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Real Estate 3

Documents

QuestionAnswer
AFFIDAVIT A written or printed declaration or statement of facts, made voluntarily and confirmed by the oath or affirmation of the party making it, taken before a person having authority to administer such oath or affirmation.
Correction An affidavit correcting an error in a prior instrument. The correction instrument explains the correction and references the prior instrument by recording information.
Estoppel An instrument intended to prevent a party from asserting a legal right because of prior actions inconsistent with the assertion.
Identity A document recorded by a party in order to provide constructive notice of his/her identity as different from another party with a similar or the same name.
Interest A document providing constructive notice of particular property rights being asserted by a party. If the assertion is a fee simple or equitable ownership in real property, a Wisconsin Real Property Transfer Return form is required.
AGREEMENT The writing or instrument evidencing the intention between two or more parties with respect to the effect upon their relative rights and duties of certain past or future facts or performances. The consent of two or more parties concurring respecting the t
Holding Tank Agreement The property owner agrees to adhere to a maintenance schedule for a waste water holding tank in order to obtain a permit from the county to allow its construction or continued use.
Nonpoint Agreement An agreement between a landowner and the Wisconsin Department of Natural Resources (WDNR) that certain conservation installations that were partially funded by the state will be maintained.
Septic System Agreement The property owner agrees to maintain a private septic system in order to obtain a permit from the county to allow its construction.
Well Agreement Two or more property owners agree to maintain a private well that is located on one of the properties and provides water to all the properties in the agreement.
ANNEXATION The act of attaching, adding, joining, or uniting one thing o another; generally spoken of the connection of a smaller or subordinate thing with a larger or principal thing. Term is usually applied with respect to land or fixtures as: the acquisition of t
ASSESSMENT The imposition of a tax, charge, or levy, usually according to established rates and by a municipality, government, or district having such authority.
Special A type of assessment unique to a particular area and/or project as opposed to a general assessment born by all the property owners in a certain taxation district.
AWARD A written decision to monetarily compensate a party who has suffered loss due to the action or inaction of another, as determined by a deciding authority.
Compensation A payment to make amends for the abridgment of rights or injury.
Condemnation The payment for the taking of a person’s property without the owner’s consent.
Damages A payment for the loss of value to property adjoining a property taken in condemnation proceedings.
BOUNDARIES Every separation, natural or artificial, which marks the confines or line of division of two contiguous properties.
BURIAL SITE Documents prepared by the State of Wisconsin Historical Society which locate human burial grounds and plots not included in a cemetery plat. State law prohibits their destruction.
BYLAWS A document enumerating the regulations, ordinances, rules or laws adopted by an association or corporation or the like for its internal governance. Bylaws define the rights and obligations of various officers, persons or groups within the corporate struct
CERTIFICATE A document stating some fact, signed by the party certifying; a written assurance, or official representation, that some act has or has not been done, or some event occurred, or some legal formality has been complied with.
Certificate of Compliance A certificate stating that conformance with stated conditions have been satisfied. This is used by the Wisconsin Department of Commerce (WDC) weatherization program to prove that standards for rental units have been met. May be used to satisfy a WDC stipu
CERTIFIED SURVEY MAP A survey is performed according to State standards for the purpose of sub-dividing land into four or less parcels, or for the purpose of establishing property boundaries; it is represented graphically by a map drawn to scale, usually reviewed and approved
COOPERATIVE An association or enterprise owned by the members who contribute to the operations and receive profits jointly. In Wisconsin, members of a cooperative may record "cooperative contracts" using an instrument that names the cooperative, and provides notice t
CORPORATIONS The instruments filed with appropriate governmental agency, such as the Secretary of State and as of July 1, 1996, the Wisconsin Department of Financial Institutions, that establish the corporation, modify its organization, and perhaps later, extinguish i
Articles of Incorporation The instrument which establishes the name, purpose, board of directors and mailing address of the corporation.
Change of Office/Agent The instrument which gives notice of a change of the official office location and or agent for the corporation.
Corporate Name The instrument which provides notice of the official name of the corporation and any modifications or other permitted usage of the name.
Dissolution The instrument which provides notice that the organization is no longer in existence.
Merger The combining of two or more corporations into one surviving corporation.
DECLARATION A document by the owner of property which is recorded in order to establish a legal order upon the property, such as a condominium. In Wisconsin, condominium declarations are controlled by chapter 703.
DEED A written instrument that, when executed and delivered, conveys title to or an interest (usually ownership) in real estate.
Administrator's Deed A deed signed by a person appointed by the court to administer the assets and liabilities of a decedent, as grantor.
Condominium Deed A deed by which one person conveys to another absolute individual ownership of a unit, generally in a multi-family structure, based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the commo
Executor’s Deed A deed signed by a person appointed by a testator to administer the disposition of property of a decedent, as grantor.
Mineral Deed A deed where only certain mineral rights of a property are conveyed from one party to another, often without affecting fee simple interest of the property.
Personal Representative’s Deed A deed signed by a person who manages affairs of another because of incapacity or death such as an executor or an administrator.
Quit Claim Deed A conveyance by which the grantor transfers whatever interest he or she has in the real estate, if any, without warranties or obligations.
Railroad Deed a deed where the grantor is a bona fide railroad company. In Wisconsin, these are filed with the Department of Financial Institutions (DFI), Division of Corporate and Consumer Services. A certified copy may be recorded with the local register of deeds an
Sheriff’s Deed A document giving ownership rights in property to a buyer at a sheriff’s sale, which is a sale held by a sheriff to pay a court judgment or in foreclosure of a mortgage
Tax Deed A deed given to the county as a result of non-payment of real property taxes. In Wisconsin, it is generally prepared by the county clerk or county corporation counsel.
Transfer at Death Deed A deed which does not convey real property when it is signed and delivered; the conveyance is not executed until the death of the grantor as per s. 705.20. The grantor retains full fee simple ownership until his or her death and then real estate passes in
Trustee’s Deed A deed which conveys real property to a trust to be administered by the trustee according to the terms of the Declaration of Trust.
Warranty Deed A deed in fee simple where the grantor warrants title free and clear of any encumbrance. It is used in most real estate deed transfers and offers the greatest protection to the buyer.
Tax Incremental Finance Wisconsin allows the deferment of real property taxes in order to encourage revitalization or other development of certain geographic areas.
EASEMENT The right to use the land of another for a specific purpose is granted. An easement appurtenant passes with the land when conveyed.
Conservation Easement The grantor sells or donates development rights or other interests in real estate to a conservation society for the purpose of land preservation.
The grantor sells or donates development rights or other interests in real estate to a conservation society for the purpose of land preservation. Describes the right of ingress and egress to a single residential or commercial property.
Ingress & Egress Allows a party to enter and leave a parcel of land by traveling over the real property of another; a right to enter upon and pass through land.
Utility Easement Establishes a pathway across a property owner’s land which the owner is granting for use by a utility company for water, sewer, electrical, or gas lines or related construction facilities
FARM PRESERVATION AGREEMENT A document where a landowner agrees to implement and maintain conservation practices on agricultural land in exchange for property tax credits.
FARM NAME An owner of a farm may record a document setting forth its name and location within the county.
FIRMS & PARTNERSHIPS Documents relating to sole proprietorships and general partnerships which are recorded in the office of the register of deeds.
Firm Name A document giving notice of the name of a new business, which is unincorporated and usually a sole proprietorship, operating in the county. Wisconsin statutes require this document to be recorded if the firm will be borrowing funds from a lending institut
General Partnership A document giving notice of the names and addresses of two or more individuals who are partners in a business enterprise operating within the county. It may also state the purpose, intent and terms of the partnership.
FOREST LAND A document in which the grantor agrees to implement and maintain a forestry management plan developed by the Wisconsin Department of Natural Resources in exchange for property tax benefits.
HIGHWAY ACCESS Notice of approval by a municipality, usually the county or state, for an access point or driveway at a particular location, onto a state or county highway.
INDENTURE An instrument executed by both grantor and grantee, containing reciprocal agreements, grants or obligations. May have the effect of a mortgage instrument.
Supplemental An instrument recorded after the initial mortgage or indenture which updates the collateral and/or sets forth subsequent agreements or provisions.
JUDGMENT The formal decision of a court upon the respective rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the clerk of courts, it usually becomes a general lien on the property of the defendant.
Attachment Judgment The "writ" of attachment is the document ordering the seizure of a debtor’s personal and/or real property so as to secure the claim of a creditor. A record of the taking of a person’s property into legal custody as a result of a judgment.
Bankruptcy Judgment This judgment confirms the contention that the defendant has defaulted on his or her financial obligations; it is a general lien on all the defendant’s property.
Execution Judgment The "writ" of execution is a legal order directing an official to enforce a judgment against the personal and/or real property of a debtor.
Final Judgment The decision of the court determining the rights and obligation of the parties. May be used in probating an estate.
LAND CONTRACT A contract for the sale of real estate wherein the purchase price is paid in periodic installments by the purchaser, who is in possession of the property. The vendor and vendee each have an interest in the property until final payment is made.
LANDMARK A feature of the land such as a natural feature or improvement considered significant.
Historical Landmark A feature of the land such as a natural feature or improvement considered significant.
Surveyor’s Landmark A feature of the land, monument, marker or other construction set up on the boundary line of two adjoining estates, to fix such boundary.
LEASE Any agreement which gives rise to a relationship of landlord and tenant (real property) or lessor and lessee (real or personal property).
Limited Life Estate A special type of lease agreement between a non-profit organization which owns an apartment building and an individual or couple who wish to lease a unit as though they are purchasing a condominium. Because the property is owned by the non-profit organiza
LEASE & RENTS The unrealized revenue from leases or rents from real estate may be used as collateral for a loan; it may be assigned to the mortgagee in an attachment to a mortgage or in a separate document.
LETTERS A written instrument containing or attesting the grant of some power, authority or right.
Administration A probate court order appointing a special administrator.
Conservatorship A court order allowing a party to manage the affairs of another.
Domiciliary A document issued by Probate Court naming an individual to administer a decedent’s estate.
Guardianship A court order appointing one to manage the affairs of a minor or incompetent.
LIEN A charge against or interest in property to secure payment of a debt, or performance of an obligation.
Federal Tax Lien A general lien (on all personal and real property) made by the federal government against an individual or firm for non-payment of federal income taxes.
Medical Assistance Lien A lien against real estate owned by an individual receiving medical assistance in Wisconsin.
Tax Deferral Lien A lien against real estate as collateral for a loan for real property taxes. Issued by Wisconsin Housing & Economic Development Authority (WHEDA) and often used by elderly residents who have accumulated significant equity in their homes.
LIFE ESTATE An instrument granting or reserving life tenancy to the beneficiary. Upon the death of the life tenant, the property will go to the holder of the remainder interest.
LIS PENDENS A recorded (or filed) legal document giving constructive notice that an action affecting a particular property has been filed in either a state or federal court. Latin for "case pending."
Divorce Notice that a divorce case is pending which may affect real estate.
Foreclosure Notice that a foreclosure action is pending; the intent of the action is to extinguish all rights of the owners in order to sell the property to satisfy the lien against the property.
Street Vacation Notice given by a municipality that a road right of way is being abandoned.
MARITAL PROPERTY Chapter 766 of Wisconsin Statutes establishes marital property as community property on all personal and real property gained during the period of the marriage; each spouse has an undivided one-half ownership interest in personal and real property. Chapte
Marital Property Agreement An agreement between spouses whereby the basic provision of each spouse having an undivided one-half ownership interest in personal and real property accumulated during the marriage, is modified according to the terms of the agreement.
Unilateral Statement A spouse may execute a statement which classifies income as marital or individual property. After the execution date, (when the document is notarized) all new property is individual.
MEMORANDUM An informal record, note or instrument embodying something that the parties desire to fix in memory by the aid of written evidence, or that is to serve as the basis of a future formal contract or deed. A brief written statement outlining the terms of an a
MINERAL CLAIM An interest in minerals in land, with or without ownership of the surface of the land. A right to take minerals or a right to receive a royalty. In Wisconsin, the register of deeds must provide customers with standard forms for this instrument as per S.70
MORTGAGE A pledge of real estate as security for the payment of a debt; also the document creating a mortgage lien.
Note A document detailing the specifics of the mortgage agreement, such as the payment schedule, signed by the mortgagor (borrower) and given to the mortgagee (lender) immediately prior to the signing of the mortgage instrument. Generally, the mortgage instrum
Security Agreement A general term used to describe many different kinds of debtor-creditor relationships. When used to describe a type of real estate mortgage, it often refers to a second mortgage, home equity loan, or equity line of credit which is usually considerably les
NOTICE A document providing information, and advice, or warning, intended to apprise a party of some proceeding in which the party’s interests are or may be involved, or inform the party of some fact which is his/her right to know and the duty of the notifying p
OFFICIAL MAP A map of a municipality represented by that municipality to be the official map of the lands within and the boundaries of the municipality; usually drawn to scale and containing information regarding publication date or the most recent update.
OPTION A document containing the direction of a court or judge, or other governmental body, made in writing but not included in a judgment, which determines some point or directs some step in the proceedings.
Confirming Sale A court order confirming the terms of a sale of property from an estate or guardianship.
Name Change A court order setting forth the former name and new name to be used henceforth, of an individual who petitioned the court for such change. This document may be recorded with the register of deeds.
ORDINANCE A rule established by an authority; a permanent rule of action; a law or statute. Usually used to designate the enactments of the legislative body of a municipality.
PATENT The instrument by which a government grants public lands to an individual.
PLANS A method of design or action, procedure, or arrangement for accomplishment of a particular act; also, a map or sketch of a specific land area showing various attributes of the land as actual or proposed.
PLAT A map of a specific land area such as a town, section, or subdivision showing the location and boundaries of individual parcels of land subdivided into lots, with streets, easements, etc., usually drawn to scale. The map is representative of a survey perf
Condominium Plat A map of a survey establishing boundaries, common areas and individual units of air space as described in the condominium declaration. The condominium plat is different from other plats because it does not subdivide land.
County Plat A map of a division of land prepared in the same manner as required in Chapter 236, Wisconsin Statutes, except that all reviews are completed at the local level, in accordance with an adopted county ordinance.
Subdivision Plats A map of a survey showing boundaries, roadways, easements, individual lots and their dimensions. May also contain restrictions of land use.
RESTRICTIONS A limitation on the use of real property, generally originated by the owner or subdivider in a deed or a separate document, and/or subdivision plat. The purpose behind the restrictions is usually to maintain or enhance the value of the land and surroundi
RIGHT OF WAY May be an easement that is a right belonging to a party to pass over land of another. May also be public property as in the case of a road right of way.
RIGHTS & INTERESTS - Documents that explain, affirm or modify a party’s supposed rights and interests with regards to real property.
First Refusal A contract made for consideration where the grantor promises to grantee the first opportunity to purchase the property when it is offered for sale. Grantee has the right to accept, reject or counter the offer made by grantor.
SATISFACTION The discharge of an obligation by paying a party what is due on a mortgage, lien, note, contract or for a judgment ; the document acknowledging the payment of a debt, such as a satisfaction of a mortgage.
STIPULATION A material condition, requirement, or article in an agreement. An example is a Wisconsin Department of Workforce Development (DWD) weatherization program required stipulation document where the grantee of rental property promises to make improvements to b
TERMINATION OF DECEDENT’S INTEREST A document providing constructive notice of the termination of the decedent’s interest in real property; the remaining joint tenant or survivor of the marriage then has full property rights. An informal method of probate established in chapter 867 of Wisc
TRANSFER (STATUTORY) Any instrument established by state law to transfer a fee simple, equitable, or other interest in real property. Generally used for informal probate.
By Affidavit A probate instrument used for transferring small estates, both personal and also real property when the value of the real property interest is $20,000 or less as per s. 867.03. The form PR-1831 is available online.
Of Property Interest A probate instrument used in place of a personal representative’s deed as per s. 865.202. The form PR-1818 is available online.
TRUST A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instruments.
UCC-3 A Uniform Commercial Code financing statement that attaches the real estate connected with the personal property lien. May be a type of "fixture filing" where business equipment is attached physically to the building structures.
VARIANCE A document evidencing permission to depart from the requirements of a zoning ordinance.
WAIVER A document wherein the intentional or voluntary relinquishment of a known right is made.
Created by: bunkiebaby