2025 - 2026 LEGISLATURE
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2025 ASSEMBLY BILL 195
April 15, 2025 - Introduced by Representatives KRUG, DITTRICH, KNODL, MAXEY,
MURPHY, MURSAU, O'CONNOR, ORTIZ-VELEZ, PIWOWARCZYK and WICHGERS,
cosponsored by Senator JAGLER. Referred to Committee on Judiciary.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to renumber and amend 705.15 (3) and 806.22; to amend 710.13 (3)
(title), 867.045 (1) (j) and 867.046 (2) (i); to repeal and recreate 806.22 (title);
to create 705.15 (3) (a) 1. and 2., 705.15 (3) (b) and (c), 710.13 (3) (c) and
806.22 (1) (a) to (c) of the statutes; relating to: revoking a transfer of real
property on death, obtaining evidence of the termination of a decedent[s
property interests, disbursing deposits after rescission of real property
wholesaler contracts, and filing satisfactions of judgment.
Analysis by the Legislative Reference Bureau
Revoking a transfer of real property on death
Under current law, a person may transfer an interest in real property to a
beneficiary without probate by designating the beneficiary, called a transfer on
death (TOD) beneficiary, in a document that meets certain requirements. The
designation of a TOD beneficiary in a document does not affect ownership of the
interest in real property until the owner[s death.
Currently, an owner of an interest in real property may cancel or change the
designation of a TOD beneficiary by executing and recording another document
that designates a different TOD beneficiary or no beneficiary. This bill changes this
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process so that instead a document designating a TOD beneficiary may be revoked
only by an instrument that is subsequently acknowledged by the owner and
submitted for recording to the office of the register of deeds, and that is (1) a
document designating a TOD beneficiary, (2) an instrument that expressly revokes
the document designating a TOD beneficiary, or (3) an inter vivos deed containing
an express revocation clause. In addition, under the bill, if a document designating
a TOD beneficiary is made by more than one owner, (1) revocation by one owner
does not affect the document designating a TOD beneficiary as to the interest of
another owner and (2) if real property is owned by two or more individuals as joint
tenants or by spouses as survivorship marital property, a document designating a
TOD beneficiary of that property is revoked only if it is revoked by all of the living
joint tenants or spouses.
Obtaining evidences of the termination of a decedent[s property interests
Under current law, a person may obtain evidence that certain property
interests of a decedent have been terminated by providing information to the
register of deeds of the county in which the property is located. Currently, to obtain
evidence that a decedent[s property interests in real property have been
terminated, a person must submit to the register of deeds a copy of the property tax
bill for the year preceding the year of the decedent[s death. The bill allows a person
to instead submit a copy of the most recent property tax bill.
Real property wholesaler contracts; disbursing deposits after rescission
Under current law, a real property wholesaler that contracts to sell its interest
in a purchase agreement to a third party must provide certain written disclosures
to the third party, or the third party may rescind the contract and is entitled to the
return of any deposits or option fees paid by the third party. The bill provides that,
if the third party rescinds the contract, a person holding deposits or option fees may
disburse the deposits or option fees to the third party without any liability on the
person[s part.
Also under current law, a real property wholesaler that enters into a purchase
agreement as a buyer must provide certain written disclosures to the seller, or the
seller may rescind the purchase agreement and retain any deposits or option fees
paid by the real property wholesaler. The bill provides that, if the seller rescinds
the purchase agreement, a person holding deposits or option fees may disburse the
deposits or option fees to the seller without any liability on the person[s part.
Under current law, Xreal property wholesalerY is defined as a person that
enters into a purchase agreement as a buyer and intends to sell the person[s rights
as buyer to a third party, and Xpurchase agreementY is defined as a contract for the
sale, exchange, option, rental, or purchase of residential real property that includes
one to four dwelling units.
Filing satisfactions of judgment
Under current law, if a judgment debt is paid in whole or in part, a satisfaction
may be filed and entered on the judgment and lien docket in the county where the
judgment was first docketed. Currently, if the judgment has been entered on the
judgment and lien docket in other counties, a certified copy of that satisfaction or a 2025 - 2026 Legislature
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SECTION 1
certificate by that clerk of circuit court under official seal may be filed in those other
counties to update the judgment and lien dockets in those counties. The bill
provides that an original satisfaction signed and acknowledged by the owner or the
owner[s attorney may be filed in those other counties, rather than the evidence of
satisfaction obtained from the clerk of court in the county where the judgment was
first docketed.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SECTION 1. 705.15 (3) of the statutes is renumbered 705.15 (3) (a) (intro.) and
amended to read:
705.15 (3) (a) (intro.) The designation of a TOD beneficiary on a document
does not affect ownership of the property until the death of the sole owner or the
last to die of multiple owners regardless of whether the document provides
otherwise. The designation may be canceled or changed at any time by the sole
owner or all then surviving owners, without the consent of the TOD beneficiary, by
executing and recording another document that designates a different TOD
beneficiary or no beneficiary. The recording of a document that designates a TOD
beneficiary or no beneficiary revokes any designation made in a previously recorded
document relating to the same property interest. Subject to par. (b), an instrument
is effective to revoke a previously recorded document designating a TOD
beneficiary, or any part of the previously recorded document, only if the instrument
meets all of the following requirements:
SECTION 2. 705.15 (3) (a) 1. and 2. of the statutes are created to read:
705.15 (3) (a) 1. The instrument is one of the following:
a. A document that complies with sub. (2) (a) and revokes the previously
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SECTION 2
recorded document, or any part of the previously recorded document, expressly or
by inconsistency.
b. An instrument of revocation that expressly revokes the previously recorded
document, or any part of the previously recorded document.
c. An inter vivos deed that expressly revokes the previously recorded
document, or any part of the previously recorded document.
2. The instrument is acknowledged by the owner after the owner
acknowledged the previously recorded document, and the instrument is submitted
for recording to the office of the register of deeds in the county in which the real
property is located before the death of the sole owner or the last to die of multiple
owners.
SECTION 3. 705.15 (3) (b) and (c) of the statutes are created to read:
705.15 (3) (b) If a document designating a TOD beneficiary is made by more
than one owner, all of the following apply:
1. Revocation by an owner does not affect the document designating a TOD
beneficiary as to the interest of another owner.
2. A document designating a TOD beneficiary of real property owned by 2 or
more individuals as joint tenants or by spouses as survivorship marital property is
revoked only if it is revoked by all of the living joint tenants or spouses.
(c) This subsection does not limit the effect of an inter vivos transfer of the
property.
SECTION 4. 710.13 (3) (title) of the statutes is amended to read:
710.13 (3) (title) RIGHTS TO RESCIND; DISBURSEMENT OF DEPOSITS.
SECTION 5. 710.13 (3) (c) of the statutes is created to read:
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710.13 (3) (c) Upon receipt of a written notice of rescission described under
par. (a) or (b), a person holding deposits or option fees described under par. (a) or (b)
may disburse the deposits or option fees, without any liability on the person[s part,
to the following persons:
1. If a seller exercises its right to rescind under par. (a), to the seller.
2. If a 3rd party assignee exercises its right to rescind under par. (b), to the
assignee.
SECTION 6. 806.22 (title) of the statutes is repealed and recreated to read:
806.22 (title) Satisfying a transcript of judgment.
SECTION 7. 806.22 of the statutes is renumbered 806.22 (1) (intro.) and
amended to read:
806.22 (1) (intro.) If a satisfaction of a judgment has been entered on the
judgment and lien docket in the county where it the judgment was first entered, a
certified copy of the satisfaction or a certificate by the clerk of circuit court, under
official seal, showing the satisfaction, any of the following may be filed with the
clerk of circuit court of any other county where the judgment has been entered, and
that:
(2) Upon receipt of an instrument described under sub. (1), the clerk of circuit
court shall make a similar an entry on the judgment and lien docket of that county
similar to the entry described under s. 806.19 (1).
SECTION 8. 806.22 (1) (a) to (c) of the statutes are created to read:
806.22 (1) (a) A certified copy of the satisfaction.
(b) A certificate by the clerk of circuit court where the satisfaction was
entered, under official seal, showing the satisfaction.
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(c) A satisfaction signed and acknowledged by the owner or, if no assignment
has been filed, by the owner[s attorney of record. If the satisfaction is of a part of a
judgment or as to some of the judgment debtors, the satisfaction shall state the
amount paid on the judgment or for the release of the debtors, naming them.
SECTION 9. 867.045 (1) (j) of the statutes is amended to read:
867.045 (1) (j) In the case of real property, a copy of the property tax bill for
the year preceding the year of the decedent[s death, or a copy of the most recent
property tax bill, and a legal description of the property, which description shall be
imprinted on or attached to the application. The register of deeds shall record the
bill. The required recording of the property tax bill may be waived by an agreement
between the register of deeds and the county real property lister.
SECTION 10. 867.046 (2) (i) of the statutes is amended to read:
867.046 (2) (i) In the case of real property, a copy of the property tax bill for
the year preceding the year of the decedent[s death, or a copy of the most recent
property tax bill, and a legal description of the property, which description shall be
imprinted on or attached to the application. The register of deeds shall record the
bill. The required recording of the property tax bill may be waived by an agreement
between the register of deeds and the county real property lister.
(END)
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