The name “Wisconsin” is thought to be a French adaptation of the Indian word Miskasinsin, which means “Red Stone Plate”. Miskasinsin, was used to described the Wisconsin River. It was recorded as Ouisconsin by the French and was changed to its current form by the English in later years. The river’s name was applied to the whole area when it became a territory.
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Laws that govern real estate transaction are generally the same irregardless of state. It specifies that whenever a piece of real estate property is sold, the agreement should be put in writing and the transaction, as well as the terms and conditions between the seller and the buyer should also be noted down.
In Wisconsin, one of the requisite documents during the purchase or sale of a real estate property is the sale agreement called the Residential Real Estate Contract for Sale – Cash or Seller Financing. This contract may be used by either the buyer and / or the seller of a residential home. This form itemizes the terms between both parties and also includes financial contingencies, pest inspections, and title matters. This form should be used if the real estate transaction does not involve a broker and when the purchaser either assumes an existing loan or gets a new one.
Another form that is used in Wisconsin is called the Residential Real Estate Sale Contract. Although this provides the same information as the previously mentioned document, this differs because this form is used for transactions where the buyer pays in cash or purchases the property via a financed promissory note that is secured by a deed of trust or by an earlier mortgage. Related Links: Selling your Home in Wisconsin
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