Carlos and his sister Elena jointly own a four-unit residential building in Milwaukee. Carlos wants to sell his ownership interest to Elena so she becomes the sole owner. Their real estate agent advises them that a Real Estate Condition Report must be completed before the transfer. Is the agent's advice correct under Wisconsin law?
Correct Answer
D) No, because transfers between co-owners are specifically exempt from the RECR requirement under Chapter 709
Wisconsin Statutes § 709.01(2) explicitly exempts transfers between co-owners from the RECR requirement. Because Carlos and Elena are already co-owners of the property, Carlos's transfer of his interest to Elena falls within this statutory exemption. The agent's advice is therefore incorrect under Wisconsin law.
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Related Topics & Key Terms
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A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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