Assembly Bill 195 proposes several amendments to existing laws regarding the transfer and management of real property interests in Wisconsin. Notably, the bill modifies the process for revoking a transfer on death (TOD) beneficiary designation, stipulating that such revocation can only occur through a formally acknowledged instrument submitted for recording. This change ensures that revocation by one owner does not impact the interests of other owners in cases of joint ownership. Additionally, the bill allows for the submission of the most recent property tax bill as evidence of a decedent's property interests, rather than requiring the bill from the year preceding the decedent's death.

The bill also addresses the disbursement of deposits in real property wholesaler contracts, allowing for the return of deposits to third parties or sellers without liability for the person holding the deposits upon contract rescission. Furthermore, it simplifies the process for filing satisfactions of judgment by permitting an original satisfaction signed by the owner to be filed in counties where the judgment was entered, rather than requiring a certified copy from the original county. These changes aim to streamline processes related to real property transactions and enhance clarity in property management after death.

Statutes affected:
Bill Text: 710.13(3)(title), 710.13, 806.22(title), 806.22, 867.045(1)(j), 867.045, 867.046(2)(i), 867.046