State Form Land Contract PDF Details

In navigating the complexities of real estate transactions, the State Bar of Wisconsin Form 11-2003, commonly referred to as the Land Contract, plays a pivotal role, particularly in non-consumer act transactions. This document meticulously outlines the terms under which property is sold and conveyed from the seller, or "Vendor," to the buyer, or "Purchaser," establishing a clear framework for the purchase agreement within the state of Wisconsin. It includes critical details such as the payment schedule, interest rates, and penalties for late payments, alongside provisions for insurance, taxes, and the maintenance of the property. Furthermore, it delineates scenarios concerning the potential default on payments by the purchaser, specifying the remedies available to the vendor including foreclosure or the pursuit of specific performance. With options integrated into the contract for handling prepayments, insurance proceeds, and the transfer of interest in the property, it underscores the necessity for both parties to thoroughly understand their rights and obligations. By drawing attention to the agreement's binding nature on heirs and assigns and including provisions for the eventual transfer of a warranty deed upon the fulfillment of the contract, the Land Contract stands as a comprehensive legal tool essential for ensuring the security and clarity of real estate transactions in Wisconsin.

QuestionAnswer
Form NameState Form Land Contract
Form Length4 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min
Other nameswisconsin offer to purchase form, state bar of wisconsin form 11 2003, form wi land, 11 form wisconsin

Form Preview Example

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)

 

 

 

 

 

 

 

 

 

 

 

This

 

a purchase money mortgage.

 

 

 

 

 

 

 

 

 

 

 

 

(is) (is not)

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:

CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NO OPTION IS CHOSEN, OPTION A SHALL APPLY:

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

© 2003 STATE BAR OF WISCONSIN

CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY:

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

© 2003 STATE BAR OF WISCONSIN

Dated

 

.

VENDOR:PURCHASER:

 

 

(SEAL)

 

 

(SEAL)

*

 

(SEAL)

*

 

(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.

LAND CONTRACT

STATE BAR OF WISCONSIN

FORM NO. 11-2003

* Type name below signatures.

State Bar Form 11-Page 4

© 2003 STATE BAR OF WISCONSIN

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How to Edit State Form Land Contract Online for Free

The procedure of completing the wisconsin state form land contract is really simple. We made certain our tool is not hard to navigate and can help fill out any kind of document within minutes. Read about some of the steps you will have to take:

Step 1: Choose the button "Get Form Here" on the webpage and hit it.

Step 2: Now, you are on the form editing page. You can add content, edit existing information, highlight particular words or phrases, place crosses or checks, add images, sign the file, erase unwanted fields, etc.

For every single area, complete the details demanded by the application.

part 1 to completing contract wisconsin

Type in the necessary details in at the execution of this Contract, the balance of outstanding from, together with interest from the, provided the entire outstanding, Maturity, CHOOSE ONE OF THE FOLLOWING, Any amount may be prepaid without, Any amount may be prepaid without, There may be no prepayment of, State Bar Form Page, and STATE BAR OF WISCONSIN field.

Filling out contract wisconsin stage 2

The program will require you to present certain valuable info to instantly submit the part CHOOSE ONE OF THE FOLLOWING, Any prepayment shall be applied to, In the event of any prepayment, Purchaser shall pay prior to, Purchaser shall keep the, Purchaser is required to pay, and Purchaser shall not commit waste.

part 3 to entering details in contract wisconsin

The CHOOSE ONE OF THE FOLLOWING, Purchaser states that Purchaser is, Purchaser states that the, No title evidence was provided, State Bar Form Page, and STATE BAR OF WISCONSIN area will be the place to include the rights and responsibilities of all sides.

contract wisconsin CHOOSE ONE OF THE FOLLOWING, Purchaser states that Purchaser is, Purchaser states that the, No title evidence was provided, State Bar Form Page, and STATE BAR OF WISCONSIN fields to complete

Finalize by reading all of these sections and filling out the pertinent particulars: CHOOSE ONE OF THE FOLLOWING, Purchaser agrees to pay the cost, Vendor agrees to pay the cost of, Purchaser shall be entitled to, Time is of the essence as to all, and Purchaser agrees that in the event.

Filling out contract wisconsin step 5

Step 3: After you click the Done button, your ready file is easily transferable to any type of of your gadgets. Alternatively, it is possible to send it by using email.

Step 4: Make copies of the template. It will protect you from potential troubles. We don't read or disclose the information you have, so be assured it is secure.

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