Contracts
Under Wisconsin law, a seller who makes a material misrepresentation in the Condition Report that the buyer relies on to their detriment may be liable for:
ANothing — buyers should verify all disclosures
BDamages for misrepresentation or fraud✓ Correct
COnly a refund of the earnest money
DDSPS-ordered mediation only
Explanation
A seller who knowingly makes material misrepresentations on the Condition Report may be liable for misrepresentation or fraud damages if the buyer relied on those misrepresentations to their detriment.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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