Wisconsin Enacts Changes to Statute of Limitations in Real Estate
On March 2nd, changes in Wisconsin's Statute of Limitations on lawsuits brought against real estate licensees and companies were signed into law. The law change reduces the time period for a civil lawsuit to be filed by a claimant following the closing, termination or expiration of a real estate contract between consumer and licensee. The legislation was in part achieved as a result of efforts by the Wisconsin Realtors Association (WRA).
There are a number of reasons for this change. Proponents of the statute modification argued that the burden of proof upon the claimant should become greater as time passes. Years after an alleged incident, memories grow dim and unreliable, witnesses age, retire or become otherwise unavailable. The ability of a defendant to obtain and produce supporting documentation also becomes increasingly difficult.
In Wisconsin, a home inspector is only subject to a two-year Statute of Limitations. Even a medical practitioner in Wisconsin (physician or nurse) is only subject to a three-year liability period. The new two-year statute brings the liability of real estate professionals into line with the requirements imposed upon home inspectors.
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