A Wisconsin seller accepts an offer to purchase a single-family home. The transaction is a sale between the seller and her adult son. The seller did not provide a Real Estate Condition Report. Under Wis. Stat. § 709.02, is the RECR required in this transaction?
Correct Answer
B) No, transfers to a lineal heir are specifically exempt from the RECR requirement.
Under Wis. Stat. § 709.02, the Real Estate Condition Report requirement has specific statutory exemptions. One of those exemptions covers transfers to a lineal heir — including a child of the seller. Because the buyer is the seller's adult son (a lineal heir), this transaction falls within the RECR exemption, and the seller is not required to provide the report. This is a classic Wisconsin exam trap: the RECR is broadly required but has narrow, specific exemptions that must be memorized.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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Specific performance in North Dakota:
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