Contract for Deed
My husband and I have an opportunity to do Contract for Deed on a mobile home that we are currently renting. In the state of Wisconsin, is this legal? At one point, I heard from a source that it was not.
Contract for Deed
My husband and I have an opportunity to do Contract for Deed on a mobile home that we are currently renting. In the state of Wisconsin, is this legal? At one point, I heard from a source that it was not.
Re: Contract for Deed
In Wisconsin, we generally do not use the term “contract for deed.” The nearest thing we say is “land contract”, but that applies to the purchase of real estate. In your situation, the mobile home is not real estate, but personal property. Therefore, you would need a bill of sale and an installment sale agreement to accomplish the transfer. There may also be sales tax due, I’m not sure of that. Generally a title search would also be done.
Thomas Schober
Schober Schober & Mitchell, S.C.
16845 West Cleveland Avenue
New Berlin, WI 53151-3532