When it comes to real property, Wisconsin is a unique state – with rules that are markedly different than those of the surrounding Midwestern states. In this article, we are going to talk about a few things that are important to keep in mind when writing title insurance in the state of Wisconsin.
Property Laws
Property laws in Wisconsin differ from those of Minnesota and other Midwest states. We don’t have time to delve into all the differences, but one example would be the type of tenancies that are available in Wisconsin. For married couples, there are only two types of tenancy options in Wisconsin – Marital Property and Survivorship Marital Property. There is no option for taking title to a property as joint tenants of tenants in common. This all comes down to the fact that Wisconsin is a community property state (Minnesota, by contrast, is a separate property state). This means that in Wisconsin, any property owned by each separate party prior to marriage becomes part of the marital estate and each party owns that property equally.
Laws Open to Interpretation
Wisconsin’s real estate laws also leave a lot more open to interpretation because they are not as precisely drafted as those in Minnesota. This opens up the door to a lot of potential issues and legal entanglements.
Experts in Commercial Title Insurance
At Commercial Partners Title Company, we are recognized as experts in commercial title insurance transactions – both in Minnesota and across the United States. We can handle all the details of your commercial real estate transaction so you don’t have to. Reach out to the experts at Commercial Partners Title today to set up a time to discuss the details of your upcoming transaction. Our team will walk you through the process and make sure you are well prepared for the closing table. You can find us at our office in downtown Minneapolis.