April 8, 2009

 

 

Home Buyer Protection Bill Signed Into Law

Wisconsin Supreme Court Decision Had Put Home Buyers in Tenuous Position

Madison – Buying a home is the largest purchase most people ever make as a consumer; getting a home with undisclosed defects can cause economic distress and even foreclosure. Today Governor Doyle signed into law Senator Jon Erpenbach’s Home Buyer Protection Bill.

“This is a common sense law that puts consumers first. I am very pleased it has been able to move through the Legislature with bi-partisan support. It is also a proud accomplishment that the diverse groups supporting this proposal have done so with the benefit of Wisconsin consumers first on their mind,” Erpenbach said

The proposal was drafted with the support of the Wisconsin Realtors Association, Wisconsin Association for Justice (formerly the Wisconsin Association of Trial Lawyers), and Wisconsin Home Inspectors Association. The groups were brought together last fall after a Wisconsin Supreme Court decision which expanded the judicially created “economic loss doctrine” to home purchases where there was an undisclosed defect known by the seller.

“This law will help home buyers have a chance if they were sold a home with problems that the seller knew existed. It is not easy to prove fraud, but the cases where a buyer can prove it should be able to have legal remedy. When you buy a home, you should have some peace of mind that if the seller lied about the condition of the home, you can hold them accountable,” said Erpenbach.

“The law sends a clear message to the court. Families buy homes, not companies with teams of lawyers. Protecting families is the intent of the Legislature and this law will go a long way to restore justice for home buyers in Wisconsin,” said Erpenbach.

Senate Bill 9 passed the Senate on a voice vote and the Assembly on a vote of 69-28.