Legal Question in Real Estate Law in Wisconsin
real estate contract
What type of contract do I need to show the percentage of ownership in a home between two people when it is not a 50/50 percentage in Wisconsin?
1 Answer from Attorneys
Re: real estate contract
When two people acquire real estate, the deed which transfers the property to them is the document which would show appropriate ownership. So if A and B acquire a property, 20% to A and 80% to B, the deed would say: "to A, a 20% undivided interest, and to B, an 80% undivided interest." There still would remain the question: is the property to pass to the survivor upon the death of one? If so, additional consideration as to how to draft this deed is necessary. Likewise, if the parties are married, Wisconsin Marital Property Law applies and much additional consideration is neccessary.