November 17, 2014
Am I Legally Required to Sign a Real Estate Condition Report?
Although many Sellers are told that they are “required by law” to fill out and sign a Real Estate Condition Report (RECR), the relevant statute provides a number of exceptions. For instance, “personal representatives, trustees, conservators, and fiduciaries who are appointed by, or subject to the supervision of, a court” are excepted from RECR’s. (Wis. Stat. 709.01(2)).
Moreover, even if you are just a normal seller, you may be excepted from filling out a RECR. For example, the statute provides that if the buyer signs a written waiver, then you do not have to fill out the RECR. (Wis. Stat. 709.08). Similarly, if the buyer proceeds to closing without receiving the RECR, the buyer can no longer rescind the contract because of the lack of an RECR. (Wis. Stat. 709.08).