Condominium Ownership Act — Small Condominiums

Wisconsin Legislature: 703.365 Home Documents Senate Assembly Committees Service Agencies Docs Options Help 2025 Biennium Statutes Admin. Rules Indices Miscellaneous Archives Home Bill, Rule, and Appointment Histories Senators Representatives Committees Text of Introduced Proposals Amendment Text Acts Veto Messages Enrolled Bills Votes Assembly and Senate Floor Calendars Schedule of Committee Activities Assembly and Senate Journals Committee Records (ROCPs) Legislative Rules All Session-Related Documents Subject Index to Acts Subject Index to Legislation Subject Index to Journals Author Index to Legislation Subject Index to Clearinghouse Rules Miscellaneous Budget Documents Executive Orders Rulings of the Chair Wisconsin Supreme Court Rules Opinions of the Attorney General Town Law Forms Law Districts Session Drafting Files Feeds Preferences Show tree Hide tree Feedback Help Home Senate Home Senators Committees Session Chief Clerk Sergeant at Arms Civics Education Human Resources Assembly Home Representatives Committees Session Chief Clerk Sergeant at Arms Human Resources Schedule Joint Senate Assembly Study Legislative Audit Bureau Legislative Council Legislative Fiscal Bureau Legislative Human Resources Office Legislative Reference Bureau Legislative Technology Services Bureau Up Up 703.33(4)(c) (c) A purchaser who timely rescinds under par. (a) or (b) is entitled to the return of any deposits made under the contract. 703.33(4)(d) (d) If a purchaser does not timely rescind under par. (a) or (b) , his or her right to rescind under this section is terminated. 703.33(5) (5) Untrue statement or omission of material fact. Any seller who in disclosing information required under subs. (1) and (2) makes any untrue statement of material fact or omits to state a material fact necessary in order to make statements made not misleading shall be liable to any person purchasing a unit from him or her. However, no action may be maintained to enforce any liability created under this section unless brought within one year after facts constituting a cause of action are or should have been discovered. 703.33(6) (6) Waiver of purchaser’s right. Rights of purchasers under this section may not be waived in the contract of sale and any attempt to waive those rights is void. However, notwithstanding sub. (4) (d) , if the purchaser proceeds to closing, the purchaser’s right under this section to rescind is terminated. 703.33(7) (7) Sale of unit for nonresidential purposes. Requirements of this section do not apply to a sale of any unit which is primarily intended to be occupied and used for nonresidential purposes. 703.33(8) (8) Location of condominium immaterial. Requirements of this section shall apply to a sale of any unit offered for sale in this state without regard to the location of a condominium. 703.33(9) (9) Electronic delivery. The information required under subs. (1) and (2) may be delivered electronically in accordance with 15 USC 7001 (c), ch. 137 , and any other requirements that are prescribed by law. 703.33 History History: 1977 c. 407 ; 1985 a. 188 ; 2003 a. 283 ; 2009 a. 357 ; 2011 a. 203 ; 2017 a. 303 ; 2019 a. 125 ; 2021 a. 166 ss. 13 , 19 …

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