SB 175

This bill expands the process for confirming a foreclosure sale and recording the

sheriff's deed for the purchased property that under current law applies only to

property located in a county with a population of 750,000 or more (currently only

Milwaukee County) to apply to property located anywhere in the state, except that

the statewide process provides the clerk of court the option of notifying the register

of deeds that a sheriff's deed is available for recording instead of requiring the clerk

of court to transmit a sheriff's deed to the register of deeds. This bill also requires

that a notice of a foreclosure sale include the street address of the property to be sold

at the sale and the sum of the judgment.

Under current law, for foreclosed property located in Milwaukee County, if a

sheriff or referee sells the foreclosed property, certain conditions must be satisfied

before the court confirms the sale or within ten days of the court confirming the sale.

First, before the court confirms the sale, the purchaser must provide the judgment

creditor with any information required for the judgment creditor to complete the real

estate transfer return required to record the sheriff's deed. After a sheriff or referee

makes a sale of foreclosed property and upon compliance with the terms of the sale,

the sheriff or referee executes a deed to the purchaser. This deed is commonly known

as a sheriff's deed. Second, no later than ten days after the court confirms the sale,

the purchaser must pay to the clerk of court the amount of any transfer fee and the

amount of any fees required to record the sheriff's deed and any other documents

required to record the deed. Third, no later than ten days after the court confirms

the sale, the judgment creditor must deliver to the clerk of court the receipt for

submitting a transfer return for the property. If the court confirms the sale, the

purchaser complies with the terms of the sale, including paying any balance due on

the purchase price, and the above-described conditions are satisfied, the clerk of

court must transmit the sheriff's deed to the register of deeds for recording.

Under current law, for foreclosed property located outside of Milwaukee

County, if the court confirms the sale and the purchaser complies with all of the terms

of the sale, including paying any balance due on the purchase price, the clerk of court

delivers the sheriff's deed to the purchaser. There is no requirement under current

law that the purchaser deliver the sheriff's deed to the register of deeds for recording.