Wisconsin 2025-2026 Regular Session

Wisconsin Senate Bill SB193 Compare Versions

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

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1	1	2025 - 2026 LEGISLATURE
2	2	LRB-2535/1
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4	4	2025 SENATE BILL 193
5	5	April 14, 2025 - Introduced by Senator JAGLER, cosponsored by Representatives
6	6	KRUG, DITTRICH, KNODL, MAXEY, MURPHY, MURSAU, O'CONNOR, ORTIZ-VELEZ,
7	7	WICHGERS and PIWOWARCZYK. Referred to Committee on Judiciary and Public
8	8	Safety.
9	9	AN ACT to renumber and amend 705.15 (3) and 806.22; to amend 710.13 (3)
10	10	(title), 867.045 (1) (j) and 867.046 (2) (i); to repeal and recreate 806.22 (title);
11	11	to create 705.15 (3) (a) 1. and 2., 705.15 (3) (b) and (c), 710.13 (3) (c) and
12	12	806.22 (1) (a) to (c) of the statutes; relating to: revoking a transfer of real
13	13	property on death, obtaining evidence of the termination of a decedent[s
14	14	property interests, disbursing deposits after rescission of real property
15	15	wholesaler contracts, and filing satisfactions of judgment.
16	16	Analysis by the Legislative Reference Bureau
17	17	Revoking a transfer of real property on death
18	18	Under current law, a person may transfer an interest in real property to a
19	19	beneficiary without probate by designating the beneficiary, called a transfer on
20	20	death (TOD) beneficiary, in a document that meets certain requirements. The
21	21	designation of a TOD beneficiary in a document does not affect ownership of the
22	22	interest in real property until the owner[s death.
23	23	Currently, an owner of an interest in real property may cancel or change the
24	24	designation of a TOD beneficiary by executing and recording another document
25	25	that designates a different TOD beneficiary or no beneficiary. This bill changes this
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32	32	7 2025 - 2026 Legislature
33	33	SENATE BILL 193
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36	36	process so that instead a document designating a TOD beneficiary may be revoked
37	37	only by an instrument that is subsequently acknowledged by the owner and
38	38	submitted for recording to the office of the register of deeds, and that is (1) a
39	39	document designating a TOD beneficiary, (2) an instrument that expressly revokes
40	40	the document designating a TOD beneficiary, or (3) an inter vivos deed containing
41	41	an express revocation clause. In addition, under the bill, if a document designating
42	42	a TOD beneficiary is made by more than one owner, (1) revocation by one owner
43	43	does not affect the document designating a TOD beneficiary as to the interest of
44	44	another owner and (2) if real property is owned by two or more individuals as joint
45	45	tenants or by spouses as survivorship marital property, a document designating a
46	46	TOD beneficiary of that property is revoked only if it is revoked by all of the living
47	47	joint tenants or spouses.
48	48	Obtaining evidences of the termination of a decedent[s property interests
49	49	Under current law, a person may obtain evidence that certain property
50	50	interests of a decedent have been terminated by providing information to the
51	51	register of deeds of the county in which the property is located. Currently, to obtain
52	52	evidence that a decedent[s property interests in real property have been
53	53	terminated, a person must submit to the register of deeds a copy of the property tax
54	54	bill for the year preceding the year of the decedent[s death. The bill allows a person
55	55	to instead submit a copy of the most recent property tax bill.
56	56	Real property wholesaler contracts; disbursing deposits after rescission
57	57	Under current law, a real property wholesaler that contracts to sell its interest
58	58	in a purchase agreement to a third party must provide certain written disclosures
59	59	to the third party, or the third party may rescind the contract and is entitled to the
60	60	return of any deposits or option fees paid by the third party. The bill provides that,
61	61	if the third party rescinds the contract, a person holding deposits or option fees may
62	62	disburse the deposits or option fees to the third party without any liability on the
63	63	person[s part.
64	64	Also under current law, a real property wholesaler that enters into a purchase
65	65	agreement as a buyer must provide certain written disclosures to the seller, or the
66	66	seller may rescind the purchase agreement and retain any deposits or option fees
67	67	paid by the real property wholesaler. The bill provides that, if the seller rescinds
68	68	the purchase agreement, a person holding deposits or option fees may disburse the
69	69	deposits or option fees to the seller without any liability on the person[s part.
70	70	Under current law, Xreal property wholesalerY is defined as a person that
71	71	enters into a purchase agreement as a buyer and intends to sell the person[s rights
72	72	as buyer to a third party, and Xpurchase agreementY is defined as a contract for the
73	73	sale, exchange, option, rental, or purchase of residential real property that includes
74	74	one to four dwelling units.
75	75	Filing satisfactions of judgment
76	76	Under current law, if a judgment debt is paid in whole or in part, a satisfaction
77	77	may be filed and entered on the judgment and lien docket in the county where the
78	78	judgment was first docketed. Currently, if the judgment has been entered on the
79	79	judgment and lien docket in other counties, a certified copy of that satisfaction or a 2025 - 2026 Legislature
80	80	SENATE BILL 193
81	81	- 3 - LRB-2535/1
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83	83	SECTION 1
84	84	certificate by that clerk of circuit court under official seal may be filed in those other
85	85	counties to update the judgment and lien dockets in those counties. The bill
86	86	provides that an original satisfaction signed and acknowledged by the owner or the
87	87	owner[s attorney may be filed in those other counties, rather than the evidence of
88	88	satisfaction obtained from the clerk of court in the county where the judgment was
89	89	first docketed.
90	90	The people of the state of Wisconsin, represented in senate and assembly, do
91	91	enact as follows:
92	92	SECTION 1. 705.15 (3) of the statutes is renumbered 705.15 (3) (a) (intro.) and
93	93	amended to read:
94	94	705.15 (3) (a) (intro.) The designation of a TOD beneficiary on a document
95	95	does not affect ownership of the property until the death of the sole owner or the
96	96	last to die of multiple owners regardless of whether the document provides
97	97	otherwise. The designation may be canceled or changed at any time by the sole
98	98	owner or all then surviving owners, without the consent of the TOD beneficiary, by
99	99	executing and recording another document that designates a different TOD
100	100	beneficiary or no beneficiary. The recording of a document that designates a TOD
101	101	beneficiary or no beneficiary revokes any designation made in a previously recorded
102	102	document relating to the same property interest. Subject to par. (b), an instrument
103	103	is effective to revoke a previously recorded document designating a TOD
104	104	beneficiary, or any part of the previously recorded document, only if the instrument
105	105	meets all of the following requirements:
106	106	SECTION 2. 705.15 (3) (a) 1. and 2. of the statutes are created to read:
107	107	705.15 (3) (a) 1. The instrument is one of the following:
108	108	a. A document that complies with sub. (2) (a) and revokes the previously
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129	129	SECTION 2
130	130	recorded document, or any part of the previously recorded document, expressly or
131	131	by inconsistency.
132	132	b. An instrument of revocation that expressly revokes the previously recorded
133	133	document, or any part of the previously recorded document.
134	134	c. An inter vivos deed that expressly revokes the previously recorded
135	135	document, or any part of the previously recorded document.
136	136	2. The instrument is acknowledged by the owner after the owner
137	137	acknowledged the previously recorded document, and the instrument is submitted
138	138	for recording to the office of the register of deeds in the county in which the real
139	139	property is located before the death of the sole owner or the last to die of multiple
140	140	owners.
141	141	SECTION 3. 705.15 (3) (b) and (c) of the statutes are created to read:
142	142	705.15 (3) (b) If a document designating a TOD beneficiary is made by more
143	143	than one owner, all of the following apply:
144	144	1. Revocation by an owner does not affect the document designating a TOD
145	145	beneficiary as to the interest of another owner.
146	146	2. A document designating a TOD beneficiary of real property owned by 2 or
147	147	more individuals as joint tenants or by spouses as survivorship marital property is
148	148	revoked only if it is revoked by all of the living joint tenants or spouses.
149	149	(c) This subsection does not limit the effect of an inter vivos transfer of the
150	150	property.
151	151	SECTION 4. 710.13 (3) (title) of the statutes is amended to read:
152	152	710.13 (3) (title) RIGHTS TO RESCIND; DISBURSEMENT OF DEPOSITS.
153	153	SECTION 5. 710.13 (3) (c) of the statutes is created to read:
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178	178	SENATE BILL 193
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181	181	SECTION 5
182	182	710.13 (3) (c) Upon receipt of a written notice of rescission described under
183	183	par. (a) or (b), a person holding deposits or option fees described under par. (a) or (b)
184	184	may disburse the deposits or option fees, without any liability on the person[s part,
185	185	to the following persons:
186	186	1. If a seller exercises its right to rescind under par. (a), to the seller.
187	187	2. If a 3rd party assignee exercises its right to rescind under par. (b), to the
188	188	assignee.
189	189	SECTION 6. 806.22 (title) of the statutes is repealed and recreated to read:
190	190	806.22 (title) Satisfying a transcript of judgment.
191	191	SECTION 7. 806.22 of the statutes is renumbered 806.22 (1) (intro.) and
192	192	amended to read:
193	193	806.22 (1) (intro.) If a satisfaction of a judgment has been entered on the
194	194	judgment and lien docket in the county where it the judgment was first entered, a
195	195	certified copy of the satisfaction or a certificate by the clerk of circuit court, under
196	196	official seal, showing the satisfaction, any of the following may be filed with the
197	197	clerk of circuit court of any other county where the judgment has been entered, and
198	198	that:
199	199	(2) Upon receipt of an instrument described under sub. (1), the clerk of circuit
200	200	court shall make a similar an entry on the judgment and lien docket of that county
201	201	similar to the entry described under s. 806.19 (1).
202	202	SECTION 8. 806.22 (1) (a) to (c) of the statutes are created to read:
203	203	806.22 (1) (a) A certified copy of the satisfaction.
204	204	(b) A certificate by the clerk of circuit court where the satisfaction was
205	205	entered, under official seal, showing the satisfaction.
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233	233	SECTION 8
234	234	(c) A satisfaction signed and acknowledged by the owner or, if no assignment
235	235	has been filed, by the owner[s attorney of record. If the satisfaction is of a part of a
236	236	judgment or as to some of the judgment debtors, the satisfaction shall state the
237	237	amount paid on the judgment or for the release of the debtors, naming them.
238	238	SECTION 9. 867.045 (1) (j) of the statutes is amended to read:
239	239	867.045 (1) (j) In the case of real property, a copy of the property tax bill for
240	240	the year preceding the year of the decedent[s death, or a copy of the most recent
241	241	property tax bill, and a legal description of the property, which description shall be
242	242	imprinted on or attached to the application. The register of deeds shall record the
243	243	bill. The required recording of the property tax bill may be waived by an agreement
244	244	between the register of deeds and the county real property lister.
245	245	SECTION 10. 867.046 (2) (i) of the statutes is amended to read:
246	246	867.046 (2) (i) In the case of real property, a copy of the property tax bill for
247	247	the year preceding the year of the decedent[s death, or a copy of the most recent
248	248	property tax bill, and a legal description of the property, which description shall be
249	249	imprinted on or attached to the application. The register of deeds shall record the
250	250	bill. The required recording of the property tax bill may be waived by an agreement
251	251	between the register of deeds and the county real property lister.
252	252	(END)
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