Know the intricacies of Wisconsin Land Contract Forms
Also known as Contract Deed, a Land Contract Form is a written contract for purchase of real estate property. This agreement allows the seller to retain the title of the property until the buyer has paid the agreed price the property in full. Like any other state Wisconsin Land Contract Forms entrusts buyers the right to own the possession of the property and pay the price in monthly installments.
Important clauses in Wisconsin Land Contract Forms:
- Parties involved in the deed –
Names and addresses of seller and buyer
- Date of contract –
The date of signing of the contract must be mentioned.
- Payment details –
Agreed price and the detail of how payment will be made. Prepayment options are also to be mentioned.
- Possession of property –
The deed allows buyer to hold possession of property till contract terms are adhered to.
- Default –
The deed must mention the penalties if either buyer or seller defaults on the contract terms.
- Insurance –
Usually the buyer will be responsible for securing insurance for the property and liability insurance.
- Property taxes –
Contract forms maintain that buyer must shoulder the property taxes and assessment.
- Contract as security –
Contract form itself acts as a security for the payments by buyer.
- Mortgages on property –
The buyer is allowed is to place a mortgage on the property for other purposes.
- Maintenance –
The maintenance of the property is entrusted on the buyer.
- Dispute settlement –
The contract must define the process of settlement of disputes that might arise between buyers and sellers.