Statutes > Wisconsin Statutes > Chapter 703. Condominiums. > 703.34 Blanket mortgages and other blanket liens affecting a unit at time of first conveyance.

703.34 Blanket mortgages and other blanket liens affecting a unit at time of first conveyance.

703.34

703.34 Blanket mortgages and other blanket liens affecting a unit at time of first conveyance. As a condition to the first transfer of title to each unit:

703.34(1)

(1) Every mortgage and other lien affecting such unit, including the undivided interest in the common areas and facilities appurtenant to such unit, shall be paid and satisfied of record;

703.34(2)

(2) A unit being transferred and an undivided interest in the common areas and facilities appurtenant thereto shall be released by partial release duly recorded; or

703.34(3)

(3) A mortgage or other lien shall provide for or be amended to provide for a release of the unit and the undivided interest in the common areas and facilities appurtenant thereto from the lien of a mortgage or other lien upon the payment of a sum certain.

703.34 - ANNOT.

History: 1977 c. 407.