Oct 29

Earlier today a person asked about rent to own contracts.  I pointed them to my prior post on  2010 WI Safe Mortgage Licensing Act, which restricted most seller financed deals inclusive of many rent to own contracts.

Later in the day, I received the following message from Deb Conrad, Senior Attorney for the Wisconsin Realtors®.  Great news for sellers and Brokers alike.

Hi Tim,

Changes to Wis. Stat. §§ 224.71-224.77 have been made to attempt to remove many of the prior seller financing limitations on real estate agents working with seller financing offers as well as sellers providing seller financing opportunities when selling their own properties. It appears that there is now an exemption for sellers not regularly engaged in the business of a loan originator and who occasionally offer seller financing on five or fewer transactions per calendar year. The same would be true for a real estate broker writing offers on five or fewer transactions where seller financing is offered.

2013 Wis. Act 360: https://docs.legis.wisconsin.gov/2013/related/acts/360.pdf

Wis. Stat. Chapter 224: https://docs.legis.wisconsin.gov/statutes/statutes/224.pdf

Debbi Conrad
Senior Attorney and Director of Legal Affairs
Wisconsin REALTORS® Association (www.wra.org)

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