Form 11-2003 "Land Contract" - Wisconsin

What Is Form 11-2003?

This is a legal form that was released by the State Bar of Wisconsin - a government authority operating within Wisconsin. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on January 1, 2003;
  • The latest edition provided by the State Bar of Wisconsin;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form 11-2003 by clicking the link below or browse more documents and templates provided by the State Bar of Wisconsin.

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Download Form 11-2003 "Land Contract" - Wisconsin

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State Bar of Wisconsin Form 11-2003
LAND CONTRACT
(TO BE USED FOR NON-CONSUMER ACT TRANSACTIONS)
Document Number
Document Name
CONTRACT, by and between
(“Vendor,” whether one or more),
and
(“Purchaser,” whether one or more).
Vendor sells and agrees to convey to Purchaser, upon the prompt and full
performance of this Contract by Purchaser, the following real estate, together
with the rents, profits, fixtures and other appurtenant interests (“Property”), in
Recording Area
County, State of Wisconsin:
Name and Return Address
Parcel Identification Number (PIN)
This
homestead property.
Purchaser agrees to purchase the Property and to pay to Vendor at
(is) (is not)
This
a purchase money mortgage.
the sum of $
in the following manner:
(is) (is not)
(a)
$
at the execution of this Contract; and
(b)
the balance of $
, together with interest from the date hereof on the balance
outstanding from time to time at the rate of
% per annum until paid in full as follows:
(“Maturity
provided the entire outstanding balance shall be paid in full on or before
Date”). Payments shall be applied first to interest on the unpaid balance at the rate specified and then to principal.
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NO OPTION IS CHOSEN, OPTION A SHALL APPLY:
A.
Any amount may be prepaid without premium or fee upon principal at any time.
B.
Any amount may be prepaid without premium or fee upon principal at any time after
.
C.
There may be no prepayment of principal without written permission of Vendor.
State Bar Form 11-Page 1
© 2003 STATE BAR OF WISCONSIN
State Bar of Wisconsin Form 11-2003
LAND CONTRACT
(TO BE USED FOR NON-CONSUMER ACT TRANSACTIONS)
Document Number
Document Name
CONTRACT, by and between
(“Vendor,” whether one or more),
and
(“Purchaser,” whether one or more).
Vendor sells and agrees to convey to Purchaser, upon the prompt and full
performance of this Contract by Purchaser, the following real estate, together
with the rents, profits, fixtures and other appurtenant interests (“Property”), in
Recording Area
County, State of Wisconsin:
Name and Return Address
Parcel Identification Number (PIN)
This
homestead property.
Purchaser agrees to purchase the Property and to pay to Vendor at
(is) (is not)
This
a purchase money mortgage.
the sum of $
in the following manner:
(is) (is not)
(a)
$
at the execution of this Contract; and
(b)
the balance of $
, together with interest from the date hereof on the balance
outstanding from time to time at the rate of
% per annum until paid in full as follows:
(“Maturity
provided the entire outstanding balance shall be paid in full on or before
Date”). Payments shall be applied first to interest on the unpaid balance at the rate specified and then to principal.
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NO OPTION IS CHOSEN, OPTION A SHALL APPLY:
A.
Any amount may be prepaid without premium or fee upon principal at any time.
B.
Any amount may be prepaid without premium or fee upon principal at any time after
.
C.
There may be no prepayment of principal without written permission of Vendor.
State Bar Form 11-Page 1
© 2003 STATE BAR OF WISCONSIN
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY:
A.
Any prepayment shall be applied to principal in the inverse order of maturity and shall not delay the due dates or
change the amount of the remaining payments until the unpaid balance of principal and interest is paid in full.
B.
In the event of any prepayment, this Contract shall not be treated as in default with respect to payment so long
as the unpaid balance of principal and interest (and in such case accruing interest from month to month shall be
treated as unpaid principal) is less than the amount that said indebtedness would have been had the monthly
payments been made as specified above; provided that monthly payments shall continue in the event of credit
of any proceeds of insurance or condemnation, the condemned premises being thereafter excluded from this
Contract.
Purchaser shall pay prior to delinquency all taxes and assessments levied on the Property at the time of the execution of
this Contract and thereafter, and deliver to Vendor on demand receipts showing such payment.
Purchaser shall keep the improvements on the Property insured against loss or damage occasioned by fire, extended
coverage perils and such other hazards as Vendor may require, without co-insurance, through insurers approved by
Vendor, in the amount of the full replacement value of the improvements on the Property. Purchaser shall pay the
insurance premiums when due. The policies shall contain the standard clause in favor of Vendor's interest, and evidence
of such policies covering the Property shall be provided to Vendor. Purchaser shall promptly give notice of loss to
insurance companies and Vendor. Unless Purchaser and Vendor otherwise agree in writing, insurance proceeds shall be
applied to restoration or repair of the Property damaged, provided Vendor deems the restoration or repair to be
economically feasible.
Purchaser is required to pay Vendor amounts sufficient to pay reasonably anticipated taxes, assessments, and
insurance premiums as part of Purchaser's regular payments [CHECK BOX AT LEFT IF APPLICABLE].
Purchaser shall not commit waste nor allow waste to be committed on the Property, keep the Property in good tenantable
condition and repair, and free from liens superior to the lien of this Contract, and comply with all laws, ordinances and
regulations affecting the Property. If a repair required of Purchaser relates to an insured casualty, Purchaser shall not be
responsible for performing such repair if Vendor does not make available to Purchaser the insurance proceeds therefor.
Vendor agrees that if the purchase price with interest is fully paid and all conditions fully performed as specified herein,
Vendor will execute and deliver to Purchaser a Warranty Deed in fee simple of the Property, free and clear of all liens
and encumbrances, except those created by the act or default of Purchaser, and:
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NO OPTION IS CHOSEN, OPTION A SHALL APPLY:
Purchaser states that Purchaser is satisfied with the title as shown by the title evidence submitted to Purchaser
A.
for examination, at the time of execution of this Contract.
B.
Purchaser states that the following exceptions set forth in the title e vidence submitted to Purchaser for
examination, at the time of execution of this Contract, are unsatisfactory to Purchaser:
C.
No title evidence was provided prior to execution of this Contract.
State Bar Form 11-Page 2
© 2003 STATE BAR OF WISCONSIN
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY:
A.
Purchaser agrees to pay the cost of future title evidence.
Vendor agrees to pay the cost of future title evidence.
B.
Purchaser shall be entitled to take possession of the Property on
.
Time is of the essence as to all provisions hereunder.
Purchaser agrees that in the event of a default in the payment of principal or interest which continues for a period of
days following the due date or a default in performance of any other obligation of Purchaser which continues
for a period of
days following written notice thereof by Vendor (delivered personally or mailed by certified
mail), the entire outstanding balance under this contract shall become immediately due and payable at Vendor's option
and without notice (which Purchaser hereby waives), and Vendor may singly, alternatively or in combination: (i)
terminate this Contract and either recover the Property through strict foreclosure or have the Property sold by foreclosure
sale; in either event, with a period of redemption, in the court's discretion, to be conditioned on full payment of the entire
outstanding balance, with interest thereon from the date of default and other amounts due hereunder (failing which all
amounts previously paid by Purchaser shall be forfeited as liquidated damages for failure to fulfill this Contract and as
rental for the Property); (ii) sue for specific performance of this Contract; (iii) sue for the unpaid purchase price or any
portion thereof; (iv) declare this Contract at an end and remove this Contract as a cloud on title in a quiet-title action if
the equitable interest of Purchaser is insignificant; (v) have Purchaser ejected from possession of the Property and have a
receiver appointed to collect any rents, issues or profits; or (vi) pursue any other remedy available in law or equity. An
election of any of the foregoing remedies shall only be binding on Vendor if and when pursued in litigation. All costs
and expenses including reasonable attorney fees of Vendor incurred to pursue any remedy hereunder to the extent not
prohibited by law and expenses of title evidence shall be paid by Purchaser and included in any judgment. The parties
agree that Vendor shall have the options set forth in this paragraph available to exercise in Vendor's sole discretion.
Following any default in payment, interest shall accrue at the rate of
% per annum on the entire amount in
default (which shall include, without limitation, delinquent interest and, upon acceleration or maturity, the entire
principal balance).
Vendor may waive any default without waiving any other subsequent or prior default of Purchaser.
Purchaser may not transfer, sell or convey any legal or equitable interest in the Property, including but not limited to a
lease for a term greater than one year, without the prior written consent of Vendor unless the outstanding balance
payable under this Contract is paid in full. In the event of any such transfer, sale or conveyance without Vendor's written
consent, the entire outstanding balance payable under this Contract shall become immediately due and payable in full at
Vendor's option without notice.
Vendor may mortgage the Property, including the continuation of any mortgage in force on the date of this Contract,
provided Vendor shall make timely payment of all amounts due under any mortgage, and the total due under such
mortgages shall not at any time exceed the then remaining principal balance under this Contract. If Vendor defaults
under such mortgages and Purchaser is not in default hereunder, Purchaser may make payments directly to Vendor's
mortgagee and such payments will be credited as payments hereunder.
All terms of this Contract shall be binding upon and inure to the benefit of the heirs, legal representatives, successors and
assigns of Vendor and Purchaser.
State Bar Form 11-Page 3
© 2003 STATE BAR OF WISCONSIN
Dated
.
VENDOR:
PURCHASER:
(SEAL)
(SEAL)
*
*
(SEAL)
(SEAL)
*
*
AUTHENTICATION
ACKNOWLEDGMENT
Signature(s)
STATE OF WISCONSIN
)
) ss.
COUNTY
)
authenticated on
.
Personally came before me on
,
*
the above-named
TITLE: MEMBER STATE BAR OF WISCONSIN
to me known to be the person(s) who executed the foregoing
(If not,
instrument and acknowledged the same.
authorized by Wis. Stat. § 706.06)
THIS INSTRUMENT DRAFTED BY:
*
Notary Public, State of Wisconsin
)
My Commission (is permanent) (expires:
(Signatures may be authenticated or acknowledged. Both are not necessary.)
NOTE: THIS IS A STANDARD FORM. ANY MODIFICATIONS TO THIS FORM SHOULD BE CLEARLY IDENTIFIED.
STATE BAR OF WISCONSIN
FORM NO. 11-2003
LAND CONTRACT
* Type name below signatures.
© 2003 STATE BAR OF WISCONSIN
State Bar Form 11-Page 4
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