Environmental
A Wisconsin lake cabin seller whose property has a septic system that has not been inspected in 10 years should:
AOnly disclose the age of the system
BDisclose the lack of recent inspection on the Condition Report and recommend the buyer have it inspected before closing✓ Correct
CWarrant that the system is in good condition
DReplace the system before listing
Explanation
The seller should disclose what is known (or unknown) about the septic system's condition on the Wisconsin Real Estate Condition Report and recommend inspection — a failing septic system is a significant material adverse fact.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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