Wisconsin 2025-2026 Regular Session

Wisconsin Assembly Bill AB195 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	2025 - 2026 LEGISLATURE
2	2	LRB-1289/1
3	3	KMS&KRP:skw
4	4	2025 ASSEMBLY BILL 195
5	5	April 15, 2025 - Introduced by Representatives KRUG, DITTRICH, KNODL, MAXEY,
6	6	MURPHY, MURSAU, O'CONNOR, ORTIZ-VELEZ, PIWOWARCZYK and WICHGERS,
7	7	cosponsored by Senator JAGLER. Referred to Committee on Judiciary.
8	8
9	9	*AUTHORS SUBJECT TO CHANGE*
10	10	AN ACT to renumber and amend 705.15 (3) and 806.22; to amend 710.13 (3)
11	11	(title), 867.045 (1) (j) and 867.046 (2) (i); to repeal and recreate 806.22 (title);
12	12	to create 705.15 (3) (a) 1. and 2., 705.15 (3) (b) and (c), 710.13 (3) (c) and
13	13	806.22 (1) (a) to (c) of the statutes; relating to: revoking a transfer of real
14	14	property on death, obtaining evidence of the termination of a decedent[s
15	15	property interests, disbursing deposits after rescission of real property
16	16	wholesaler contracts, and filing satisfactions of judgment.
17	17	Analysis by the Legislative Reference Bureau
18	18	Revoking a transfer of real property on death
19	19	Under current law, a person may transfer an interest in real property to a
20	20	beneficiary without probate by designating the beneficiary, called a transfer on
21	21	death (TOD) beneficiary, in a document that meets certain requirements. The
22	22	designation of a TOD beneficiary in a document does not affect ownership of the
23	23	interest in real property until the owner[s death.
24	24	Currently, an owner of an interest in real property may cancel or change the
25	25	designation of a TOD beneficiary by executing and recording another document
26	26	that designates a different TOD beneficiary or no beneficiary. This bill changes this
27	27	1
28	28	2
29	29	3
30	30	4
31	31	5
32	32	6
33	33	7 2025 - 2026 Legislature
34	34	ASSEMBLY BILL 195
35	35	- 2 - LRB-1289/1
36	36	KMS&KRP:skw
37	37	process so that instead a document designating a TOD beneficiary may be revoked
38	38	only by an instrument that is subsequently acknowledged by the owner and
39	39	submitted for recording to the office of the register of deeds, and that is (1) a
40	40	document designating a TOD beneficiary, (2) an instrument that expressly revokes
41	41	the document designating a TOD beneficiary, or (3) an inter vivos deed containing
42	42	an express revocation clause. In addition, under the bill, if a document designating
43	43	a TOD beneficiary is made by more than one owner, (1) revocation by one owner
44	44	does not affect the document designating a TOD beneficiary as to the interest of
45	45	another owner and (2) if real property is owned by two or more individuals as joint
46	46	tenants or by spouses as survivorship marital property, a document designating a
47	47	TOD beneficiary of that property is revoked only if it is revoked by all of the living
48	48	joint tenants or spouses.
49	49	Obtaining evidences of the termination of a decedent[s property interests
50	50	Under current law, a person may obtain evidence that certain property
51	51	interests of a decedent have been terminated by providing information to the
52	52	register of deeds of the county in which the property is located. Currently, to obtain
53	53	evidence that a decedent[s property interests in real property have been
54	54	terminated, a person must submit to the register of deeds a copy of the property tax
55	55	bill for the year preceding the year of the decedent[s death. The bill allows a person
56	56	to instead submit a copy of the most recent property tax bill.
57	57	Real property wholesaler contracts; disbursing deposits after rescission
58	58	Under current law, a real property wholesaler that contracts to sell its interest
59	59	in a purchase agreement to a third party must provide certain written disclosures
60	60	to the third party, or the third party may rescind the contract and is entitled to the
61	61	return of any deposits or option fees paid by the third party. The bill provides that,
62	62	if the third party rescinds the contract, a person holding deposits or option fees may
63	63	disburse the deposits or option fees to the third party without any liability on the
64	64	person[s part.
65	65	Also under current law, a real property wholesaler that enters into a purchase
66	66	agreement as a buyer must provide certain written disclosures to the seller, or the
67	67	seller may rescind the purchase agreement and retain any deposits or option fees
68	68	paid by the real property wholesaler. The bill provides that, if the seller rescinds
69	69	the purchase agreement, a person holding deposits or option fees may disburse the
70	70	deposits or option fees to the seller without any liability on the person[s part.
71	71	Under current law, Xreal property wholesalerY is defined as a person that
72	72	enters into a purchase agreement as a buyer and intends to sell the person[s rights
73	73	as buyer to a third party, and Xpurchase agreementY is defined as a contract for the
74	74	sale, exchange, option, rental, or purchase of residential real property that includes
75	75	one to four dwelling units.
76	76	Filing satisfactions of judgment
77	77	Under current law, if a judgment debt is paid in whole or in part, a satisfaction
78	78	may be filed and entered on the judgment and lien docket in the county where the
79	79	judgment was first docketed. Currently, if the judgment has been entered on the
80	80	judgment and lien docket in other counties, a certified copy of that satisfaction or a 2025 - 2026 Legislature
81	81	ASSEMBLY BILL 195
82	82	- 3 - LRB-1289/1
83	83	KMS&KRP:skw
84	84	SECTION 1
85	85	certificate by that clerk of circuit court under official seal may be filed in those other
86	86	counties to update the judgment and lien dockets in those counties. The bill
87	87	provides that an original satisfaction signed and acknowledged by the owner or the
88	88	owner[s attorney may be filed in those other counties, rather than the evidence of
89	89	satisfaction obtained from the clerk of court in the county where the judgment was
90	90	first docketed.
91	91	The people of the state of Wisconsin, represented in senate and assembly, do
92	92	enact as follows:
93	93	SECTION 1. 705.15 (3) of the statutes is renumbered 705.15 (3) (a) (intro.) and
94	94	amended to read:
95	95	705.15 (3) (a) (intro.) The designation of a TOD beneficiary on a document
96	96	does not affect ownership of the property until the death of the sole owner or the
97	97	last to die of multiple owners regardless of whether the document provides
98	98	otherwise. The designation may be canceled or changed at any time by the sole
99	99	owner or all then surviving owners, without the consent of the TOD beneficiary, by
100	100	executing and recording another document that designates a different TOD
101	101	beneficiary or no beneficiary. The recording of a document that designates a TOD
102	102	beneficiary or no beneficiary revokes any designation made in a previously recorded
103	103	document relating to the same property interest. Subject to par. (b), an instrument
104	104	is effective to revoke a previously recorded document designating a TOD
105	105	beneficiary, or any part of the previously recorded document, only if the instrument
106	106	meets all of the following requirements:
107	107	SECTION 2. 705.15 (3) (a) 1. and 2. of the statutes are created to read:
108	108	705.15 (3) (a) 1. The instrument is one of the following:
109	109	a. A document that complies with sub. (2) (a) and revokes the previously
110	110	1
111	111	2
112	112	3
113	113	4
114	114	5
115	115	6
116	116	7
117	117	8
118	118	9
119	119	10
120	120	11
121	121	12
122	122	13
123	123	14
124	124	15
125	125	16
126	126	17 2025 - 2026 Legislature
127	127	ASSEMBLY BILL 195
128	128	- 4 - LRB-1289/1
129	129	KMS&KRP:skw
130	130	SECTION 2
131	131	recorded document, or any part of the previously recorded document, expressly or
132	132	by inconsistency.
133	133	b. An instrument of revocation that expressly revokes the previously recorded
134	134	document, or any part of the previously recorded document.
135	135	c. An inter vivos deed that expressly revokes the previously recorded
136	136	document, or any part of the previously recorded document.
137	137	2. The instrument is acknowledged by the owner after the owner
138	138	acknowledged the previously recorded document, and the instrument is submitted
139	139	for recording to the office of the register of deeds in the county in which the real
140	140	property is located before the death of the sole owner or the last to die of multiple
141	141	owners.
142	142	SECTION 3. 705.15 (3) (b) and (c) of the statutes are created to read:
143	143	705.15 (3) (b) If a document designating a TOD beneficiary is made by more
144	144	than one owner, all of the following apply:
145	145	1. Revocation by an owner does not affect the document designating a TOD
146	146	beneficiary as to the interest of another owner.
147	147	2. A document designating a TOD beneficiary of real property owned by 2 or
148	148	more individuals as joint tenants or by spouses as survivorship marital property is
149	149	revoked only if it is revoked by all of the living joint tenants or spouses.
150	150	(c) This subsection does not limit the effect of an inter vivos transfer of the
151	151	property.
152	152	SECTION 4. 710.13 (3) (title) of the statutes is amended to read:
153	153	710.13 (3) (title) RIGHTS TO RESCIND; DISBURSEMENT OF DEPOSITS.
154	154	SECTION 5. 710.13 (3) (c) of the statutes is created to read:
155	155	1
156	156	2
157	157	3
158	158	4
159	159	5
160	160	6
161	161	7
162	162	8
163	163	9
164	164	10
165	165	11
166	166	12
167	167	13
168	168	14
169	169	15
170	170	16
171	171	17
172	172	18
173	173	19
174	174	20
175	175	21
176	176	22
177	177	23
178	178	24 2025 - 2026 Legislature
179	179	ASSEMBLY BILL 195
180	180	- 5 - LRB-1289/1
181	181	KMS&KRP:skw
182	182	SECTION 5
183	183	710.13 (3) (c) Upon receipt of a written notice of rescission described under
184	184	par. (a) or (b), a person holding deposits or option fees described under par. (a) or (b)
185	185	may disburse the deposits or option fees, without any liability on the person[s part,
186	186	to the following persons:
187	187	1. If a seller exercises its right to rescind under par. (a), to the seller.
188	188	2. If a 3rd party assignee exercises its right to rescind under par. (b), to the
189	189	assignee.
190	190	SECTION 6. 806.22 (title) of the statutes is repealed and recreated to read:
191	191	806.22 (title) Satisfying a transcript of judgment.
192	192	SECTION 7. 806.22 of the statutes is renumbered 806.22 (1) (intro.) and
193	193	amended to read:
194	194	806.22 (1) (intro.) If a satisfaction of a judgment has been entered on the
195	195	judgment and lien docket in the county where it the judgment was first entered, a
196	196	certified copy of the satisfaction or a certificate by the clerk of circuit court, under
197	197	official seal, showing the satisfaction, any of the following may be filed with the
198	198	clerk of circuit court of any other county where the judgment has been entered, and
199	199	that:
200	200	(2) Upon receipt of an instrument described under sub. (1), the clerk of circuit
201	201	court shall make a similar an entry on the judgment and lien docket of that county
202	202	similar to the entry described under s. 806.19 (1).
203	203	SECTION 8. 806.22 (1) (a) to (c) of the statutes are created to read:
204	204	806.22 (1) (a) A certified copy of the satisfaction.
205	205	(b) A certificate by the clerk of circuit court where the satisfaction was
206	206	entered, under official seal, showing the satisfaction.
207	207	1
208	208	2
209	209	3
210	210	4
211	211	5
212	212	6
213	213	7
214	214	8
215	215	9
216	216	10
217	217	11
218	218	12
219	219	13
220	220	14
221	221	15
222	222	16
223	223	17
224	224	18
225	225	19
226	226	20
227	227	21
228	228	22
229	229	23
230	230	24 2025 - 2026 Legislature
231	231	ASSEMBLY BILL 195
232	232	- 6 - LRB-1289/1
233	233	KMS&KRP:skw
234	234	SECTION 8
235	235	(c) A satisfaction signed and acknowledged by the owner or, if no assignment
236	236	has been filed, by the owner[s attorney of record. If the satisfaction is of a part of a
237	237	judgment or as to some of the judgment debtors, the satisfaction shall state the
238	238	amount paid on the judgment or for the release of the debtors, naming them.
239	239	SECTION 9. 867.045 (1) (j) of the statutes is amended to read:
240	240	867.045 (1) (j) In the case of real property, a copy of the property tax bill for
241	241	the year preceding the year of the decedent[s death, or a copy of the most recent
242	242	property tax bill, and a legal description of the property, which description shall be
243	243	imprinted on or attached to the application. The register of deeds shall record the
244	244	bill. The required recording of the property tax bill may be waived by an agreement
245	245	between the register of deeds and the county real property lister.
246	246	SECTION 10. 867.046 (2) (i) of the statutes is amended to read:
247	247	867.046 (2) (i) In the case of real property, a copy of the property tax bill for
248	248	the year preceding the year of the decedent[s death, or a copy of the most recent
249	249	property tax bill, and a legal description of the property, which description shall be
250	250	imprinted on or attached to the application. The register of deeds shall record the
251	251	bill. The required recording of the property tax bill may be waived by an agreement
252	252	between the register of deeds and the county real property lister.
253	253	(END)
254	254	1
255	255	2
256	256	3
257	257	4
258	258	5
259	259	6
260	260	7
261	261	8
262	262	9
263	263	10
264	264	11
265	265	12
266	266	13
267	267	14
268	268	15
269	269	16
270	270	17
271	271	18
272	272	19