Question:
An agent at the firm represents a buyer. The buyer is under contract. The property now has water in the basement due to the recent heavy rains. The seller sent an amendment to the real estate condition report (RECR) changing their answer regarding basement defects. Does this give the buyer new rescission rights?Answer:
If, after the acceptance of an offer, the seller amends the RECR and discloses defects, the buyer would have the right to rescind the offer per Wis. Stat. ยง 709.05(2)(a)(2). By delivering an amendment to the RECR, the seller gives the buyer the ability to rescind their offer within two business days of receipt. If the buyer chooses to rescind, the buyer would rescind in writing...
Share this article on your social outlets
Our Sponsors
- - Volume: 26 - WEEK: 18 Date: 4/28/2026 9:53:25 PM -