Wisconsin Senate Bill SB193

Wisconsin 2025-2026 Regular Session

• Introduced: 4/14/25
• Refer: 4/14/25

Caption

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.

Impact

The bill's provisions represent a significant adjustment in state law concerning real property transfers. By requiring the revocation of TOD designations to be explicitly acknowledged and recorded, it aims to safeguard against unauthorized changes and simplify the process for future property transfers. Additionally, the amendments regarding real property wholesaler contracts aim to streamline the rescission process, allowing for the return of deposits without liability to the parties holding those funds. This shift could enhance transparency in real property transactions, benefiting both sellers and buyers.

Summary

Senate Bill 193 is a legislative proposal aimed at modifying aspects related to the transfer of real property upon death, the handling of real property wholesaler contracts, and the filing of satisfactions of judgments. The bill introduces measures whereby a designated transfer on death (TOD) beneficiary can be revoked under stricter conditions, ensuring the designation is only altered via an acknowledged document submitted for recording. This change intends to clarify the process surrounding property transfers upon an owner's death and protect the interests of all parties involved, particularly when multiple owners are present.

Contention

While the provisions of SB193 generally promote clarity and accountability in real estate dealings, there may be points of contention regarding the implications of increased regulation on real property transactions. Stakeholders in the real estate industry, such as wholesalers and property owners, may have diverse perspectives on the balance between protection and operational flexibility. Furthermore, the bill's amendments regarding the filing of satisfactions of judgments could invoke discussions about judicial efficiency and the accessibility of the process for individuals seeking to clear their debts.