Wisconsin Satisfaction Form For Land Contract
Description
How to fill out Wisconsin Satisfaction, Release Or Cancellation Of Mortgage By Individual?
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FAQ
A Wisconsin land contract is a legally-binding agreement in which two parties record terms for a real estate transaction involving vacant land.
The land contract is recorded with the Register of Deeds, giving notice to all of the vendee's interest in the real estate and the vendor's obligation to convey the real estate upon full payment. The transfer fee is due at the time the land contract is recorded, along with a transfer return.
A gift of land may qualify you and your heirs for reduced income, gift or estate taxes and reduced capital gains taxes. Since tax laws change frequently and financial advantages vary depending on your own situation, you will want to consult your attorney or tax advisor before making a commitment.
The seller transfers the property deed to the buyer when land contracts are paid in full. They complete the process by filing the necessary legal documents with the County Clerk and Recorder's Office in which the property is situated. The County Clerk will record the new ownership information.
The seller may declare the land contract to be at an end and file a quiet title action to remove the land contract as a cloud on the seller's title to the property. This remedy generally is only used if the buyer's equitable interest in the property is insignificant.
