Larry Liebzeit
Real help for your real estate.  Get Real Estate HELP today!
Call (920) 739-6307
Real help for your real estate.  Get Real Estate HELP today!
Call (920) 739-6307
Larry Liebzeit

REAL ESTATE IS ONE OF YOUR BIGGEST INVESTMENTS. TRUST IT TO BE DONE RIGHT WITH OVER 40 YEARS EXPERIENCE IN WISCONSIN REAL ESTATE LAWS.

REAL ESTATE IS ONE OF YOUR BIGGEST INVESTMENTS. TRUST IT TO BE DONE RIGHT WITH OVER 40 YEARS EXPERIENCE IN WISCONSIN REAL ESTATE LAWS.

Real help for your real estate.  Get Real Estate HELP today!
Call (920) 739-6307

“Since getting involved in real estate over 10 years ago, Larry has been my go to person for any legal questions/advice. Time and time again, his expertise in real estate law has proven invaluable for me. It’s a great feeling knowing you have an attorney who truly cares about you and takes the time to understand your unique situation. When working with Larry, you can expect an attorney who has the knowledge and experience needed to get the job done. He gets results!”

“Since getting involved in real estate over 10 years ago, Larry has been my go to person for any legal questions/advice. Time and time again, his expertise in real estate law has proven invaluable for me. It’s a great feeling knowing you have an attorney who truly cares about you and takes the time to understand your unique situation. When working with Larry, you can expect an attorney who has the knowledge and experience needed to get the job done. He gets results!”

“Since getting involved in real estate over 10 years ago, Larry has been my go to person for any legal questions/advice. Time and time again, his expertise in real estate law has proven invaluable for me. It’s a great feeling knowing you have an attorney who truly cares about you and takes the time to understand your unique situation. When working with Larry, you can expect an attorney who has the knowledge and experience needed to get the job done. He gets results!”

“Since getting involved in real estate over 10 years ago, Larry has been my go to person for any legal questions/advice.   Time and time again, his expertise in real estate law has proven invaluable for me.  It’s a great feeling knowing you have an attorney who truly cares about you and takes the time to understand your unique situation.  When working with Larry, you can expect an attorney who has the knowledge and experience needed to get the job done.  He gets results!”

There are many different facets to real estate transactions in Wisconsin. Whether you are buying or selling, a small mistake can have large financial consequences. For many, buying or selling real estate is one of the biggest financial transactions they will have. It is important to have someone knowledgeable in real estate so that those transactions are as efficient and secure as possible.

What is the Process?

Generally, a transfer of real estate will start with the buyer and seller entering into an Offer to Purchase contract. To be enforceable, it must be in writing. Then the buyer obtains the money necessary to complete the transaction. A deed or land contract is exchanged for the money and moving commences.

What is an Offer to Purchase?

An Offer to Purchase will contain all of the provisions of the sale, including price and closing date. Frequently, it contains contingencies such as obtaining financing, appraisals or inspections which must be completed before the buyer is obligated to complete the transaction. It is the buyer’s Offer to Purchase and should be completed by the buyer and given to the seller to review and accept or counter offer. Upon acceptance by the seller, or acceptance of the counter offer by the buyer, it becomes a legally enforceable contract if properly drafted. Both buyer and seller should protect themselves by having it either drafted or reviewed prior to being signed. All of the terms of the Offer to Purchase must be exact, with no open dates or amounts. Both buyer and seller have interests to be protected.

What is a Contingency?

Many Offers to Purchase contain contingencies, usually from the buyer’s side. These are items that must happen and if they do not, the buyer is not required to complete the purchase. The usual contingencies are the buyer being able to obtain financing (although the terms of a financing contingency must be spelled out), the property being appraised for at least the sale price, well or septic system passing inspection, or an inspection showing no defects as defined in the small print of the contract—which must be carefully examined, since something that is not pretty (such as a scratched countertop) is not a defect under the language of the standard contract.

What is Title Insurance?

One of the requirements of almost all real estate transactions is title insurance. Title insurance is an insurance policy issued by a title insurance company that guarantees the ownership interest of real estate, subject to any exceptions listed in the policy. The cost is determined by the amount of the sale price and is usually paid by the seller. The title insurance company will have an examiner inspect the public records with regard to the property and note any deficiencies in the ownership, such as outstanding mortgages, easements, judgments, tax liens and mechanic liens, and list them in the policy as exceptions. The buyer and the buyer’s mortgage holder will require the seller to correct any such exceptions prior to or as part of closing the transaction. If the title insurance company misses a defect in its examination, it is responsible for resolving that defect. If there will be a mortgage on the property, the buyer will be responsible for a title insurance rider to protect the mortgage holder from any defects. The cost of the buyer’s policy is substantially less than the one provided by the seller.

Your real estate… our priority!

Call (920) 739-6307

What does the Buyer Receive to Show Ownership?

If one buys a boat or a car, one receives a certificate of title provided by the Department of Motor Vehicles. If one buys real estate, one receives either a deed or a land contract.

What is a Deed?

A Deed is a document that transfers an interest in real estate. It contains the names of the current owners and the names of the buyers, as well as how the buyers will own the property. It is recorded at the Register of Deeds in the county where the real estate is located based on the legal description of the property, which is different from the street address, and then returned to the buyer. It should be recorded immediately after the property is sold or given as a gift. Upon recording, it provides notice to all future owners of the ownership of that particular real estate.

Different types of deeds are: warranty, which guarantees the ownership interest in the property; quit claim, which transfers only what the seller has without any guarantees as to ownership; personal representative’s deed, which transfers property from a probate estate; guardianship deed, which transfers property from a guardianship; trustee’s deed, which transfers property from a trust; condominium deed, which transfers ownership in a condominium.

What is a Land Contract?

A land contract is a document that also transfers an interest in real estate. But, it does not transfer full ownership because the seller retains a lien on the real estate for money still owed to the seller. The seller effectively becomes the bank holding a mortgage on the property. The contract will contain all of the payment information, such as the amount of the transaction, down payment, balance, interest rate, and amounts of payment. Typically, the entire balance will be due in several years, requiring the buyer at that point to pay the balance. Land contracts are used when buyers cannot obtain a mortgage or want to build up some equity before obtaining a mortgage, or the seller would like an income stream for tax reasons. Upon payment in full, the buyer receives a deed.

This information is intended to give a general overview. It is not meant to provide legal advice about Wisconsin Real Estate Laws. Each situation is unique and even minor changes in the facts can create major changes in the outcome. You should consult with an attorney to determine how Wisconsin Real Estate Laws apply to your particular circumstances.

There are many different facets to real estate transactions in Wisconsin. Whether you are buying or selling, a small mistake can have large financial consequences. For many, buying or selling real estate is one of the biggest financial transactions they will have. It is important to have someone knowledgeable in real estate so that those transactions are as efficient and secure as possible.

What is the Process?

Generally, a transfer of real estate will start with the buyer and seller entering into an Offer to Purchase contract. To be enforceable, it must be in writing. Then the buyer obtains the money necessary to complete the transaction. A deed or land contract is exchanged for the money and moving commences.

What is an Offer to Purchase?

An Offer to Purchase will contain all of the provisions of the sale, including price and closing date. Frequently, it contains contingencies such as obtaining financing, appraisals or inspections which must be completed before the buyer is obligated to complete the transaction. It is the buyer’s Offer to Purchase and should be completed by the buyer and given to the seller to review and accept or counter offer. Upon acceptance by the seller, or acceptance of the counter offer by the buyer, it becomes a legally enforceable contract if properly drafted. Both buyer and seller should protect themselves by having it either drafted or reviewed prior to being signed. All of the terms of the Offer to Purchase must be exact, with no open dates or amounts. Both buyer and seller have interests to be protected.

What is a Contingency?

Many Offers to Purchase contain contingencies, usually from the buyer’s side. These are items that must happen and if they do not, the buyer is not required to complete the purchase. The usual contingencies are the buyer being able to obtain financing (although the terms of a financing contingency must be spelled out), the property being appraised for at least the sale price, well or septic system passing inspection, or an inspection showing no defects as defined in the small print of the contract—which must be carefully examined, since something that is not pretty (such as a scratched countertop) is not a defect under the language of the standard contract.

What is Title Insurance?

One of the requirements of almost all real estate transactions is title insurance. Title insurance is an insurance policy issued by a title insurance company that guarantees the ownership interest of real estate, subject to any exceptions listed in the policy. The cost is determined by the amount of the sale price and is usually paid by the seller. The title insurance company will have an examiner inspect the public records with regard to the property and note any deficiencies in the ownership, such as outstanding mortgages, easements, judgments, tax liens and mechanic liens, and list them in the policy as exceptions. The buyer and the buyer’s mortgage holder will require the seller to correct any such exceptions prior to or as part of closing the transaction. If the title insurance company misses a defect in its examination, it is responsible for resolving that defect. If there will be a mortgage on the property, the buyer will be responsible for a title insurance rider to protect the mortgage holder from any defects. The cost of the buyer’s policy is substantially less than the one provided by the seller.

Your real estate… our priority!

Call (920) 739-6307

What does the Buyer Receive to Show Ownership?

If one buys a boat or a car, one receives a certificate of title provided by the Department of Motor Vehicles. If one buys real estate, one receives either a deed or a land contract.

What is a Deed?

A Deed is a document that transfers an interest in real estate. It contains the names of the current owners and the names of the buyers, as well as how the buyers will own the property. It is recorded at the Register of Deeds in the county where the real estate is located based on the legal description of the property, which is different from the street address, and then returned to the buyer. It should be recorded immediately after the property is sold or given as a gift. Upon recording, it provides notice to all future owners of the ownership of that particular real estate.

Different types of deeds are: warranty, which guarantees the ownership interest in the property; quit claim, which transfers only what the seller has without any guarantees as to ownership; personal representative’s deed, which transfers property from a probate estate; guardianship deed, which transfers property from a guardianship; trustee’s deed, which transfers property from a trust; condominium deed, which transfers ownership in a condominium.

What is a Land Contract?

A land contract is a document that also transfers an interest in real estate. But, it does not transfer full ownership because the seller retains a lien on the real estate for money still owed to the seller. The seller effectively becomes the bank holding a mortgage on the property. The contract will contain all of the payment information, such as the amount of the transaction, down payment, balance, interest rate, and amounts of payment. Typically, the entire balance will be due in several years, requiring the buyer at that point to pay the balance. Land contracts are used when buyers cannot obtain a mortgage or want to build up some equity before obtaining a mortgage, or the seller would like an income stream for tax reasons. Upon payment in full, the buyer receives a deed.

This information is intended to give a general overview. It is not meant to provide legal advice about Wisconsin Real Estate Laws. Each situation is unique and even minor changes in the facts can create major changes in the outcome. You should consult with an attorney to determine how Wisconsin Real Estate Laws apply to your particular circumstances.
Real help for your real estate.  Get Real Estate HELP today!
Call 920-739-6307

Liebzeit Law © 2018. All rights reserved.