Other Real Property in Wisconsin Flashcards
Intangible property
cash and any instruments of cash, like stocks, bonds, and even bank accounts
Tangible property
things a person can own that can be touched. Cars, coin collections, clothes, and personal electronics
Bundle of Rights (6)
Disposition; Encumbrance; Exclusion; Possession; Enjoyment; Control
Disposition
Sell, lease, or leave property in a will.
Encumbrance
Take a mortgage on a property or grant an interest in property to another party.
Exclusion
Have exclusive use of a property.
Possession
Occupy a property.
Enjoyment
Use a property without interference, which is also known as the right to quiet enjoyment.
Control
Use a property in any lawful manner.
Marital Property
Property that is brought into the marriage after the wedding. Spouses each own half of all marital property, no matter how much they actually contributed to it.
Individual Property
Property that one spouse received as a gift or inheritance. It can be property purchased or received prior to marriage, income from the property, appreciation in the value of the property, or property agreed to be one spouse’s in a decree or agreement.
Mixed Property
Combination of both marital and individual property and is always treated as marital property.
Predetermination Property
Property the couple acquired before marriage. After the wedding, this becomes marital property.
Survivorship Marital Property
Property that passes to a surviving spouse without going through probate.
Severalty
No other party has any interest in the real property.
Tenancy in Common
Multiple owners own a fractional interest in a property. Each owner has the right to sell her portion of the property without the others’ permission unless there is an agreement that states otherwise.
Joint Tenancy
Two or more entities own a property equally and purchased it at the same time. They can each sell their ownership, but the purchaser doesn’t become a joint tenant because he didn’t purchase the property at the same time as the other co-owners. That owner is considered a tenant in common.
Mobile Homes vs. Manufactured
Real Property if it has had its wheels removed, is connected to utilities, and is set upon a foundation fixed to land that the unit owner owns.
Personal Property if they are not set on a foundation or are situated—with or without a foundation or wheels—on land the unit owner doesn’t own.
Wisconsin Timeshares
They are often located in resort locations, like the Wisconsin Dells, and are strictly regulated.
In Wisconsin, timeshares usually fall into one of two types of estates: fee simple absolute interest or interest for years.
Fee Simple Absolute Interest
Owners have an absolute right to use, possess, or dispose of a timeshare unit during their allotted period of time. This type of estate can be passed down to an heir.
Interest for Years
This type of estate’s ownership ends at the death of the owner. At that time, the estate may revert back to the original owner or to another person.
Instruments
These instruments must contain, among other things:
-A description of the property
-The name of the county or counties in which the property is located
-Identification of time periods
-Liabilities and voting rights conferred with each share
-Method for allocating property taxes among owners
-Management provisions
Right to Cancel
In Wisconsin, purchasers are protected by their right to cancel a timeshare purchase.
-Purchasers must receive a disclosure no later than the date of the contract for purchase.
-Contracts may be canceled any time before midnight on the fifth business day after either:
–The date the contract was executed.
–The date the purchaser receives the last of the required documents.
-Right to cancel can’t be waived.
-A full refund must be provided within 20 days after receipt of cancellation or five days after a check clears, whichever is later.
Exempt Homestead
In Wisconsin, an exempt homestead is the dwelling and the land (at least a quarter acre, but not more than 40 acres) where a person or married couple live.
Exemption Amount
The amount of the homestead that can be protected is $75,000 for a single person or $150,000 for a married couple.
Exemptions to Homestead Law
-The homestead property is specifically pledged as credit for a mortgage.
-There was a pre-existing lien on the property before homestead was established.
-Past-due taxes are owed to the state of Wisconsin or Wisconsin counties or municipalities.
-Money is owed to mechanics, contractors, or builders for work performed in repairing or improving the property.
Wisconsin Homestead Credit
Qualifications:
-Must be a legal Wisconsin citizen for an entire calendar year.
-Must be at least 18 years old on December 31.
-Must have a household income that’s less than $24,680.
-The claimant or spouse must meet one of the following requirements:
–Have positive earned income.
–Be disabled.
-Must own or rent Wisconsin homestead that is subject to Wisconsin property tax.
-Must not be claimed on anyone else’s income tax.
Claiming the Homestead Credit
Those who meet the criteria must complete a Wisconsin Homestead Credit Claim, Schedule H or Schedule H-EZ, to calculate the amount of the credit. The deadline for filing is April 15.
