Brookfield

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

Lenders and title companies conduct what are called “table closings” throughout the state, except in the Milwaukee area, where attorneys conduct the closings. Conveyance is by warranty deed, but installment land contracts are used extensively, too. Mortgages are the customary security instruments. Within limits, the actual mortgage wording determines foreclosure requirements; redemption varies from 2 months for abandoned property to a full year in some cases. Lenders generally waive their right to a deficiency judgment in order to reduce the redemption period to 6 months. Wisconsinites use ALTA policies and endorsements. Buyers generally pay closing costs and the lender’s policy fees; sellers pay the owner’s policy fees and the transfer taxes. In transactions involving homesteads, conveyances may be void if not joined into by the spouse. Property taxes may be paid in full on February 28th, or they may be paid half on January 31st and half on July 31st. Wisconsin is a quasi-community-property state.

Paid in full on February 28th or half on January 31st and half on July 31st

YES. Key components of property management (leasing and renting) are considered real estate activities under existing Wisconsin real estate licensing laws. If a property manager is going to negotiate, or offer to negotiate the rental of an interest in real estate, or promote the rental or leasing of real estate, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.

YES. For example, any custodian, janitor, employee or agent of the owner or manager of a residential building who exhibits a residential unit therein to prospective tenants, accepts applications for leases and furnishes such prospective tenants with information relative to the rental of such unit, terms and conditions of leases required by the owner or manager, and similar information, is exempt. For more information about these and other Wisconsin property management requirements and exceptions, please contact the Wisconsin Real Estate Examining Board. Before hiring a property manager to manage your Wisconsin rental property, you should always check that he or she is licensed appropriately. You can check the license status of Wisconsin property managers using the Wisconsin License Lookup Tool.

There is no requirement that a community association manager in Wisconsin hold a real estate broker's license.

Wisconsin real estate broker licensing requirements include: - Age: must be at least 18 years of age - Education: must complete 36 hour broker pre-license education, and must have completed 72-hour salespersons pre-license education within past 5 years - Exam: must pass the broker's exam - Application: must apply for broker's license within one year of passing the exam.

Wisconsin real estate Salesperson licensing requirements include: - Age: must be at least 18 years of age - Education: must complete 72-hour salespersons pre-license education - Exam: must pass the salesperson's exam - Application: must apply for salesperson's license within one year of passing the exam.