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:
(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;
(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
(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.
History: 1977 c. 407.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
703.01 - Condominium ownership act.
703.03 - Application of chapter.
703.06 - Alterations prohibited.
703.065 - Recording requirements; general.
703.07 - Establishment of condominium.
703.08 - Notice prior to conversion of residential property to condominium.
703.093 - Alternative procedure for amending declaration.
703.095 - Modification and correction of recorded condominium instruments, amendments, and addenda.
703.105 - Display of the United States flag and political signs.
703.115 - Local review of condominium instruments.
703.12 - Description of units.
703.13 - Percentage interests.
703.14 - Use of common elements.
703.15 - Association of unit owners.
703.155 - Master associations.
703.16 - Common expenses and common surpluses.
703.163 - Statutory reserve account.
703.165 - Lien for unpaid common expenses, unpaid damages, and unpaid penalties.
703.18 - Repair or reconstruction.
703.195 - Acquisition of common elements by condemnors.
703.20 - Association records; inspection by unit owners; financial audits.
703.202 - Access to records of association-controlled entity.
703.205 - Establishing fee amounts charged by association.
703.22 - Construction and suppliers' liens.
703.23 - Resident agent; exemption of unit owners from liability.
703.24 - Remedies for violations by unit owner or tenant of a unit owner.
703.245 - Association-unit owner dispute; notice required.
703.25 - Tort and contract liability.
703.26 - Expanding condominiums.
703.265 - Addendum to plat to reflect changes in building codes or zoning ordinances.
703.27 - Zoning and building regulations.
703.275 - Merger or consolidation of condominiums.
703.28 - Removal from provisions of this chapter.
703.29 - Removal no bar to subsequent resubmission.
703.30 - Rules of construction.
703.31 - Personal application.
703.315 - Lease or rental agreements for residential units.
703.32 - Easements and encroachments.
703.33 - Disclosure requirements in connection with sale of unit.
703.335 - Payoff statement for unpaid assessments and other obligations.
703.34 - Blanket mortgages and other blanket liens affecting a unit at time of first conveyance.
703.35 - Termination of contracts and leases.
703.36 - Provisions requiring employment of declarant or vendor to effect sale.