Glossary Of Real Estate Law Terminology
Deed: This document transfers title. It must be signed by all the title holders. How this document is taken by the buyers can have far-reaching consequences. Depending on the situation, it can either be a warranty deed or quit claim deed.
Land Contract: The seller can finance a transaction or sale through a land contract (sometimes called a contract for deed in Minnesota). Once all payments are made and all terms of the land contract complied with, the seller gives the buyer a deed.
Landlord-Tenant Law: This law is governed by Chapter 704 Wis. Stats. and the Wisconsin Administrative Code.
Mortgage: Unlike a land contract, financing is obtained through a third party like a bank or other lender.
Offer to Purchase: This is a contract signed by both buyer and seller. This is a very important document which contains numerous details (e.g. price and date of closing) which will govern the sale. Our attorneys should review this document before it is signed.
Real Estate Condition Report: Sellers of real estate are to fill this out this document stating whether they have “no notice or knowledge” of certain conditions. The seller does not, in this document, make any warranties of the title or the property’s condition.
Title Insurance: The amount of insurance and cost of title insurance is generally based on the sale price of the real estate. It will show who is listed on the title and also whether the property has any liens or clouds on title or other easements which are recorded in the county real estate office. If the buyer is planning on building or upgrading the property, it may be advisable to increase the amount of title insurance first.
Transfer Tax: With some exceptions, the state of Wisconsin charges a fee to transfer real estate. The amount is determined on the sale price of the real estate transferred. A properly filled out transfer tax return must be completed and submitted to the state for the transaction.
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