The principal purpose of 2017 Wisconsin Act 303 was to set limits on the amount of fees that an association can charge its unit owners. Those fees are the following:
- The actual cost of, but not more than $50, for providing the Sec. 703.33(1)(1m) & (2) Wis. Stat. disclosures from a Seller to a Buyer (See, Sec. 703.20(2)(a) Wis. Stat.);
- The actual cost of, but not more than $15, for providing any change to item 1 above as required by Sec. 703.33(3m) Wis. Stat. (See, Sec. 703.20(2)(a) Wis. Stat.); and
- No charge for a payoff statement, but if a second one is requested in a 2-month period, then not to exceed $25 (See Sec. 703.335(4)(a) Wis. Stat.).
The sole exception to these limits is if the association has a unit owner meeting where a greater fee is approved and the appropriate notices are provided both before and within 48 hours after the meeting. (See Sec. 703.205(2) Wis. Stat.).
There is no limit on the amount that may be charged as a transfer fee, but the new law does require that these amounts be disclosed in the Executive Summary.
Continue Reading 2017 Wisconsin Act 303 – New Law on Fees and What You NEED to Do