Wisconsin Assignment of Note and Deed of Trust as Security for Debt of Third Party
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How to fill out Assignment Of Note And Deed Of Trust As Security For Debt Of Third Party?
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FAQ
Since a "Deed of Trust" replaces or serves as a mortgage where legal title to real property is placed with a Trustee (and is considered a conveyance), it needs a transfer return. If there is a default, the trustee would convey the property to the lender or successful bidder.
The biggest difference between a title versus a deed is the physical component. A deed is an official written document declaring a person's legal ownership of a property, while a title refers to the concept of ownership rights.
The Wisconsin real estate transfer fee (RETF) is imposed upon the grantor (seller) of real estate at a rate of $3.00 per $1,000 of value.
Leases less than 99 years are not conveyances of real property per state law (sec. 77.21(1), Wis. Stats.). If an original lease of 50 years expires and is then renewed for another 50 years, it is considered to be less than 99 years and is exempt from transfer return and the transfer fee.