Disclosure, The Real Estate Condition Report...
...When you put your property on the market, disclose absolutely everything you know about it. If there is a negative, put a star by it - capitalize it - underline it - whatever. A negative disclosed in the beginning seldom remains a negative. It is when a buyer discovers a negative on their own that it becomes a problem. The question becomes, "What else didn't they tell me." The buyer assumes the defense and the relationship between buyer and seller becomes adversarial

IN WISCONSIN, the buyer and the seller have rights and obligations regarding the condition of property.

The seller is required to disclose all conditions that could be considered material to the transaction.

The buyer is cautioned to inspect the property thoroughly and to be familiar with all disclosures provided by the seller and the broker.

The offer provides an inspection clause which incorporates the obligations of both the buyer and the seller. It further provides the buyer an opportunity to re-negotiate if significant adverse factors are discovered within the prescribed period provided in the offer.

RIGHT TO CURE: Seller (shall) (shall not) [STRIKE ONE] have a right to cure the defects. If Seller has right to cure, Seller may satisfy this contingency by: (1) delivering a written notice of Seller's election to cure defects within 10 days of receipt of Buyer's notice; and (2) curing the defects in a good and workmanlike manner and delivering to Buyer a written report detailing the work done no later than 3 days prior to closing. This Offer shall be null and void if Buyer makes timely delivery of the above notice and report and: (1) Seller has a right to cure but does not timely deliver the notice of election to cure; or (2) Seller does not have a right to cure."DEFECT" DEFINED: For the purposes of this contingency, a defect is defined as a structural, mechanical or other condition that would have a significant adverse effect on the value of the Property; that would significantly impair the health or safety of future occupants of the Property; or that if not repaired, removed or replaced would significantly shorten or have a significant adverse effect on the expected normal life of the property. Defects do not include structural, mechanical or other conditions the nature and extent of which Buyer had actual knowledge or written notice before signing this Offer.

AT THIS OFFICE, we feel that the professional inspection of property is extremely important. We recommend that buyers choose a 3rd party/arm's length inspector with credentials and professional affiliations. [More About Home Inspections, go to House Masters]

COMBINING the condition reports and the inspection, chances of the transaction going awry are slim. Following is the text from the Wisconsin Realtor's Association further explaining the real estate disclosure rules.

When does the Seller Disclosure Law apply?
The law generally does apply to sales of residential real estate such as:
1) single-family homes
2) condominium or time-share units
3) duplexes or apartment buildings with up to four units
4) summer cottages or cabins
5) farms
6) other properties which include living quarters
This law does not apply if:
1) the seller is an estate or a trust, and the personal representative or trustee has not lived in the property
2) the property is new construction
3) the transfer is a gift between immediate family members
4) in other special circumstances
The Seller Disclosure law also applies to For Sale By Owner (FSBO) sales.

How Does the Seller Disclosure Law Affect a Real Estate Transaction?
If the Seller disclosure Law applies to a sale, the seller must complete a Real Estate Condition Report, which asks the seller 28 questions about various aspects of the property's condition. the seller is asked to answer the Report based on his or her own awareness and personal knowledge of the property. The Report discloses information known to the seller concerning the property's condition; it is not a warranty of those conditions.

How Does the Seller Disclosure law Affect You as a Seller?
You must complete a Real Estate Condition Report, answering the 28 questions based on your personal knowledge of the property. A copy of your completed Report must be given to prospective buyers no later than 10 days after a binding purchase contract is created.

Buyer's right to rescind the purchase contract
If you give the buyer a copy of the completed Report before the buyer submits an offer to purchase, the buyer will have no rights under this law to rescind, that is, to nullify or undo the purchase contract. If the buyer does not receive a copy of the Report until after he or she has submitted an offer to purchase, the buyer may rescind the purchase contract in he following situations:
1) If the Report reveals a significant property defect
2) If the Report is incomplete
3) If the Report incorrectly states that an item does not apply when the buyer can see that it does
4) If no Report is received by the buyer within 10 days after the purchase contract becomes binding
If any of these situations occur, the buyer may rescind the purchase contract, and it will be as if there never was a contract. The buyer can rescind the contract within two business days after he or she receives the Report, or within two business days after the 10-day deadline by which time you were to have provided the Report.

How Does the seller Disclosure Law Affect You as a Buyer?
Under the law, the seller must provide you with a completed Real Estate condition Report within 10 days after binding acceptance of the offer to purchase. If you receive the Report before you write an offer to purchase the home, you can use the seller's information to help you decide whether to buy the home and whether the seller should be asked to make any repairs as part of the purchase contract.

If you do not receive a copy of the Report until after you have submitted an offer to purchase, you may rescind the purchase contract in the following situations:
1) If the Report reveals a significant property defect
2) If the Report is incomplete
3) if the Report incorrectly states that an item does not apply when you can see that it does
4) If no Report is received within 10 days after the purchase contract becomes binding
If any of these situations occur, you may rescind your purchase contract, and it will be as if there never was a contract. You can rescind your contract within two business days after you receive the Report, or within two business days after the 10-day deadline by which time the seller was to provide you with the Report.

This is a general overview of Wisconsin's Seller Disclosure Law, not a comprehensive summary.
To find out more about Wisconsin's Seller disclosure Law, ask your real estate agent for a copy of the Real Estate Condition Report which contains further explanations about the law and the Report.