1. Tenants in Common

Taking title to real estate as tenants in common is sometimes a deliberate choice or can be the default when no other method is specified. In a tenancy in common, two or more people can share ownership rights to real property with each owner having a right to use and possess the entire parcel, regardless of the fractional share each owner paid. So, for example, if A pays $40K and B pays $60K for the property, this does not mean that B gets to divide the property up consistent with his 60% share and exclude A from it. Rather, both A and B must share the entire property.
The 50/50 rule applies to most aspects of a tenancy in common. For example, owners are equally responsible for maintenance costs and taxes. Only one property tax bill will be issued for the parcel, thus it is the responsibility of the parties to divide costs up as they see fit. The most efficient way to do this is through a tenancy in common agreement. Further, each owner is said to own his or her interest “severally”, meaning that he or she is free to sell or dispose of his or her interest, and no consent of the other co-owner is necessary to do so. It is easy to see some of the pros and cons of a tenancy in common, compiled below:

Pros of a tenancy in common:

• Allows individuals to pool their resources so that they can afford property,

• Each party can own different sections of the property if specified by a tenancy in common agreement, and

• Property taxes and other expenses are split between all owners

Cons of a tenancy in common:

• There are no survivorship rights in a tenancy in common, which means that when one owner dies, his/her share does not pass to the other owner, but rather to the decedent’s estate,

• Each owner must share the entire parcel with the other owner, unless the parties agree otherwise, and

• Owners may end up with unanticipated co-owners as a result of each owner’s right to freely transfer or sell their interest or when one owner passes away.

2. Joint tenancy

A joint tenancy, like a tenancy in common, allows two or more people or entities to share a property equally. However, unlike a tenancy in common, joint tenants have survivorship rights, meaning that if one owner dies, his or her share passes to the remaining owner or owners.
Joint tenants, like tenants in common, must share the entire parcel with the other owners. There is still the option of drafting a joint tenancy agreement to fractionally divide each owner’s share. However, there are some unexpected nuances here. For example, if joint tenants agreed to fractionally divide the parcel and one joint tenant decides to lease his or her share, most would presume that the owner offering the lease gets to keep all proceeds from the lease. However, this is incorrect – the typical presumption is that the lease proceeds must be split 50/50 or equally with the other owners.

Pros of a joint tenancy:

• Survivorship rights when one owner dies; his or her interest passes to the remaining owner(s), thus affording the opportunity to become a sole owner,

• Each owner can own specified sections of the property if specified by a joint tenancy agreement, and

• Property taxes and other expenses are split between all owners

Cons of a joint tenancy:

• Each owner must share the parcel with the other owners, unless the parties agree otherwise, and

• Equal rights and responsibilities of all owners mean that if one owner takes a loan out against the property, all co-owners may responsible.

3. Marital property

Wisconsin, being a marital property state views all property as owned by the marriage, not each individual in it. Thus, each spouse automatically owns a ½ share of all property acquired in the marriage, unless a marital property agreement specifies otherwise. For Wisconsin transplants who have acquired property out-of-state before moving to Wisconsin, property is recognized as quasi-community property, which is complex and helps courts determine how to divide property upon divorce or death.
Marital property, like property taken in joint tenancy, has survivorship rights. In the marital context, this means that if one spouses dies, the surviving spouse receives the deceased spouse’s half of the property. A common example is a home held in title as marital property. If both spouses are on the deed to the home, then the entire home goes to the surviving spouse. Depending on each couple’s situation, this may be either a pro or a con. Some of these pros and cons are outlined below:

Pros of marital property:

• Survivorship rights: If one spouse dies, his or her share goes to the surviving spouse

Cons of marital property:

• Frustrated interests: If one spouse wants to sell, but the other does not, it can cause a gridlock on being able to sell the property. Both spouses need to agree to sell.

• Even if one spouse was the one to acquire the property at first, the other spouse may acquire a ½ share if the property is used as a primary residence or marital funds are used to pay or upkeep the property. This can be a con in the context of divorce or estate planning.

Summary:

Now that you understand the three ways co-owners can take title to property and the cons that may arise when co-owners interest become frustrated, you may be wondering what solutions are available when co-owners cannot come to an agreement.

One option is asking the court to petition the property, which will be discussed in our upcoming blog post. Stay tuned and read on!

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Wills

If you have a will that was drafted in a different state before moving to Wisconsin, it will still be valid so long as it satisfies Wisconsin’s requirements of a valid will. These requirements include having the will in writing and having at least two disinterested witnesses at the time of signing.

In Wisconsin, your will may be changed through a codicil, which allows an individual to make amendments or changes at any time during their life. Some reasons that you may need a codicil to your will after moving to Wisconsin include, but are not limited to, changes to property, location of assets, location of beneficiaries, etc. For example, you may need to change the executor of your will if they live out of state. This is not only for practical reasons, in that the executor may have to handle matters in the decedent’s state, but also because Wisconsin law requires nonresidents to appoint an in-state resident to accept service of process and further, non-residency itself may be enough to disqualify an executor. See Wis Stat § 856.23.

Trusts

A living trust, also known as a revocable trust, is transferrable between states. However, it is important to speak with an attorney to update your trust to include any new assets and discuss whether moving your trust’s situs, aka its home, is advisable. On the other hand, an irrevocable trust’s situs may or may not be transferrable depending on the language of the trust. You should speak with an experienced estate planning attorney to understand the implications of having your trust’s situs in or out of state.

Similar to wills, it is advisable to have your trust’s situs as your state of residency. This is because unlike wills, which are attached to a person, trusts are entities governed by their respective state’s laws. Having a trust in a state other than your state of residency may require that your successor trustee hire an attorney in the state of the trust’s situs. Speaking with an attorney regarding your trust’s situs can help you understand other implications such as state fiduciary and inheritance taxes.

Transfer on Death Deed

A transfer on death deed allows property to be transferred to your beneficiaries without going through probate. If you have an existing transfer on death deed, it may need to be tweaked to reflect Wisconsin’s marital property laws. Moving to Wisconsin may make you to reconsider who is the beneficiary of your transfer on death deed. If it is the case that the beneficiary no longer seems appropriate, then you should speak with an attorney to revoke the deed and/or draft a new one.

Powers of Attorney

Your estate planning will typically include two kinds of powers of attorney (POA) – a financial power of attorney and a heath care power of attorney. The authority of someone granted to serve as a power of attorney is acknowledged in all states. However, moving is a perfect time to re-examine your agent selection. Wisconsin has adopted the Uniform Power of Attorney Act (UPOAA), along with 25 other states, which streamlines the laws governing POA’s. So, if your POA was created in a state that has not adopted the UPOAA, your POA could be challenged, and you should consult an attorney to clarify agent and grantor responsibilities.

Contact us today for a consultation at 262-725-0175 or our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has three office locations: Lake Geneva, Delavan, and Salem.

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Consider asking yourself these three questions to help determine whether to file for bankruptcy or divorce first:

Filing bankruptcy jointly before divorce saves money. When you file a Chapter 7 jointly, you only have one case, which allows you to split court and attorney’s fees between you and your spouse, rather than bearing the burden of these costs individually. A Chapter 7 bankruptcy filed with a knowledgeable bankruptcy attorney is typically discharged in approximately 90 days, saving you time and stress from arguing over these debts later during your divorce filing, thus decreasing divorce costs.

If your spouse files bankruptcy during your divorce, then the divorce will be paused until the bankruptcy case closes. Thus, it is a better idea to agree with your spouse to file bankruptcy jointly before divorce. This avoids dragging out the already very stressful and emotional process of a divorce filing.

Plus, several studies show that the number one reason for divorce is financial trouble. It is possible that discharging you and your spouses’ debts through a Chapter 7 bankruptcy may incidentally save your marriage once your financial issues are resolved.

2. Which spouse is responsible for which debts?

Wisconsin is a community property state; therefore, all property acquired during a marriage is subject to equitable distribution after divorce. This means that all debt incurred during the marriage, regardless of which spouse incurred the debt, is to be paid back 50/50. This can lead to collection efforts, lawsuits, and a hindered credit score.

Divorcing spouses can agree to divide these debts between themselves, but the stress of negotiating these debts can be relieved by filing a Chapter 7 bankruptcy before divorce, as it eliminates determining who pays for what debts during the divorce.

In making the decision of whether to file bankruptcy or divorce first, there are some cautions to be aware of. The first issue is the potential of having an uncooperative spouse who does not want to file jointly. If this is the case, then you should file alone. However, within the divorce proceeding, be careful not to agree to any conditions of the divorce requiring you to pay part of any joint debt. A completed Chapter 7 bankruptcy will free you of those financial obligations.

A second caution to be aware of is how marital debt is treated in bankruptcy. The payment of marital debt, or in other words, any debt you agreed to pay your spouse during divorce, may not be discharged or eliminated in bankruptcy.

A Chapter 7 bankruptcy exemption allows you to protect the equity in your property from creditors. For instance, the Wisconsin Chapter 7 exemption allows you to protect up to $75,000.00 in equity in your home, meaning that creditors cannot take your property if the equity in your home is less than $75,000.00.

Filing jointly may increase your exemption amounts because the State of Wisconsin allows you to double your exemption amounts, essentially allowing you to protect more property from creditors.

1. A lawyer can help you qualify for Chapter 7 when you may have thought you did not qualify

2. An improper filing can result in lost assets or a dismissed case, wasting your time and money

3. An experienced attorney can help fill out the complex forms and paperwork

4. An attorney can be a buffer between contentious spouses, thus easing communication

Schedule a Free Bankruptcy & Debt Consultation with Wynn at Law, LLC

If you are considering bankruptcy and have questions, don’t hesitate to contact our bankruptcy attorney, Shannon Wynn. Wynn at Law, LLC offers free, in-depth bankruptcy consultations. Our bankruptcy attorneys are here to listen, advise, and help during your financial difficulties so you can move forward with your life.

You can reach our bankruptcy attorney by phone at 262-725-0175 or our website’s contact page. Wynn at Law, LLC has bankruptcy law offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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Wisconsin’s Small Estate Affidavit statute allows estates under $50,000 to avoid probate and instead be transferred via affidavit. See Wis Stat. §867.03. It can be used by an heir, a trustee of a revocable trust, a person named in the decedent’s will, or a guardian after the passing of the decedent.

Why use a transfer by affidavit

A transfer by affidavit avoids the costly and time-consuming probate process and thus allows the estate’s assets to pass more quickly.

What assets apply to a transfer by affidavit?

A transfer by affidavit applies to any probate assets cumulatively worth under $50,000. Probate assets are any assets that do not have a specifically designated beneficiary or payable on death (POD) designation. Jointly owned items, such as bank accounts or vehicles with two names on the title, are considered non-probate assets because it is presumed that the property will transfer to the other joint owner upon the death of the other owner. Some examples of probate assets that could be transferred by affidavit include property titled solely in the decedents name such a vehicle, small parcels of hunting or fishing land, or bank accounts with no POD.

What is the process for a transfer by affidavit?

To transfer assets under Wisconsin’s Small Estate Affidavit statute, the heir, trustee of a revocable trust, beneficiary of the decedent’s will, or a guardian of the decedent, must complete the Transfer by Affidavit form. This form includes the name of the decedent’s estate, the total fair market value of the assets, and a description of the assets being transferred. If real estate is being transferred, then you must also complete an Affidavit of Heirship and the Affidavit of Service. If these additional forms are required, then you must present copies of them to the decedent’s heirs at least 30 days before filing the forms. Lastly, you must get the forms notarized and filed with the court. The property can then be claimed within 30 days of presenting the notarized affidavit.

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In its simplest terms, debt consolidation is the act of taking out a new loan so that you can combine all your current loans into one, resulting in a single monthly payment. Debt consolidation ideally provides a lower interest rate and better repayment terms compared to the existing debt. There are several kinds of debt consolidation options that you might want to consider, and the choice of what route to take depends on your situation and long-term financial goals.  

Get A Free Wisconsin Bankruptcy Attorney Consultation

If you are unsure of what step to take or where to begin, a free consultation with a bankruptcy attorney is a good starting point. A Wisconsin bankruptcy attorney will analyze your financial situation and recommend the best action for your situation. There is no one-size-fits-all solution for managing debt. Consulting with a Wynn at Law, LLC attorney can provide a customized roadmap to a better financial future and help you reach your debt-free goals.

Types Of Wisconsin Debt Consolidation Loans – How Does Debt Consolidation Work?

Debt consolidation is a tool that enables you to combine all your debt and can include (but is not limited to) credit cards, medical bills, student loans, personal loans, and car loans. Debt consolidation can save you money and simplify your budget over time.  

Do Consolidation Loans Hurt Your Credit? 

Anytime you take out a new loan, a credit inquiry is required, translating to a “hit” or inquiry on your FICO score. This credit inquiry means that your score will temporarily decrease by a few points. However, the benefits of no longer missing payments and paying off your consolidated debt will likely outweigh the credit score dip. When looking at the bigger picture, this is a small price to pay so that you can get a better handle on your finances.  

What Are The Risks Of A Wisconsin Debt Consolidation Loan? 

A debt consolidation loan can be a great option if you want to simplify your finances, but this option can be more harmful than beneficial if you can’t keep up with the payments. You must be financially disciplined when you take out a debt consolidation loan.  

The monthly minimum payment for a debt consolidation loan is typically higher than a credit card’s minimum monthly payment. With this in mind, make sure that you can afford this payment for the life of the loan; any missed payments will negatively affect your credit score. 

Borrowing From Your Home’s Equity

If you are a homeowner, a popular tool that you can use for debt consolidation is to take out a Home Equity Line of Credit (HELOC). Also known as a ‘second mortgage,’ HELOCs let you borrow against your home’s equity. However, there are usually fees that you must pay, such as an appraisal fee or an application fee. Due to the costs associated with this option, a HELOC is one of the costlier solutions for debt consolidation.  

Since the line of credit is secured against your property, the annual interest rate is usually lower than an unsecured loan. However, there is a significant disadvantage to using a HELOC to consolidate debt. If you cannot make payments on it, the bank can foreclose on your home. Be sure to consult a Wisconsin bankruptcy attorney or debt consolidation specialist before deciding if this option is right for you. 

Borrowing From Retirement Accounts 

Borrowing against your retirement account is another option for consolidating debt. For example, if you have a 401k, you likely have an opportunity to borrow against the balance of this account. Since the loan is secured against your retirement investment account, this route also provides a low-interest rate and extended repayment period.  

The limit for borrowing against your 401k is typically 50% of the balance or a maximum of $50,000. The payment to this loan can automatically deduct from your future earnings. But be aware, if you don’t pay off your loan in full, you might be subject to early withdrawal penalties and expensive tax consequences. 

Balance Transfer Credit Card 

Another popular option for debt consolidation is applying for a balance transfer credit card. This credit card type generally has a lower interest rate or a promotional balance transfer interest rate, usually a 0% annual percentage rate (APR) for a specified number of months. 

Even if you are saving money initially, it is vital to note the interest rate that you will pay after that promotional period ends, especially if you know that you won’t pay off the credit card within the 0% promotional period. You should also check the credit card’s fees, like balance transfer fees and annual card fees.

Attorney Shannon Wynn is available for a FREE debt consolidation consultation to review opportunities for managing your debt.

The Pros & Cons Of Wisconsin Debt Consolidation – Is It The Right Choice For Me? 

The goal of debt consolidation is to save money and reduce the stress of debt repayment. Let’s look at a scenario; if you have a lot of credit card debt with varying high-interest rates and you decide to consolidate all your debt into a lower percent interest credit card, you will instantly save money.  

Another benefit of debt consolidation is simplicity. Instead of juggling multiple payments, you can make a single payment every month that covers all your debt. You can even set up automatic payments toward the loan from your bank account for peace of mind to avoid missing a payment. 

While your score may dip initially, taking out a debt consolidation loan will help improve your credit score over time. One factor that makes up your credit score is credit utilization, which evaluates the balances you owe versus your credit limit. The lower the credit utilization is, the better your credit score will be. Since the debt consolidation loan will help you pay off your debt, this will lower your credit utilization, resulting in an improved credit score. 

Requirements For Debt Consolidation – How To Qualify For A Debt Consolidation Loan? 

Every financial institution or lender has its own set of guidelines for qualifying a borrower for a debt consolidation loan. The common factors for eligibility are your credit score and debt to income (DTI) ratio. 

The higher your credit score, the better your chance of getting approved and obtaining a low interest rate. If you have a low credit score, you might want to consider getting another person to co-sign on the loan with you. A credit score in the mid-600’s will typically be enough to qualify you for most debt consolidation loans with a steady income and reasonable DTI ratio. 

The DTI ratio is a representation of the percentage of your gross income compared to your debt. Lenders use DTI ratios to determine if a borrower will make enough money to pay for their debt while also covering essential expenses. Financial institutions tend to favor customers who have a lower DTI because this means that the person will be more likely to cover the monthly payments.  

Debt Consolidation Alternatives

Before pursuing debt consolidation, it is recommended that you explore at least one of the alternatives below. 

Create A Budget 

Creating a budget might sound basic, but it is the easiest way to figure out if you can afford to live within your means. Start by writing down how much income you make per month and how much you have to pay in loans/bills each month.  

Then, you can figure out your disposable income, which is income that you’re free to spend on whatever you’d like. You can use part of your disposable income to pay down some of your loans. The most important thing is learning to stick to your budget and making your goals realistic.  

Contacting Your Creditors 

You can contact your creditors on your own to try to negotiate a lower monthly payment or interest rate reduction. Banks and financial institutions have hardship departments that can work with you to structure a payment plan or amend the terms of your loan to make it possible for you to continue to make payments. 

Schedule A Consultation With Wynn at Law, LLC

Schedule a free consultation with a Wisconsin Bankruptcy Attorney so that you can have a better understanding of your debt management options. Take advantage of our expertise to have a better chance of improving your financial status. Contact Wynn at Law, LLC to schedule a free debt consultation at one of our three law offices in Southeast Wisconsin. Give us a call at 262-725-0175.

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How Does Debt Relief Work? 

Debt relief is a set of actions taken to significantly reduce, restructure, or refinance debt to make it easier for a borrower to repay. Debt relief measures are usually needed when debt becomes so severe that the borrower can’t make the regular, required payments.  

Debt relief options can help you in several ways:  

• Extend your repayment terms 
• Lower your interest rates 
• Reduce your debt’s outstanding principal amount 

In some cases, creditors may agree to restructure debt and provide some form of relief rather than suffering a total loss due to the borrower’s inability to meet obligations.

Is Debt Relief A Good Option? 

If your debt has gotten out of hand or you can’t find ways to repay, a debt relief program could be your best option. Debt relief programs can help you better manage the debt payments and improve your financial situation. 

When To Seek Debt Relief 

Nearly 80% of all Americans today are in debt. The COVID-19 pandemic drained the savings accounts of millions of Americans and sent personal debt skyrocketing. While the average debtor can manage to make their repayments, this is not the case for everyone.  

Some of the most common reasons that people seek debt relief in Wisconsin include medical bills, credit cards, divorce, reduced income, unexpected expenses, disability, and eviction. Regardless of the source of your debt, it may be worthwhile to consider debt relief. Individuals struggling with overwhelming debt should contact Wynn at Law, LLC to schedule a free consultation to outline a personalized debt management strategy. Seeking debt relief can mean the difference between chronic stress and freedom from financial burden. 

Types Of Wisconsin Debt Relief 

Being in overwhelming debt can be nerve-wracking and make you feel insecure about the future. However, the good news is that several options can help you get back on your feet.

Bankruptcy  

Bankruptcy is a widespread Wisconsin debt relief option, but it is not a one-size-fits-all solution. There are two main types of personal bankruptcy for Wisconsin residents. The first is a Chapter 7 Bankruptcy, which is sometimes known as “straight” or “liquidation” bankruptcy and is designed to eliminate debt — credit cards, personal loans, medical bills, and other unsecured debt. The second is a Chapter 13 Bankruptcy is a debt repayment plan that consolidates, reorganizes, and restructures debt to make repayment more manageable. 

Bankruptcy can provide the following benefits: 

• Stop creditors and collectors from contacting you 
• Stop all collection lawsuits and actions to collect the debt 
• Stop wage garnishments 
• Stop the Wisconsin foreclosure process and avoid evictions 
• Stop the repossession of cars, appliances, and other personal property 

Chapter 128 Debt Amortization Plan

A Wisconsin Chapter 128 Debt Amortization Plan is a low-cost alternative to bankruptcy that focuses on consolidating debt with a personalized debt plan. This Wisconsin debt relief option can pause late fees, wage garnishment, and accruing interest. The structure of Chapter 128 allows you to customize your approach by selecting the unsecured debt that makes sense for your situation. Typically a Chapter 128 plan will include a combination of debt from credit cards, civil judgments, payday loans, medical bills, personal loans, or collection accounts.

Debt Consolidation

Debt consolidation is a debt relief solution that merges all your debt into a single liability to simplify its repayment. Choosing this option means that all of your unpaid loans or credit card debt are combined into one loan that you can pay off, occasionally even with a lower interest rate. In addition, debt consolidation often allows you to manage your monthly payments easier as it reduces the number of payments being made on your debt. 

Debt Management Plans 

If credit card debt is your main issue, a Debt Management Plan (DMP) might help turn your financial situation around. A DMP is organized through the help of a credit counselling agency and is offered to those who cannot complete credit payments at their current terms. DMPs typically cover unsecured debt, such as credit cards or loans that are not secured by collateral. The counselling agency negotiates a new plan to your creditors on your behalf, and if successful, you can waive certain fees that have been incurred and lower your monthly interest.

Debt Settlement 

A settlement allows you to negotiate with your creditor to waive a portion of what you owe so that you can more easily make your monthly repayments. Depending on what you can negotiate with your creditor, settlement agreements can reduce your debt significantly. Although there’s no guarantee that a creditor will waive a portion of your debt obligation, a successful settlement results in you having to pay a far less amount than what you owe, placing you in a better position to repay them. 

Debt Forgiveness 

Debt forgiveness is what happens when a creditor agrees to remove all (or a portion) of your debt obligation. This route often involves complex negotiations with creditors. Most creditors aren’t thrilled with the idea of just simply cancelling a debt. However, debt forgiveness can also be achieved through formal bankruptcy proceedings. 

Credit Counselling 

Learning to manage your finances more effectively can make the difference between falling further into debt or paying it off entirely. If you’re struggling to pay off your unsecured debt and have concerns about your credit score, credit counselling can help you finally make some progress. This program educates debtors on more efficient ways of paying off their debt and avoiding additional debt in the future. Credit counselling is a requirement for individuals that file for bankruptcy in Wisconsin.

What To Know Before Applying For Debt Relief? 

Negotiating to restructure your debt can seem like a daunting task, but know that you’re not alone. Wynn at Law, LLC can help you explore your debt relief options and help you regain financial stability. 

Speak To A Wisconsin Bankruptcy Attorney 

If your outstanding debt is unmanageable, and you’re considering all of your Wisconsin debt relief options, speaking to an experienced attorney can help you decide the best course of action. If filing for bankruptcy is a good option for your situation, a bankruptcy attorney is crucial to navigate the complex process successfully. Having a bankruptcy attorney at your side can help you become successful at eliminating your debt and save you money. 

Beware Of Debt Relief Scams 

Fraudulent debt service companies often target vulnerable consumers by using a false promise to significantly reduce or eliminate their outstanding debt. When dealing with any debt relief company, it is crucial to do your homework to ensure their legitimacy. The Wisconsin State Attorney General’s office and the Better Business Bureau can provide the information you need to validate the legitimacy of any debt settlement company you intend to hire. 

Interest Rates 

Interest rates will always have a massive impact on your monthly payments. If you decide to pursue debt consolidation, always make sure to compare your old interest rates to the consolidated rates. In addition, be careful about accepting terms that reduce monthly payments but greatly extend the amount of time you will have to repay. While you might be enjoying lower monthly payments on the new loan conditions, you could end up paying more over the entire length of the loan.

Debt Relief Fees 

If you’re considering enrolling in a debt management plan, make sure to be aware of all fees before committing.  

Tax Implications 

Any time you negotiate with a creditor to reduce your outstanding debt, the amount the Creditor “forgives” can be considered taxable income. Therefore, always take tax implications into account when deciding which debt relief option is best for you. 

Does Debt Relief Affect Your Credit Score? 

Depending on which type of Wisconsin debt relief program or method you choose, the impact on your credit score can vary. Some effects can be temporary, while others can impact your credit score for up to a decade. However, missing payments will also negatively impact your credit score. If you are in a financial position where you can’t meet all of your debt obligations, many structured debt relief options could be better for your long-term credit score. 

Schedule A Free Bankruptcy & Debt Consultation With Our Wisconsin Law Firm 

When it comes to resolving your debt issues, you don’t have to go through it alone. If you need help negotiating with creditors or creating a debt management plan, it’s always better to consult with an experienced bankruptcy and debt relief attorney. 

Wynn at Law, LLC’s attorneys will review your situation and provide you with practical legal advice. The goal is to help you move forward and become debt-free. Contact us today for a free Wisconsin debt relief and bankruptcy consultation. 

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Despite being steadier and less cyclical than the ‘regular’ real estate market, buying and selling vacant land can be challenging for the unprepared. It is critical to understand how to buy and sell vacant land before embarking on your investment journey. Let’s explore some of the key concepts to keep in mind when buying or selling a piece of land.

Is Buying and Selling Vacant Land A Good Investment?

People often get the impression that because vacant land sits idly by, without any paying tenants, it is not a good choice for producing cash flow. The truth is that certain vacant land can be great at producing hefty returns while minimizing ongoing expenses on the maintenance side. For a thorough look at vacant land’s potential as an investment, we will weigh some of the pros and cons.

Pros of Buying and Selling Vacant Land

Let’s start with analyzing the positives of vacant land investment. 

Solid ROI

Investors are always looking to diversify their portfolios, finding creative ways to maximize growth. Buying and selling vacant land can be a dependable way to achieve a healthy return on investment. It just takes the right timing and know-how to execute a successful transaction. 

First, it is critical to assess the quality of the land you are looking at. One of the keys to ensuring a good return on investment is purchasing raw land in areas where there is high demand and potential growth. 

It is critical to survey the land, identify potential risks, and analyze the surrounding market. If you cannot complete this process yourself, you will want to hire a third-party consulting firm to help evaluate the property. It is also important to remember that timing is critical for capturing a good return on investment.

Low Initial Cost

Often, purchasing raw, undeveloped, or otherwise vacant land requires low upfront costs. Unless you aim to buy vacant land in an already-developed or particularly in-demand area, you may not need to acquire the capital that residential or commercial real estate requires. 

Lower upfront costs mean that many vacant landowners can make their initial investment in a property without securing outside financing. A lower upfront cost can lead to greater returns and minimize potential losses.

Little Maintenance

Many of the risks associated with purchasing real estate comes from maintenance costs. Homes and commercial properties deteriorate as they are exposed to the elements and tenants, which means real estate investors must continue to reinvest capital into their properties to sell or rent the buildings. However, with vacant land, investors do not have those additional maintenance costs. 

Aside from some possible land upkeep, which is dependent on the type of parcel, there is little maintenance that needs to be performed, thus lowering costs and maximizing return associated with the investment. 

Big Opportunities

The possibility of making significant financial gains from the buying and selling of vacant land can make it a great opportunity. Investors can create a chance of turning a profit from purchasing a valuable plot of land. It just takes research, patience, and the ability to evaluate properties. Whether you are an experienced landowner or someone just getting started, there is an immense opportunity for those who want to buy and sell vacant land. 

Cons of Buying and Selling Vacant Land

Despite many positives to land transactions, there are a few drawbacks that you will need to consider before completing a purchase. It is highly recommended to consult with a local Wisconsin real estate lawyer before entering into a vacant land transaction. 

Fewer Tax Advantages 

One of the benefits of buying a home or commercial building is the tax breaks available for owners. Tax incentives like basic deductions, depreciation, and tax credits can help shield income for property owners. Unfortunately, these benefits do not often extend to vacant land properties. A real estate lawyer can help you identify the practical benefits of a parcel of land that you are interested in purchasing. 

Difficulty in Financing

If you are unable to purchase vacant land outright, you will need to secure financing. Home mortgages are one of the most common loans for people to take on, but buying vacant land requires different financing. The financing is generally more difficult to obtain than a traditional mortgage for a residential or commercial property. Lenders require many processes, such as surveying and zoning approval to be completed before the loan can be approved. 

Delayed ROI

Unlike flipping a home, buying and selling vacant land can take more time to realize the return on your investment. You may be waiting for factors outside of your control, such as the surrounding area to turn into viable commercial or residential developments before you are able to make a significant return on your investment.

Vacant land is an illiquid asset. The market for buyers is much smaller for vacant land than for residential homes. You may need to hold onto your property for decades to see the ROI you are looking for. 

Permits and Approvals Required

If you intend to develop on the land, you will need to obtain several permits and may need to tap into public amenities such as sewer services, water lines, and the electrical grid. You may need zoning permits, building permits and depending on your property location, you may need to subdivide the land.

Do I Need a Real Estate Lawyer for the Purchase?

While you are not required to have a lawyer to buy or sell vacant land in Wisconsin, it may be a good idea to have one to help you wade through potential issues that may arise. Real estate lawyers can help you through every step of the transaction. Much like with other real estate purchases, lawyers can ensure the process runs smoothly. This can range from filing the proper paperwork to appearing in front of zoning boards.

A Lawyer’s Advice on How to Buy Vacant Land in Wisconsin

After you’ve hired legal representation to assist in the process, there are some steps to take to make sure your vacant land investment goes as intended. Here are some things to keep in mind when buying or selling land. 

Identify Your Goals

Like any other big decision, it is critical to identify your goals before going into a vacant land transaction. You must ask yourself what you’re trying to get out of buying or selling vacant land. 

Are you trying to create a passive source of income? Are you trying to parlay the investment into further real estate transactions? Are you looking for a place to build your dream home?

The answer to these questions will help you define which parcel of land is the right fit for you, the timeline you want to hold onto it for, and other important decisions. 

Assess Your Financial Situation

Your financial standing is one of the most important things to evaluate when deciding if vacant land investments are a good idea for you. Do you have the personal capital for the purchase? Or will you need to secure outside financing? 

Additionally, it would be best to gauge whether you can afford a less than perfect transaction on your land. As explained above, sometimes it can take quite a while for investors to see their ROI on vacant land purchases, and it may be challenging to sell the property quickly. 

Find Your Ideal Piece of Land

Before making a purchase, you must identify your ideal piece of land. Do you want undeveloped property in a remote location? Or maybe you want to find an empty lot in a developing neighborhood that you can use to build a home on. Your ideal piece of land will guide you toward making the right purchase, whether a raw, vacant, or an undeveloped parcel. 

What is Raw Land in Wisconsin? 

Raw land, simply put, is land in its most undisturbed state. It is a piece of property that has not been improved or developed in any way. Often previously ignored, raw land is quickly becoming a popular choice for investors due to its typically low cost and higher upside.

Be Prepared to Wait

Securing the return on your vacant land investment doesn’t happen overnight. Often, it takes months, years, or even decades to reap the rewards of your purchase. Waiting for other activity to drive up the price of your property is vital. Buyers too often sell their land before it has reached its desired value. Prematurely selling can substantially undercut the profitability of your investment. Land purchases can, and should, be viewed as a long-term investment to help round out a comprehensive portfolio. 

Pick the Right Price

As with any investment, it’s crucial to set a predetermined price point based on your perception of the value of that vacant land. Then, wait until the property reaches that threshold before completing the transaction. 

Staging Can Help Sell Vacant Land 

When you’re ready to sell, make sure you make the property look as presentable as possible. Staging a property isn’t just for residential sales. It can also help sell your vacant land after you have decided to put it on the market. Remove unwanted debris, clear downed tree branches, remove the trash, and cut back undergrowth. Not only can proper upkeep entice a sale, but it can also increase the value of the property. 

Finance the Land Sale

Financing a vacant land sale is another dependable way for sellers to attract more buyers to their property. While it is uncommon in the residential real estate market, seller-financed land sales can benefit both parties involved in the transaction. 

Buyers who have trouble qualifying for traditional financing can purchase properties through owner-financed sales, and sellers can typically get a higher interest rate since the seller is the one arranging the terms of the financing. It can often be a mutually beneficial relationship, and one sellers should consider, especially if their property is having difficulty selling. This type of seller-financing is a complex process that should not be attempted without an experienced real estate lawyer involved.

How a Real Estate Lawyer Can Help You with Vacant Land Purchases

If you’ve decided that a Wisconsin vacant land purchase is right for you, a real estate lawyer will be a valuable member of your team to ensure that things go smoothly. Here is how a real estate lawyer can help you with vacant land purchases. 

Protection From Fraud

Unfortunately, fraudulent transactions in the vacant land market occur more often than one might think. Sellers can attempt to offload property that is unusable due to hazardous materials on-site, easement issues, or judgments that have been placed on the parcel. By hiring a real estate lawyer for your vacant land purchases, you can stop these situations before they occur, which will save you time and money in legal fees. 

Things to Know Before Buying and Selling Vacant Land

Real estate lawyers have a wealth of knowledge about properties and will assist you with any pre-sale contingencies along with reviewing the title to make sure it is clear. They can help you prepare for your purchase by identifying what to look out for on the parcel such as easements, encroachments and liens on the title. A real estate attorney will also help you after you have purchased the land with obtaining permits, variances, zoning changes or lot line adjustments.

Get a Wisconsin Vacant Land Legal Consultation

If you are looking into purchasing vacant land or any other type of property in Wisconsin, it is highly recommended to consult with a local real estate lawyer. To prepare for the ins and outs of your vacant land transaction, reach out to Wynn at Law, LLC for a real estate law consultation today! Wynn at Law, LLC has three convenient law office locations throughout Southeastern Wisconsin covering vacant land transactions in:

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Before you can move into your new home, there are a few critical steps to complete. As a buyer, it is essential to check off every requirement to avoid issues and delays at closing.

Buying a home is often the largest purchase a person makes in their life. Before signing any paperwork, you must review and understand the documents. A real estate lawyer is beneficial in explaining the complicated legal documents and inspecting the contracts. To assist with the buying process, Wisconsin real estate lawyer, Shannon Wynn, created this buying guide and buyer’s checklist to help new home buyers. This helpful guide will review the closing timeline, answer common questions, and provide a closing checklist for real estate buyers. 

Real Estate Closing Timeline for Buyers

Buying a home is generally a long, complicated process with many steps and procedural formalities. The Offer to Purchase begins the process and includes the price the buyer will pay for the property, the closing date, contingencies that must be met, and other important terms and conditions for the transaction. Once an offer is accepted, it is time to prepare for closing. The purchasing process usually takes 30-60 days from when an offer is accepted.  

Hiring an experienced real estate lawyer and realtor make the closing process significantly smoother. These professionals are valuable in assisting you through the stressful contract-to-closing period. If you are looking for a Wisconsin real estate lawyer to help you with the closing of your new home, contact Wynn at Law, LLC at 262-725-0175 or send us a message.

Home Buyers Pre-Closing Checklist

Resolve Contingencies

The initial Offer to Purchase will have contingencies that need to be met before the transaction is finalized or closed. The most common contingencies are: home inspection, appraisal, and financing. The steps below will cover these contingencies and other common transaction conditions. 

Order A Home Inspection

It is highly recommended to have a professional home inspection conducted by a licensed home inspector. The inspection is the buyer’s opportunity to identify any significant issues, known as defects, before closing. The home inspection is also a chance for a buyer to learn more about the features of the home. There are many systems and features for the inspector to check. Below is a list of items that you may want to have the inspector review: 

• Building structure and foundation
• Roof and chimney
• Plumbing
• Electrical
• Heating/cooling system (HVAC)
• Windows, doors, floors, and walls
• Land grading and drainage

Once the inspection is finished, the inspector will create a report that notes any defects that were identified during the physical inspection. 

Depending on the transaction, the Offer to Purchase may include additional tests which are separate from the home inspection, such as:  

• Septic inspection
• Radon test
• Mold test
• Well inspection
• Well water test
• Asbestos test

If the home inspection or test identifies defects in the property, it may be worthwhile to negotiate with the sellers for a credit/price reduction or for the repairs to be completed prior to closing. A Wisconsin real estate lawyer can advise buyers about inspection contingencies and prepare an Amendment to the Offer to Purchase to account for the repairs.

Order An Appraisal

Lenders require the real estate to be appraised and will not commit or approve  a loan until the appraisal is completed. For this step, an appraiser may visit the property and ensure that the purchase price is considered fair market value. The buyer must check that the appraisal value is at or above the contract price before proceeding with the closing process. 

Order A Survey

As the buyer, you may be interested in having a survey of the property conducted. If listed as a contingency in the offer, the seller will typically pay for the survey. In some cases, there may already be a recent survey on record.

Get Final Mortgage Approval & Lock In Your Rates

Buyers usually finance their purchase with a mortgage from a bank, credit union, or other commercial lenders. Once your final contract has been signed, it is vital to provide your lender a copy. Before closing, it is beneficial to discuss the interest rate with the lender. Locking in the interest rate is important because even small fluctuations in the rate can increase your monthly payments. 

Shortly before closing, your lender will be able to provide you with a loan commitment; the commitment states that you will receive a loan from the lender in the amount necessary to purchase the real estate.  

Note: All interested home buyers should be pre-qualified for a mortgage loan before beginning a home search. Pre-qualification makes the offer to purchase and final approval process quicker.

Check The Property Title

Prior to closing, you need to conduct a full review of the property title to ensure that the seller is legally able to sell the property. A title search is an essential step in the pre-closing process. A title search verifies that the seller can legally transfer ownership of the property and that the property has no easements, disputes, or liens.

In this step, all existing records, including deeds, mortgages, paving assessments, divorce settlements, liens, and other public documents are thoroughly reviewed and examined. A property owner must fix errors, disputes, tax debts, and liens on the title prior closing. Buyers should have a real estate lawyer review the title insurance commitment for an additional layer of protection against issues with the title.      

Purchase Homeowners Insurance

All lenders require that buyers purchase homeowners insurance. This type of insurance protects the lender from a loss if the home is damaged or destroyed. Some lenders only require you to purchase homeowners insurance in the amount equal to your loan. It is recommended to have coverage equal to your property value and personal belongings replacement cost.

Conduct A Final Walk-Through Of The Home

The final walk-through allows the buyer to confirm that the condition of the property has not changed since the Offer was accepted. Typically, the final walk-through occurs in the 24 hours before the closing. This step enables buyers to check that the home is vacated, clean, and in the expected condition. During the final walk-through, take your time to verify all repairs and that all items/appliances/furniture included in the Offer to Purchase are correct. 

Review The Closing Disclosures (CD)

The Closing Disclosure is a document sent to a Buyer from their lender. This document will include important information about your mortgage, including your monthly mortgage payments, loan interest rate, length of your mortgage, and additional fees related to the closing. The buyer must sign the CD at least three business days prior to closing to ensure there are no issues.

Confirm The Closing & Move-In Dates

The closing date is set in the original Offer to Purchase. Most often, you are able to move in the same day as closing, but occupancy information is also in your Offer to Purchase.

Some additional steps may be unique to your home buying situation. Contact a local Wisconsin real estate lawyer to ensure that all legal documents, correspondence, and closing criteria are lawfully met.

Buyers Closing Day Checklist – What To Expect 

Once all the contract contingencies are met and the steps listed above have been completed, the transaction can close. At the closing, the buyer and seller will meet at the title company’s office at the agreed-upon date and time. Buyers should plan to sign numerous, complex legal documents and spend up to an hour at the closing.  

Below are some of the documents that buyers may sign at the closing: 

• Promissory note
• Closing Disclosure
• Closing Statement
• Mortgage
• Title Company Disclosure

It’s wise to have your real estate lawyer attend the closing with you to explain the documents and to answer questions. Lawyers often spot potential problems that can be fixed and will assist with unanticipated issues that may arise. 

Items Buyers Should Bring To Closing

• Photo ID (official government-issued ID, such as driver’s license or passport)
• Proof of wire transfer, escrow account information, or cashier’s check
• Checkbook 

After Closing Checklist

After closing, the property deed is recorded at the county Register of Deeds office. The deed is then returned to the buyer via mail. This filing puts the buyer’s ownership of the property on the public record. After the closing, the buyer will also receive a copy of the title insurance policy for their records. 

Congratulations – once the closing process is completed, you have purchased your new home!

Do I Need A Lawyer For The House Closing Process?

Wisconsin does not require a real estate lawyer for real estate transactions, but it is highly recommended for buyers. Your Wisconsin real estate lawyer will protect your interests and make sure all legal documents, correspondence, and closing criteria are lawfully met. 

Wynn at Law, LLC Helps Buyers Throughout The Real Estate Closing Process

Buying a home is a detailed process that takes time to complete. As the buyer in a real estate transaction, it is always better to have a real estate lawyer on your side. By law, only a real estate lawyer can provide you with legal advice during the home buying process, not a real estate agent, loan officer, or closing agent. If you need a Wisconsin real estate lawyer when buying a property, please contact Wynn at Law, LLC by phone at 262-725-0175 or send us a message on our website’s contact page. Wynn at Law, LLC has law offices located in Lake Geneva, Salem, and Delavan, Wisconsin.

Continue Reading: Real Estate Closing Checklist for Sellers

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A real estate closing is the transfer of property ownership from the seller to the buyer. This complicated process has many steps and procedural formalities that make up the closing timeline. On average, it takes 30-60 days from when an offer is accepted until the transaction is complete.

Thankfully, Wisconsin real estate attorney, Shannon Wynn, created this article to help sellers navigate the complicated real estate closing process. Below is a breakdown of what sellers can expect during the closing process and a helpful real estate closing checklist for sellers. This guide splits the closing timeline into four phases:

• Offer
• Contingencies
• Title Work
• Closing

Hiring a real estate attorney makes selling real estate significantly smoother. If you are looking for a Wisconsin real estate attorney to help close on the sale of your property, contact Wynn at Law, LLC at 262-725-0175 or send us a message.

Real Estate Pre-Closing Checklist for Sellers

Below is a checklist of typical steps that sellers should plan for:

• Acceptance of Offer
• Provide Condominium Disclosures
• Prepare for Home Inspection
• Respond to Inspection Repair Requests
• Order Septic Test
• Order Well Water Test
• Respond to Testing Repair Requests
• Order Survey
• Prepare for the Appraisal
• Order Title Insurance
• Prepare the Deed or Conveyance Documents
• Review Transaction Paperwork and Legal Documents
• Move Out
• Clean the House
• Transfer Utilities

There may be additional steps that are specific to your situation. It is highly recommended that sellers contact a real estate attorney to ensure that all legal documents, communications, and closing criteria are lawfully met.

Contingencies – What Problems Could Cause Closing Delays?

A seller needs to meet every contract contingency requirement and deadline or request an extension to the Offer. While some issues may arise that may be out of the seller’s control, it is valuable to understand the most common reasons for closing delays.

Financing Problems – The most common reason for a closing delay is a financing issue on the buyer’s side. In these situations, buyers may have submitted an offer without loan pre-approval or offered a price outside their budget. In other cases, it may not be the buyer’s fault at all, but the lender is simply unable to meet the deadline and needs an extension to finalize the financing. 

Appraisal Problems – Issues during the appraisal process are rare but can occur. One such problem is that the home’s appraisal value is lower than the price in the offer to purchase. Discrepancies in the appraisal value can lead to lender financing issues and may require renegotiating the sale price. Another, more common, issue is that the appraiser is simply unable to finish the appraisal by the contract deadline and requires an extension.

Inspection Problems – An official home inspection may reveal unexpected issues with the property. Depending on the severity of the inspection defects, you may have to hire a licensed contractor to make repairs or discount the sale price.

While these problems can be frustrating and delay the closing process, an attorney can resolve most of these issues. Talk to your real estate attorney to develop a plan if any of these problems arise.

Title Work

Title preparation is an essential part of the real estate closing process for buyers and sellers. A house title is the historical ownership record of a property that shows who currently owns the property, contains the legal description of the property, and shows any liens encumbering the property. Liens against the property prevent a property owner from having a ‘clean’ title. A property owner may need to fix the title before selling the property. A complete title review is a necessary step to ensure that the property is able to be sold to a buyer.

Typically, a title commitment is ordered, and a title search is conducted to review any existing records including deeds, mortgages, municipal assessments, liens, and other public documents that may impact the owner’s ability to sell the property. Once the title search and examination are complete, the title company prepares a title commitment and provides a copy to the buyer, seller and attorney.

Sellers Closing Day Checklist – What to Expect

Once your closing date has arrived, the contact contingencies are met, and the title has been checked, it is finally time to complete the sale. 

The closing is hosted at the title company, and all involved parties will want to be there on time to sign the closing paperwork. If you would prefer, most closing companies allow sellers to pre-sign the closing documents as well.

Sellers should prepare to sign multiple documents for the closing, including:

• Closing Statement
• Closing Disclosure
• Deed
• Bill of Sale
• FIRPTA
• GAP Insurance
• Disclosure Statement
• Tenant/Work Affidavit

It’s wise for sellers to have a real estate attorney attend the closing. Attorneys often assist with unanticipated problems that can arise at closing, review documents, provide legal advice, protect your interests, and answer questions.

What Sellers Need to Bring to the Closing:

• House Keys and Access Codes
• Personal Checkbook for Minor Incidentals
• Lien Waivers from Contractors
• Government-Issued Photo ID for All Sellers Listed on the Contract

Ask your real estate attorney if any additional documents or items are needed, such as property tax statements, utility bills, proof of home warranty, or homeowners insurance documents. 

Closing Costs for Sellers

Sellers are responsible for paying a variety of expenses involved in the closing. In addition to the remaining mortgage balance (if applicable), sellers can expect to pay 5-10% of the home sale price in closing costs. If the sale of the property is less than the total balance due, the remainder is often deposited into an escrow account by the seller prior to the closing. Below are some of the typical closing expenses for sellers:

• Real Estate Agent Commission
• State Transfer Taxes
• Loan Payoff Costs
• Outstanding Homeowner Association Dues
• Property Taxes
• Title Insurance Fees
• Title Company Closing Fees
• Real Estate Attorney Fees

After Closing Checklist

After signing the closing paperwork, the title is transferred and the keys are turned over to the buyer––it is finally time for the seller to receive the remaining balance of the property sale funds.

• Verify that the proceeds of the sale are correctly deposited into your account.
• Cancel your homeowner’s insurance policy.
• Keep your closing paperwork in a safe location.
• Change your address with the USPS and forward your mail.

Do I Need an Attorney to Close a Real Estate Transaction?

A real estate attorney is not required for closing a Wisconsin real estate transaction, but attorneys often play a crucial role in a successful real estate transaction. A licensed Wisconsin attorney can provide personalized guidance throughout the process while ensuring all legal documents, communications, and closing criteria are met.

When Should Sellers Hire a Wisconsin Real Estate Attorney?

It is beneficial for sellers to contact a real estate attorney at the listing stage, rather than waiting until later in the sales process. This allows your attorney to help with pre-offer tasks such as addressing contract negotiations and reviewing offer contingencies when you have an interested buyer. Once an offer is accepted, your attorney can help you manage the contingencies and closing process. The State Bar of Wisconsin explicitly lays out these six ways that real estate attorneys can help a seller:

• Write or review the listing agreement with the seller’s real estate agent
• Review the buyer’s Offer to Purchase
• Draft or review the seller’s Counteroffer and Amendments
• Help satisfy contingencies to the Offer
• Draft the Deed and other legal documents required to close the sale
• Advise the seller at closing to be sure all closing documents, including financial arrangements are in order

Wynn at Law, LLC Helps Real Estate Sellers Throughout The Closing Process

Selling a home or property is a complex process. By law, only a real estate attorney can provide you with legal advice during the home sale process, not a real estate agent, loan officer, or title company. Sellers need an experienced Wisconsin real estate attorney in their corner who will look out for their interests. Wynn at Law LLC’s real estate attorneys are active members of the Wisconsin Realtors Association and are available to address all of your questions and concerns.

Wynn at Law, LLC represents sellers in residential, commercial and vacant land real estate transactions. If you are interested in selling property, please contact Wynn at Law, LLC by phone at 262-725-0175 or send us a message. Wynn at Law, LLC has offices located in Lake Geneva, Salem, and Delavan, Wisconsin.

Continue Reading: Real Estate Closing Checklist for Buyers

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FSBO (For Sale By Owner) refers to the process of selling one’s home without the help of a real estate agent or broker. With the rise of house listing websites and new tools to aid FSBO sellers, this cost-effective method has become more accessible to the average homeowner. 

Eliminating a real estate agent may increase profit from your house’s sale. However, going the FSBO route means more work for the seller. FSBO sellers must take on the responsibilities of listing a property, marketing it, hosting open houses, and negotiating with interested buyers.

Why hire an FSBO Lawyer?

Real estate law is complex and ever-changing. Hiring a FSBO lawyer mitigates the risks associated with real estate transactions while saving time and frustration. Yet, the most significant benefit of an FSBO lawyer is that they can prevent potentially expensive complications that could derail or delay a sale.

What can an FSBO Lawyer do for sellers?

• Negotiate purchase and sale agreements with buyers.
• Draft contracts, purchase agreements, and closing documents in accordance with federal, state, and local laws.
• Offer counsel in the event of a dispute with a buyer.
• Tailor legal advice to the seller’s unique situation and help sellers to foresee potential problems.
• If anything at closing goes awry, such as the buyer backing out or an issue with your title insurance, a lawyer will be on your side to assist and protect your home sale.
• Without a real estate lawyer, FSBO sellers need to arrange for title insurance, preparing the deed, and scheduling the closing.

What does a real estate lawyer do for an FSBO buyer?

Buying a home is a significant investment and a milestone in the life of many buyers. Real estate lawyers handle the often-overwhelming amount of paperwork involved in a real estate purchase. FSBO buyers can be confident that when a FSBO lawyer is involved in a deal, the transaction will be free of scams, unfavorable terms, and legal obstacles.

• Assist FSBO buyers with writing and revising an Offer to Purchase as well as any needed counteroffers.
• A FSBO lawyer can negotiate on your behalf during the purchase process.
• Review documents and contracts for red flags and potential problems.
• Make certain that sellers are following all federal, state, and local laws.
• Eliminate the risk of potentially costly errors in documents and contracts.
• Help buyers with construction, zoning, and association questions.
• Wisconsin real estate lawyers can review the property’s title to ensure that there are no liens or easements.

Do I need a lawyer for a Wisconsin FSBO real estate sale? 

The State of Wisconsin does not legally require sellers to have a lawyer for their FSBO real estate transaction. However, 21 U.S. states and the District of Columbia have deemed it lawfully necessary for all FSBO sellers to employ a lawyer during the real estate closing process. 

Frequently Asked Questions 

When should a seller hire a real estate lawyer?

Selling a home is complex, and the potential legal pitfalls can be difficult to foresee. For first-time sellers, a FSBO lawyer should be considered an essential part of the selling process from start to finish. Some experienced FSBO sellers wait to bring in a lawyer until a problem arises, such as a dispute with a buyer or uncertainty about a contract’s terms. Getting a lawyer involved early – as soon as you decide to go it alone – gives the seller an edge throughout the process. 

How much does a Wisconsin FSBO lawyer cost?

The cost of a Wisconsin FSBO lawyer may vary, and the price depends on several factors. To determine the cost of an FSBO lawyer for your situation, call Wynn at Law, LLC at 262-725-0175. 

How do I sell my home without a real estate agent? 

Selling a home without a real estate agent is a great way to save on costs while maintaining freedom and control throughout the selling process. Successful FSBO sellers typically follow these six steps: 

1. Retain a Wisconsin FSBO lawyer.
2. Research the local housing market and view other properties for sale in the area.
3. Prepare your home for pictures, open houses, tours, and showings.
4. Set the asking price for your house and list the property for sale on Zillow, FSBO.com, and Trulia.
5. Show your home to interested buyers.
6. Negotiate and accept the best offer.

What is the difference between a real estate lawyer and a real estate agent?

Real estate agents are not attorneys. Real estate agents cannot provide legal advice on contracts or other legal aspects of the transaction process. Agents cannot interpret title work or draft conveyance documents like a deed. Conversely, real estate lawyers can provide legal counsel, draft legal documents, and ensure that the transaction follows local, state, and federal regulations. Generally, a real estate agent is paid a commission based upon the sales price at closing and a real estate attorney is paid a set hourly rate.

Do the FSBO buyer and seller both need a real estate lawyer?

Hiring a lawyer to protect your rights, money, and real estate transaction is the common sense thing for both FSBO parties. It is highly recommended that both buyers and sellers have a lawyer during FSBO real estate transactions. A real estate lawyer cannot represent both parties in a transaction, as it would be a conflict of interest. A buyer’s lawyer protects the buyer and ensures that the sale meets all legal requirements. The FSBO seller’s lawyer maximizes the seller’s interests and ensures the transaction follows a lawful process for the deed’s transfer. 

Wynn at Law, LLC’s Real Estate Closing Checklist For Buyers

Wynn at Law, LLC’s Real Estate Closing Checklist For Sellers

Contact Wynn at Law, LLC for all FSBO Transactions

If you are selling your home FSBO (For Sale By Owner) or buying a home FSBO, you need a knowledgeable real estate lawyer to protect your interests in the transaction. 

Wynn at Law, LLC will ensure your FSBO sale is completed lawfully and works diligently to provide the best outcome for our clients. If you plan to buy or sell a home FSBO, contact our real estate lawyers to assist you every step of the way. Our knowledgeable FSBO lawyers are active members of the Wisconsin Realtors Association and will work with you to get the highest return on your house’s sale. Wynn at Law, LLC has law offices located in Salem, Lake Geneva, and Delavan, Wisconsin. Contact us at 262-725-0175 to schedule an appointment today.

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