USA Mortgage Forms

The Statement of Occupancy and Financial Status is part of the mortgage paperwork required for a home purchase loan in Washington State.

• Have the purchasers complete the form so you can submit it to FHA, FNMA, FHLMC, or Department of Veterans Affairs (whichever is applicable).
• The purchasers must certify that (i) they will occupy the property as their residence, and (ii) there has been no significant change to their financial status since their mortgage loan application.

The Washington Statement of Occupancy and Financial Status form is provided in MS Word format. Download a copy now - it's free.

If you are selling property in West Virginia to a buyer who can't qualify for a mortgage, you can carry all or part of the purchase price with this Contract for Deed.

• A contract for deed (or purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made. The seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format.
• Intended to be used only in the State of West Virginia.

Transfer title to a West Virginia property from a seller to a trustee with this West Virginia Deed of Trust.

• A Deed of Trust is often used in place of a mortgage when purchasing real estate. It cannot be used for agricultural land.
• Under the Deed of Trust, title is conveyed by the seller to a trustee instead of to the purchaser.
• The trustee holds the title as security to ensure the purchaser's performance of its obligations (including payment of the purchase price, maintenance and upkeep of the property, payment of taxes, etc).
• If the borrower defaults in payment, the balance becomes due and payable and the trustee may sell the property.
• The Deed of Trust contains uniform covenants regarding payments, taxes and insurance, care and maintenance of the property, protection of the lender's security, and other standard clauses.
• The borrower waives all right of homestead exemption in the property.

Wisconsin mortgage lenders can prepare a promissory note for a mortgagor to sign with this template Fixed Rate Mortgage Note.

• The borrower will repay the loan by making monthly payments against the principal balance, plus accrued interest.
• If on the maturity date there is still a balance outstanding, the borrower will pay the entire balance at that time.
• The note holder has the right to accelerate the loan if the borrower defaults in making payments, and the entire loan balance will become due and payable.
• This is a downloadable legal form template written in plain English so it is easy to understand.
• Intended to be used only in the State of Wisconsin.

If you are selling property in Wisconsin to a buyer who can't qualify for a mortgage, you can carry all or part of the purchase price under this Land Contract.

What is a land contract / contract for deed?

A Wisconsin land contract (contract for deed, purchase money mortgage, installment sale contract) is a seller-financed arrangement where the property owner acts as the lender for all or part of the purchase price, instead of using a traditional mortgage.

This type of real estate transaction allows the buyer to pay the purchase price over time, with the seller carrying the balance until the last payment is made. In effect, the seller becomes the mortgage lender for the balance of the purchase money.

How does a Wisconsin land contract actually work?

The buyer is granted the right to occupy and use the property as soon as the contract for deed is signed. The seller retains legal title to the property, as security to ensure that the purchase price is paid in full, according to the terms of the contract.

The term "contract for deed" describes the arrangement — when the terms of contract are fulfilled (i.e. the debt, including interest, is paid in full), the seller will release the title deed and transfer ownership of the property to the buyer.

How will payments be made under the terms of the Wisconsin Contract for Deed form?

At the seller's option, the balance can be repaid either by:

1. regular monthly payments of principal and interest until the full amount has been paid, or
2. monthly payments with interest for a fixed number of payments with a balloon payment at the end of the term to pay out the balance.

NOTE: If the seller chooses the balloon payment under option 2, the buyer should be required to qualify for a traditional mortgage or refinance before the balloon payment deadline.

Who pays the property taxes and insurance during the term of the contract?

Even though the seller holds the legal deed and retains ownership of the property, the buyer is responsible for property taxes, maintenance, and hazard insurance from the time the Contract for Deed is signed.

What are the specific legal requirements for the State of Wisconsin?

Under Wisconsin law, land contracts:

• must be in writing
• must clearly state:
  • the purchase price
  • the interest rate
  • the payment schedule
  • the duration of the contract (i.e. when the last payment must be made).

What happens if the buyer misses a payment?

Wisconsin laws provide that if the buyer defaults in making payment, the seller can apply to the court for a foreclosure with a short "redemption period". The seller does not need to wait until four payments are missed (as is required in a mortgage foreclosure).

Also unlike mortgage foreclosures,. the "redemption period" requiring the buyer to pay the full outstanding balance could be as short as seven days, in some cases. If they fail to do so, the seller can take back the property and the buyer will lose all its equity in the property.

The seller must notify the buyer that they are in default and give them a deadline to pay before they start a foreclosure, in accordance with the notice requirements set out in the land contract.

Tips to Avoid Potential Land Contract Issues

1. Ensure the property is described properly. 

If the property description is incomplete, inaccurate, or unclear, the land contract may not be enforceable under Wisconsin law.

To avoid confusion: Always use the legal description exactly as it is set out on the title deed or your property tax records.

2. Make sure the payment terms and interest rate are clearly stated.

Ensure that the contract contains clear and mutually agreed terms for:

• the interest rate, and how it is to be calculated
• payment schedule and payment amounts
• grace periods, if any, and penalty terms for late payments.

3. Set out who is responsible for maintenance and repairs on the property.

The contract should be very clear on who is responsible for repairs (both minor and major), property taxes, and property insurance.

4. Make sure you transfer ownership to the buyer once the final payment is made.

Under the terms of the Land Contract / Contract for Deed, the seller must transfer legal title to the buyer once the final payment has been made.

To avoid problems: Include a provision in the contract stating that the seller must deliver the deed within a specific time frame after final payment, such as within 10 days.

5. Buyers should record the contract to protect their interest.

Wisconsin law does not require land contracts to be recorded, but failing to record the contract means that the buyer’s interest is not a matter of public record, and is not protected against any action of the seller, or anyone acting on behalf of the seller.

Additional Resources

Wisconsin Statutes Chapter 706 (conveyances of real property; recording; titles) 

Wisconsin Statutes Chapter 138 (money and rates of interest)

How do I record a land contract in Milwaukee, WI?

Document Details

• Document Name: Wisconsin Land Contract (Contract for Deed)
• Jurisdiction: State of Wisconsin
• Format: Microsoft Word (.docx)
• Pages: 9
• Editable: Yes
• Reusable: Unlimited personal or business use
• Instant Download: Yes

Register a mortgage on title to a property in Wisconsin with this standard fixed rate Wisconsin Mortgage.

• The mortgage is given as security for a promissory note signed by the purchaser / borrower.
• The template contains the standard provisions required under federal mortgage regulations.
• It also includes provisions required by Wisconsin laws with respect to accelerated redemption periods, and a definition of attorneys' fees consistent with Chapter 428 of the Wisconsin Statutes.
• Available in MS Word format.

Designate a mortgage as a wraparound mortgage by attaching this USA Wraparound Mortgage Rider to the mortgage form.

• The Rider clarifies that the new mortgage is subordinate to the original first mortgage on the property.
• A wraparound mortgage is often used as a form of seller financing. It enables buyers who may not qualify for a conventional mortgage to purchase a home at a higher interest rate but with a smaller downpayment.
• The mortgagor (buyer) will make payments under the new mortgage to the mortgagee (seller), who will continue to pay the original mortgage.
• The seller has the same rights under a wraparound mortgage that a mortgage lender has under a conventional mortgage, including the right to foreclose.
• This Rider can be used in any State in which wraparound mortgages are allowed by law.
• This is a template legal form which can be customized to fit your circumstances.

Prepare a Wraparound Mortgage Security Agreement with this comprehensive ready-to-use template for US mortgages.

• The wraparound mortgage (also called a piggyback mortgage) is a second mortgage with a face value of both the amount it secures and the balance due under the first mortgage on the subject property.
• The wraparound mortgage is subordinate to the first mortgage.
• The borrower makes payment to the new mortgagee (lender or seller) based on the face value of the wrap-around mortgage, and the new mortgagee in turn makes the monthly payments to the original mortgagee.
• The borrower must ask permission of the mortgagee prior to making significant alterations to the mortgaged property.
• Any agreement between the parties pursuant to the mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance.
• Any award or compensation payable pursuant to condemnation proceedings will be payable to the mortgagee.
• Intended for use only in the United States. Individual States may have statutory forms which must be used instead.

This template Promissory Note is part of a wraparound mortgage loan on a U.S. real estate property.

• The wraparound note is secured by either a mortgage or deed of trust (this will depend on which state the property is located in). The template contains language for both.
• A wraparound mortgage is a form of seller financing. The seller (holder of the note) continues to make the payments on the original underlying mortgage, and the buyer (borrower) will make payments under the Wraparound Note to the seller.
• This template contains additional provisions as to how any prepayments will be applied, in the event that the buyer is allowed to prepay the balance of the Note.
• The form can be in any State where wraparound mortgages are allowed by law.

To download the USA Wraparound Promissory Note, add it to your cart and pay for it over our secure checkout system.

If you are selling property in Wyoming to a buyer who can't qualify for a mortgage, you can carry all or part of the purchase price with this Contract for Deed.

• A contract for deed (or purchase money mortgage) allows a buyer to pay over time, with the seller carrying the balance until the last payment is made. The seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.
• Available in MS Word format.
• Intended to be used only in the State of Wyoming.