February 24, 2009

 

 

 

Home Buyer Protection Bill Passes Senate

Madison – Senator Jon Erpenbach (D-Waunakee) was thankful for the bi-partisan voice vote for Senate Bill 9, his home buyer protection bill in floor action today.

“Purchasing a home, for most people, is the biggest purchase that they will make in their lives; home buyers need to have confidence that their purchase was made in good faith. I am hopeful the bill will be signed into law soon,” said Erpenbach.

             

Last summer the Wisconsin Supreme Court made a decision, in the Below v Norton case, to apply the judicially created “economic loss doctrine” to home purchasers.  This meant that a home seller could knowingly omit structural defects in a home they are selling, therefore committing fraud, without fear of significant legal recourse.  Clearly this decision left a large void in the protections available to Wisconsin real estate consumers.

“Immediately when the decision was handed down, I knew something needed to be done. I don’t like to buy into the “legislate from the bench” lingo, but clearly the Below v Norton decision threw Wisconsin’s home buyer protections into chaos. This bill fixes the problem,” said Senator Erpenbach.

Senate Bill 9 along with its companion bill Assembly Bill 6 now await action before the entire Assembly.

“This is Wisconsin, most people here who sell a home are honest about the condition of the property – this bill just protect home buyers from the few bad apples out there – I hope it passes the Assembly quickly,” Erpenbach said.