Forms Update Resources
July 2018 Update to Disclosure Reports
Recent legislation modified the Real Estate Condition Report (RECR) and the Vacant Land Disclosure Report (VLDR). The new forms are required beginning July 1, 2018. Changes to each form include the following:
- The seller is posed a question rather than a statement.
- The form includes check boxes rather than lines.
- The report has been redesigned by offering categories such as structural and mechanical; environmental; well, septic and storage tanks; taxes, special assessment, permits; and land use. Therefore, the seller won’t be shocked when the section called "environmental" asks about radon and radium.
- Provides examples to the seller of what types of defects might be included.
- Offers blank lines for the explanation of "yes" responses at the end of each section rather than blank lines for all explanations of "yes" responses only at the end of the form.
- Provides a statement reminding sellers that licensees are not permitted to answer sellers’ questions about whether an item is or is not a defect.
- Includes new disclosures.
New Real Estate
Condition Reports (RECR) and Vacant Land Disclosure Reports (VLDR) will need to
be used in transactions effective July 1, 2018. The new versions of RECR and
VLDR the must be used when condition reports are first furnished to buyers on
or after July 1, 2018. For reports already given to buyers before July 1, there
is no need to go back and amend the report or provide a new form.
- If
the buyer has been provided the RECR or VLDR before July 1, 2018 — no
further action need be taken.
- If
the seller has completed the RECR or VLDR before July 1, 2018, and the
buyer will not be provided the RECR/VLDR until July 1, 2018 or after, then
the seller must complete a new RECR/VLDR.
Previously, the WRA created a two-page RECR and a three-page RECR. The three-page form included supplemental explanation information for the seller. The law now includes such explanations and, therefore, the WRA has created only one RECR.
For more information about the changes to the RECR and VLDR, see the June 2018 Wisconsin Real Estate Magazine online at www.wra.org/WREM/June2018.
WRA products
Rental Weatherization Update 2018
The Wisconsin rental weatherization program has ended as of January 1, 2018. Any rental weatherization provision in a WB form is no longer applicable. Rental weatherization provisions may be struck from a WB form containing it. To reflect the termination of this program, the rental weatherization provision has been struck from the following forms obtained through zipForm or through the WRA forms library subscription.
- WB-11 Residential Offer to Purchase
- WB-12 Farm Offer to Purchase
- WB-14 Condominium Offer to Purchase
- WB-15 Commercial Offer to Purchase
- WB-16 Business Offer to Purchase — With Real Estate
- WB- 24 Option to Purchase
- WB-35 Simultaneous Exchange Agreement
Listing Contract Forms Update 2017
The following listing contracts have been updated and now include the updated Disclosure to Clients section as well as other revisions corresponding to the changes made in the July 1, 2016, update to the WB-1 Residential Listing Contract. The optional use date for these forms is November 1, 2017, and the mandatory use date is January 1, 2018.
- WB-2 Farm Listing Contract — Exclusive Right to Sell
- WB-3 Vacant Land Listing ContractvExclusive Right to Sell
- WB-4 Residential Condominium Listing Contract — Exclusive Right to Sell
- WB-5 Commercial Listing Contract — Exclusive Right to Sell
- WB-6 Business Listing Contract — Exclusive Right to Sell
- WB-37 Residential Listing Contract — Exclusive Right to Rent
Buyer Agency/Tenant Representation Forms Update 2017
The WB-36 Buyer Agency/Tenant Representation Agreement and WB-47 Amendment to Buyer Agency/Tenant Representation Agreement have been updated, and we have a new WB-38 Commercial Buyer Agency/Tenant Representation Agreement. These forms all have the same optional use date of July 1, 2017, and a mandatory use date of October 1, 2017.
Resources:
July 1, 2016 Update
The WB-1 Residential Listing Contract and the WB-42 Amendment to Listing Contract have been updated by the Real Estate Examining Board of the Department of Safety and Professional Services. The updated WB-1 and updated WB-42 have mandatory use dates of July 1, 2016. However, these forms are unusual because they have no optional use date.
In this unique situation, the WB-1 uses revised client disclosure language that is quoted from the updated Chapter 452 of the statutes, which went into effect July 1, 2016. Using the revised disclosure language before that language becomes law creates a risk that a listing could be challenged and a firm could lose out on a commission if a contract with the revised language is used before that language is law.
Additional resources:
Sample copies of July 1 forms:
The language in the agency disclosure forms was also
modified by the new legislation and thus should only be used starting July 1.
The updated disclosure forms include:
The WB-1, WB-42 and agency disclosure forms are available in zipForm.
The Disclosure to Clients form will be used to update
listings and other agency agreements that will have incorrect disclosure
language starting July 1 until they are updated by the REEB. Beginning July 1,
all such forms appearing in zipForm will have the old language lined out and
will automatically appear together with the new Disclosure to Clients. For the
instructions for making this modification when using paper forms: click here.
WRA Addendum A
This
form has been revised to eliminate references to time of sale requirements and
to allow for the use of an average radon level where multiple readings are
taken.
Visit the Rental Resources page for information about updated rental forms.
January 1, 2016 Update
Four forms received modifications, all with a mandatory use date of January 1, 2016. These forms are:
- WB-40 Amendment to Offer to Purchase
- WB-41 Notice Relating to Offer to Purchase
- WB-44 Counter-offer
- WB-45 Cancellation Agreement & Mutual Release
Learn more about the updates to these forms in the WRA's 2016 Forms Update Video.
More Information
Also see the rental resources page about updated rental forms.
How are the new forms developed?
The WB forms are prepared and approved for use by the REEB. Prior to approval, drafts are reviewed by the Wisconsin REALTORS® Association Forms Committee, chaired by REALTOR® Tom Sykora, and comments are forwarded on to the DSPS Real Estate Contractual Forms Advisory Committee. Once the DSPS state forms are finalized, WRA-drafted forms are examined to see if changes are warranted.