October 3rd, 2013|
October 3, 2013
Closing a transaction on a new home or property can be a complex process. The Appleton Real Estate Lawyers with Sigman, Janssen, Stack, Sewall & Pitz state a new law may just add one more hiccup to the process.
A press release from the Office of the Governor explained that Assembly Bill 106, now known as Act 25, was passed and put into the books in July 2013. The new law states that municipalities cannot release customer information without first receiving consent to do so, with a few exceptions.
Water bills are often needed for a property in order to complete a closing, and the new law can make it difficult for a title company to receive the information they need to conduct closings in a timely manner. These companies must ensure there are no liens on the property before it is sold.
In order to help with this issue, the Wisconsin Relators Association have created several additions to listing contracts that allows title companies permission to access the information and bills they need.
The law firm’s team of Appleton Personal Injury Lawyers encourages potential buyers to ensure such a clause is in their contracts prior to making an offer on a property in order to keep the process as hassle-free as possible.