You essentially place your ex-wife as a lender. You give it the right to seal you if you weaken (break) in any way with respect to the Agreement. If she manages to seal you, she keeps all our payments and keeps the house. I recommend that you do not use a land contract in this way and go get a conventional loan from the bank, repay your ex at home in exchange for a deed. What happens if your land contract expires and you have never been notified by the seller and continue to make payments? Always a good plan to consider a land contract as an agreement where the seller/seller acts as a bank or credit union for the buyer/seller. I received a call today in which a new client asked me how to distribute a Vendée as part of a land contract she signed a few years ago. I had to mention that in this case, it would not be an eviction, but a seizure under Wisconsin`s Act 846. People are often surprised to hear this. A land contract is a form of seller financing. It is a written agreement by which a seller or “seller” promises to transfer real estate to the buyer or the “Vendée” after fulfilling certain obligations, usually for payments under an installment plan. It allows the parties to negotiate a sale if conventional financing is not available or feasible for the buyer. Because it`s a negotiable contract, parties can benefit from better interest rates (and a better return on investment), payment terms, and minimal borrowing costs. In addition, a seller can sometimes control the amount of the capital gain of the sale and even use the sale as a source of income during the term of the land contract.

With more land contracts used lately, a reminder of the land contract is fine! A land contract can be used if the seller finances the buyer`s purchase of the property. The buyer of the land contract pays the seller in instalments and receives a deed when all payments have been made. As an alternative to the seller giving a deed and taking over a mortgage, the seller of the land contract reserves ownership of the property as collateral. The parties may use a land contract to negotiate a sale if conventional financing is not available to the buyer or is not feasible. It is more likely that a land contract seller will ask for strict enforcement. The seller who chooses this remedy has decided to terminate the contract in order not to be able to receive a default judgment for the outstanding balance of the contract. The seller recovers his property and withholds the payments already made. There is no sheriff`s sale. The cost may be lower than that of a mortgage foreclosure, and the time it takes to complete the strict foreclosure is usually less than that of a mortgage foreclosure. Another new exception in Wisconsin.

Stat. Paragraph 13 of article 224.71 is intended to exempt real estate agents who are exclusively active in the practice of real estate brokerage and who use forms approved by the State. Brokers don`t need to register as mortgage lenders when negotiating offers with seller financing, as long as they have those under Wis. Admin. Code § REEB 16.03 This rule allows holders of real estate permits to use forms such as WB forms approved by REEB; Forms prepared and approved by the Wisconsin Bar Association, including deeds, mortgages and land contracts; out-of-state forms for non-governmental real estate and commercial transactions; and forms created by government agencies such as the FHA or VA. The process involves the use of documents (satisfaction and deeds) in exchange for the proceeds of the purchase. Hi Debbie. We are sorry to hear that you have not been able to track payments. This happens to many Vendées, my friend.

Statistics show that defaults on land contracts are high. Of course, not to say it`s your story. but the high rate of foreclosures appears to be related to the fact that land contracts are often concluded between the parties because the bank or credit unions would not offer financing to the buyer. I am sorry that I replied to your comment so late. My website has been causing me problems lately. The court issues an injunction authorizing the sheriff (on behalf of the seller) to fire you if you are not as specified in the court order. It`s never fun. Avoid it if possible. Good luck in the future. As a buyer, there are certain risks under a land contract that you could avoid if you used traditional bank mortgage financing. While I`m thinking about land contracts for a commercial purchase of a restaurant in the general sense (it happens all the time), I would recommend paying the previous owner a lump sum with a bank loan and severing your ties. .