller is required to:
Correct Answer
B) Complete a well disclosure report and provide it to the buyer at or before closing
Wisconsin law requires sellers of property with a private well to complete a Real Estate Transfer Return (RETR) well disclosure report, which must be provided to the buyer at or before closing. While water testing for bacteria and nitrates is strongly recommended and is frequently required by mortgage lenders, there is no blanket statewide mandate requiring a well inspection and water test as a condition of every property transfer under NR 812. Local ordinances may impose additional requirements. Buyers are encouraged to have wells tested, and sellers must disclose known well defects.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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