WRA Legislative Alert: Local Time of Sale Requirements Eliminated


 August 06, 2015
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Local time of sale (TOS) requirements are becoming more common in Wisconsin and are a source of frustration for sellers and others involved in the transaction. The WRA supports legislation that prohibits local units of government from requiring inspections, property maintenance or the payment of related fees at the time of property sale or title transfer.

What's in play

Proposal: Legislation that protects property owners from unreasonable local inspections, improvements, repairs or fees at the time of sale or transferring title to their property.
Introduced by: Rep. Dave Murphy (R‚ÄĒGreenville) and Sen. Roger Roth (R‚ÄĒAppleton).

Background

 

  • TOS requirements only affect properties being sold, which is a very small percentage of overall properties targeted.
  • Property owners often don‚Äôt have the money to make the repairs.
  • TOS requirements ignore state disclosure laws and common homebuying practices.
  • TOS requirements limit the ability of buyers and sellers to negotiate remedies to fix problems.

 

Bill status

Prohibition on TOS requirements passed both houses of the legislature and was signed into law by Gov. Walker.

The WRA engages in advocacy on behalf of REALTORS¬ģ and property owners through a variety of programs including the REALTORS¬ģ Political Action Committee and the Wisconsin Homeowners Alliance.

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