A Wisconsin buyer and seller have a fully executed WB-11 purchase agreement. Before closing, the seller discovers a water intrusion issue in the basement that was not disclosed in the Real Estate Condition Report. Under Wisconsin law, what is the seller's obligation?
Correct Answer
B) The seller must deliver a written amendment to the RECR disclosing the newly discovered defect.
Under Wis. Stat. § 709.02 and related Wisconsin disclosure law, if a seller discovers a new defect after delivering the Real Estate Condition Report but before closing, the seller has a continuing duty to disclose. The seller must provide a written amendment or update to the RECR informing the buyer of the newly discovered condition. This continuing disclosure obligation is a key feature of Wisconsin's RECR requirements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
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