The Wisconsin Land Contract is a legal agreement between a seller (Vendor) and a buyer (Purchaser) for the purchase of real estate. This contract outlines the terms of sale, including payment details, property conditions, and obligations of both parties. If you're ready to proceed with a land contract, click the button below to fill out the form.
The Wisconsin Land Contract form serves as a crucial document in real estate transactions, particularly for non-consumer act dealings. This form outlines the agreement between the vendor (the seller) and the purchaser (the buyer) regarding the sale of property. It specifies essential details such as the property description, payment terms, and conditions for possession. Importantly, it includes provisions for the purchase price, interest rates, and payment schedules, allowing for flexibility in how payments can be made. Additionally, the form addresses the responsibilities of both parties, including tax payments, insurance requirements, and maintenance obligations. In the event of a default, it lays out the potential remedies available to the vendor, ensuring that both parties understand their rights and obligations. The contract also contains options for prepayment and stipulations regarding title evidence, which can significantly impact the transaction. By providing a structured framework, the Wisconsin Land Contract form helps facilitate clear communication and protects the interests of both the vendor and the purchaser.
A Wisconsin Land Contract is a legal agreement between a vendor (seller) and a purchaser (buyer) for the sale of real estate. This contract outlines the terms under which the vendor sells the property to the purchaser, including payment details, responsibilities for taxes and insurance, and conditions for default. It is particularly useful in non-consumer transactions where traditional mortgage financing may not be applicable.
The purchaser agrees to pay a specified sum to the vendor in installments. The initial payment is made at the execution of the contract, followed by regular payments that include interest on the outstanding balance. It is important to note that the entire balance must be paid by a predetermined maturity date. The contract also allows for different prepayment options, which can be selected by the parties involved.
The purchaser has several important responsibilities under the Land Contract. They must:
Failure to meet these obligations can lead to default, which may allow the vendor to take further action.
If the purchaser defaults on any payment or obligation, the vendor has several options. These may include terminating the contract, initiating foreclosure proceedings, or seeking specific performance. In the event of a default, the vendor can declare the entire balance due immediately. It's crucial for purchasers to understand the implications of default and to communicate with the vendor if difficulties arise.
The purchaser cannot transfer, sell, or convey any interest in the property without the vendor's prior written consent. If the purchaser attempts to do so without permission, the vendor may demand the entire outstanding balance be paid immediately. This restriction helps protect the vendor's interest in the property until the contract is fully satisfied.
When filling out and using the Wisconsin Land Contract form, there are several important points to keep in mind. Here’s a summary of key takeaways:
By keeping these takeaways in mind, both parties can ensure a smoother transaction and better understanding of their rights and responsibilities under the Wisconsin Land Contract.
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State Bar of Wisconsin Form 11-2003
LAND CONTRACT
(TO BE USED FOR NON-CONSUMER ACT TRANSACTIONS)
Document Number
Document Name
CONTRACT, by and between
("Vendor," whether one or more),
and
("Purchaser," whether one or more). Vendor sells and agrees to convey to Purchaser, upon the prompt and full performance of this Contract by Purchaser, the following real estate, together with the rents, profits, fixtures and other appurtenant interests ("Property"), in
County, State of Wisconsin:
Recording Area
Name and Return Address
Parcel Identification Number (PIN)
This
homestead property.
(is) (is not)
a purchase money mortgage.
Purchaser agrees to purchase the Property and to pay to Vendor at
the sum of $
in the following manner:
(a)
$
at the execution of this Contract; and
(b)
the balance of $
, together with interest from the date hereof on the balance
outstanding from time to time at the rate of
% per annum until paid in full as follows:
provided the entire outstanding balance shall be paid in full on or before("Maturity
Date"). Payments shall be applied first to interest on the unpaid balance at the rate specified and then to principal.
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NO OPTION IS CHOSEN, OPTION A SHALL APPLY:
A.
Any amount may be prepaid without premium or fee upon principal at any time.
B.
Any amount may be prepaid without premium or fee upon principal at any time after
.
C.
There may be no prepayment of principal without written permission of Vendor.
State Bar Form 11-Page 1
© 2003 STATE BAR OF WISCONSIN
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY:
A. Any prepayment shall be applied to principal in the inverse order of maturity and shall not delay the due dates or change the amount of the remaining payments until the unpaid balance of principal and interest is paid in full.
B. In the event of any prepayment, this Contract shall not be treated as in default with respect to payment so long as the unpaid balance of principal and interest (and in such case accruing interest from month to month shall be treated as unpaid principal) is less than the amount that said indebtedness would have been had the monthly payments been made as specified above; provided that monthly payments shall continue in the event of credit of any proceeds of insurance or condemnation, the condemned premises being thereafter excluded from this Contract.
Purchaser shall pay prior to delinquency all taxes and assessments levied on the Property at the time of the execution of this Contract and thereafter, and deliver to Vendor on demand receipts showing such payment.
Purchaser shall keep the improvements on the Property insured against loss or damage occasioned by fire, extended coverage perils and such other hazards as Vendor may require, without co-insurance, through insurers approved by Vendor, in the amount of the full replacement value of the improvements on the Property. Purchaser shall pay the insurance premiums when due. The policies shall contain the standard clause in favor of Vendor's interest, and evidence of such policies covering the Property shall be provided to Vendor. Purchaser shall promptly give notice of loss to insurance companies and Vendor. Unless Purchaser and Vendor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided Vendor deems the restoration or repair to be economically feasible.
Purchaser is required to pay Vendor amounts sufficient to pay reasonably anticipated taxes, assessments, and insurance premiums as part of Purchaser's regular payments [CHECK BOX AT LEFT IF APPLICABLE].
Purchaser shall not commit waste nor allow waste to be committed on the Property, keep the Property in good tenantable condition and repair, and free from liens superior to the lien of this Contract, and comply with all laws, ordinances and regulations affecting the Property. If a repair required of Purchaser relates to an insured casualty, Purchaser shall not be responsible for performing such repair if Vendor does not make available to Purchaser the insurance proceeds therefor.
Vendor agrees that if the purchase price with interest is fully paid and all conditions fully performed as specified herein, Vendor will execute and deliver to Purchaser a Warranty Deed in fee simple of the Property, free and clear of all liens and encumbrances, except those created by the act or default of Purchaser, and:
A. Purchaser states that Purchaser is satisfied with the title as shown by the title evidence submitted to Purchaser for examination, at the time of execution of this Contract.
B. Purchaser states that the following exceptions set forth in the title evidence submitted to Purchaser for examination, at the time of execution of this Contract, are unsatisfactory to Purchaser:
C. No title evidence was provided prior to execution of this Contract.
State Bar Form 11-Page 2
A. Purchaser agrees to pay the cost of future title evidence.
B. Vendor agrees to pay the cost of future title evidence.
Purchaser shall be entitled to take possession of the Property on
Time is of the essence as to all provisions hereunder.
Purchaser agrees that in the event of a default in the payment of principal or interest which continues for a period of days following the due date or a default in performance of any other obligation of Purchaser which continues
for a period ofdays following written notice thereof by Vendor (delivered personally or mailed by certified mail), the entire outstanding balance under this contract shall become immediately due and payable at Vendor's option and without notice (which Purchaser hereby waives), and Vendor may singly, alternatively or in combination: (i) terminate this Contract and either recover the Property through strict foreclosure or have the Property sold by foreclosure sale; in either event, with a period of redemption, in the court's discretion, to be conditioned on full payment of the entire outstanding balance, with interest thereon from the date of default and other amounts due hereunder (failing which all amounts previously paid by Purchaser shall be forfeited as liquidated damages for failure to fulfill this Contract and as rental for the Property); (ii) sue for specific performance of this Contract; (iii) sue for the unpaid purchase price or any portion thereof; (iv) declare this Contract at an end and remove this Contract as a cloud on title in a quiet-title action if the equitable interest of Purchaser is insignificant; (v) have Purchaser ejected from possession of the Property and have a receiver appointed to collect any rents, issues or profits; or (vi) pursue any other remedy available in law or equity. An election of any of the foregoing remedies shall only be binding on Vendor if and when pursued in litigation. All costs and expenses including reasonable attorney fees of Vendor incurred to pursue any remedy hereunder to the extent not prohibited by law and expenses of title evidence shall be paid by Purchaser and included in any judgment. The parties agree that Vendor shall have the options set forth in this paragraph available to exercise in Vendor's sole discretion.
Following any default in payment, interest shall accrue at the rate of% per annum on the entire amount in
default (which shall include, without limitation, delinquent interest and, upon acceleration or maturity, the entire principal balance).
Vendor may waive any default without waiving any other subsequent or prior default of Purchaser.
Purchaser may not transfer, sell or convey any legal or equitable interest in the Property, including but not limited to a lease for a term greater than one year, without the prior written consent of Vendor unless the outstanding balance payable under this Contract is paid in full. In the event of any such transfer, sale or conveyance without Vendor's written consent, the entire outstanding balance payable under this Contract shall become immediately due and payable in full at Vendor's option without notice.
Vendor may mortgage the Property, including the continuation of any mortgage in force on the date of this Contract, provided Vendor shall make timely payment of all amounts due under any mortgage, and the total due under such mortgages shall not at any time exceed the then remaining principal balance under this Contract. If Vendor defaults under such mortgages and Purchaser is not in default hereunder, Purchaser may make payments directly to Vendor's mortgagee and such payments will be credited as payments hereunder.
All terms of this Contract shall be binding upon and inure to the benefit of the heirs, legal representatives, successors and assigns of Vendor and Purchaser.
State Bar Form 11-Page 3
Dated
VENDOR:PURCHASER:
(SEAL)
*
AUTHENTICATION
Signature(s)
authenticated on
TITLE: MEMBER STATE BAR OF WISCONSIN (If not,
authorized by Wis. Stat. § 706.06)
ACKNOWLEDGMENT
STATE OF WISCONSIN
)
) ss.
COUNTY
Personally came before me on
,
the above-named
to me known to be the person(s) who executed the foregoing instrument and acknowledged the same.
THIS INSTRUMENT DRAFTED BY:
Notary Public, State of Wisconsin
My Commission (is permanent) (expires:
(Signatures may be authenticated or acknowledged. Both are not necessary.)
NOTE: THIS IS A STANDARD FORM. ANY MODIFICATIONS TO THIS FORM SHOULD BE CLEARLY IDENTIFIED.
STATE BAR OF WISCONSIN
FORM NO. 11-2003
* Type name below signatures.
State Bar Form 11-Page 4
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