Legal Question in Real Estate Law in Wisconsin
When processing paperwork, for a land contract in Wisconsin I must fill out a electronic real estate transfer return under Grantor, Ownership interest transferred I believe I am wanting to select partial because I am wanting to enter into a land contract. But it wants a explanation for why partial. What is the proper answer, could it be land contract, so if I figured that out what then is the next question rights retained, (choices are) easement, life estate or other (which requires a explanation). I figured out it in my case the choice would not be a life estate which leaves easement or other. I believe I maybe able to choose easement, would that make sense in this scenario. By the way I am not hiring an attorney who otherwise would just know this answer and do the work for me.
1 Answer from Attorneys
Real estate transfer tax return forms in WI are difficult for attorneys too. We would need to understand the entire transaction in order to answer your question, however, and review the purchase contract, land title report, etc. Land contracts are usually for the transfer of an entire interest, however, so I know nothing about a partial ones. I cannot even tell if you are the buyer or the seller from the information provided. You therefore might wish to postpone your transaction until you can save up enough to get some professional help, since every detail counts in matters of real estate and its taxation, and mistakes can end up becoming extremely expensive to fix or undo later on.
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