A seller in Appleton accepts a buyer's offer on a single-family home but has not yet provided the buyer with a Real Estate Condition Report. The buyer later discovers the seller never delivered the RECR. Under Wisconsin Statutes Section 709.03, what remedy is available to the buyer?
Correct Answer
B) The buyer may rescind the offer to purchase within 2 business days of receiving the RECR or before closing, whichever is earlier
Under Wisconsin Statutes Section 709.03, if a seller fails to deliver the Real Estate Condition Report before or at the time an offer is accepted, the buyer retains the right to rescind the contract. Specifically, upon receiving the RECR late, the buyer has 2 business days from receipt to rescind the offer. If the RECR is never delivered, the buyer may rescind at any time before closing. This is Wisconsin's statutory remedy designed to protect buyers from sellers who fail to timely disclose property conditions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
A purchase agreement is a legally binding contract between a buyer and seller that outlines the terms and conditions for the sale of real property. It is also commonly called a sales contract, purchase and sale agreement, or earnest money agreement.
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
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