Transfer the property legally by fulfilling Wisconsin-Land Contract
Wisconsin-Land Contract form establishes a contract of deed between seller and purchaser. It is a form that enables Seller and Purchaser to decide on specified requirements related to purchase, interest and payment procedure. The fees of taxes and insurance can also be considered depending on Seller and Purchaser decision before signing of agreement.
Land contract is known to be a written agreement where vendor or seller promises to offer the property to purchaser on completion of specific requirements. The land contract is a common form of seller financing. It gives the parties authority to negotiate sale of a property when conventional financing is unavailable.
The seller has complete right to manage the amount earned through capital gain. Being a negotiable contract, both parties can easily earn the benefits from interest rates and low loan costs.
The land contract gets recorded along with Register of Deeds that enables to give notice to vendee’s interest associated with real estate and vendor’s obligation that conveys the possession of real estate upon complete payment. During the term of contract, purchaser possesses “equitable title” to property.
The State Bar of Wisconsin comes up with a standardized form of contract which is printable real estate forms. Before getting into an agreement, it is necessary to review specific contract. Due to its negotiable attributes, no statutory requirements are followed.
The legal title of property is possessed by vendor until the purchaser makes full payment and then conveying of property is done. The purchaser can have the real estate property only upon he agrees to pay the installments of interest and principal amount on monthly basis.
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