Margaret is selling her duplex in Madison, Wisconsin. She accepts an offer from a buyer named Derek before providing him with a Real Estate Condition Report. Derek later discovers this omission. Under Wisconsin law, what remedy is available to Derek?
Correct Answer
D) Derek may rescind the offer within two business days of receiving the RECR or before closing, whichever is earlier
Under Wisconsin Statutes § 709.07, if a seller fails to provide the Real Estate Condition Report before or at the time the offer is accepted, the buyer has the right to rescind the offer within two business days after receiving the RECR or before closing, whichever occurs first. This statutory right of rescission is the specific remedy Wisconsin law provides for late delivery of the RECR.
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Related Topics & Key Terms
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Related Concepts
An as-is clause in a real estate contract states that the buyer accepts the property in its current condition without requiring the seller to make any repairs. However, an as-is sale does NOT eliminate the seller's obligation to disclose known defects.
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Violating fair housing laws can lead to significant penalties, including fines, civil liability, and professional discipline.
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