In the realm of commercial real estate, Wisconsin is a unique state. One might assume that Wisconsin would have similar rules and regulations to neighboring states, but Wisconsin has very different rules than other states in the Midwest. In this article, we are going to discuss what to know about underwriting commercial title insurance in the state of Wisconsin.
How Commercial Title Insurance in Wisconsin is Different
In the realm of real estate, the biggest difference between Wisconsin and its neighboring states is that Wisconsin is a community property state, while Minnesota and other Midwest states are separate property states.
In a community property state, any assets acquired by each party during a marriage becomes part of their marital estate. That means each party has equal ownership over their property. In separate property states, each individual in a marriage has sole ownership of property acquired before and during the marriage. This is all very important when it comes to how married couples can take title to a property
Statutory Differences
Wisconsin’s laws and statutes are also markedly different than its neighboring states. Essentially, Wisconsin’s statutes are not drafted as precisely as other states. In other words, they don’t cover as many potential situations that may arise. Thus, there is a lot more up to interpretation.
Commercial Title Experts
Are you looking for a commercial title company to facilitate your next commercial transaction? If so, you’ve come to the right place! Commercial Partners Title Company has decades of experience working with clients on their commercial transactions. Over the course of those decades, we have established ourselves as experts in the field of commercial title insurance. Our team of escrow agents, title closers, and underwriters is waiting to help you through all the details of your next commercial transaction.