Wisconsin Statutes 710.13 – Disclosures regarding real property wholesalers
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Terms Used In Wisconsin Statutes 710.13
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Definitions.
(a) “Purchase agreement” means a contract for the sale, exchange, option, rental, or purchase of residential real property.
(b) “Real property wholesaler” means a person that enters into a purchase agreement as a buyer and intends to assign the person’s rights as buyer under the purchase agreement to a 3rd party for consideration.
(c) “Residential real property” means real property in this state that includes one to 4 dwelling units, as defined in s. 101.61 (1).
(2) Required disclosures. A real property wholesaler shall provide all of the following disclosures:
(a) No later than entering into a purchase agreement as a buyer, written notice to the seller of the residential real property that the buyer is a real property wholesaler.
(b) No later than entering into a contract with a 3rd party to assign the real property wholesaler’s rights as buyer under a purchase agreement to the 3rd party, written notice to the 3rd party that the assignor is a real property wholesaler that holds an equitable interest in the residential real property as a buyer under the purchase agreement and that the assignor is conveying the assignor’s interest in the purchase agreement, not title to the residential real property.
(3) Rights to rescind.
(a) If a real property wholesaler fails to timely provide the disclosure to a seller as required under sub. (2) (a), the seller may rescind the purchase agreement at any time before the closing, without any liability on the seller’s part, by providing written notice of rescission to the real property wholesaler, and the seller is entitled to retain any deposits or option fees paid by the real property wholesaler in connection with the transaction.
(b) If a real property wholesaler fails to timely provide the disclosure to a 3rd party assignee as required under sub. (2) (b), the assignee may rescind the assignment of the purchase agreement at any time before the closing, without any liability on the assignee’s part, by providing written notice of rescission to the real property wholesaler, and the assignee is entitled to the return of any deposits or option fees paid by the assignee in connection with the transaction.
(4) Waiver prohibited. A person may not waive the person’s rights under this section. If the person proceeds to closing, the person’s right to rescind under sub. (3) is terminated.