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Terms Used In Wisconsin Statutes 703.08

  • 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
  • in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes real and personal property. See Wisconsin Statutes 990.01
   (1)    Residential real property may not be converted to a condominium unless the owner of the residential real property gives prior written notice of the conversion to each of the tenants of the building or buildings scheduled for conversion. During the 60-day period immediately following the date of delivery of the notice a tenant has the first right to purchase the unit, if the unit is offered for sale at any time during that period, for any of the following:
      (a)    The price at which the unit is being offered on the market.
      (b)    The price contained in any accepted offer to purchase the unit.
      (c)    The price otherwise agreed to by the tenant and the seller.
   (2)   A tenant may not be required to vacate the property during the 120-day period immediately following the date of delivery of the notice required under sub. (1) unless the tenant violates a covenant in the lease or fails to pay rent.
   (3)   A tenant may waive in writing his or her first right of purchase under sub. (1), his or her right to remain on the property under sub. (2), or both.