Contracts
Wisconsin Statute requires that all real estate contracts affecting title to real property be:
ANotarized
BIn writing and signed by all parties✓ Correct
CFiled with the county register of deeds
DApproved by a real estate attorney
Explanation
Under the Wisconsin Statute of Frauds, all contracts affecting title to real property must be in writing and signed by the parties to be legally enforceable.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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