SATISFACTION - The discharge of an obligation by paying a party what is due on a mortgage, lien, note, contract or for a judgment ; the document acknowledging the payment of a debt, such as a satisfaction of a mortgage.
SECTION - A portion of a township under the Public Land Survey System. A section is approximately one mile by one mile and 640 acres. A township is divided into 36 sections.
STIPULATION - A material condition, requirement, or article in an agreement. An example is a Wisconsin Department of Commerce weatherization program required stipulation document where the grantee of rental property promises to make improvements to bring it into program compliance. The document may be attached to a deed or recorded separately. St. Croix County requires it to be a separate recording.
SUBDIVISION - A tract of land divided by the owner, known as the subdivider, into blocks, building lots, and streets according to a recorded subdivision plat, which must comply with state regulations and the local subdivision ordinance.
SURVEY - The process by which boundaries are measured and land areas are determined; usually performed by a land surveyor.
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TAX PARCEL DESCRIPTION - An abbreviated version of a legal description used
for the purposes of identifying a tax parcel(s) in a tax roll or assessment roll. A parcel
identification number (PIN) is assigned to uniquely identify that parcel from any other parcel
within a given taxing jurisdiction. One or more tax parcels may be created from a single
legal description. Also one tax parcel may be created from multiple legal descriptions.
It is not to be confused with a "Legal Description"
and should not be used in its place on any legal document.
TENANTS IN COMMON - A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were sole owner. Each individual owner has the right to partition. Unlike joint tenants, tenants in common have right of inheritance.
TERMINATION OF DECEDENT’S INTEREST - A document providing constructive notice of the termination of the decedent’s interest in real property; the remaining joint tenant or survivor of the marriage then has full property rights. An informal method of probate established in chapter 867 of Wisconsin Statutes.
TITLE - (1) The right to or ownership of land. (2) The evidence of ownership of land.
TITLE INSURANCE - A policy insuring the owner against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters specifically excluded by the policy.
TOWNSHIP - The principal unit of the Public Land Survey System. A township is square with approximately six-mile sides and an area of 36 square miles.
TOWNSHIP LINES - Lines running at six-mile intervals parallel to the base lines in the Public Land Survey System.
TRANSFER (STATUTORY) – Any instrument established by state law to transfer a fee simple, equitable, or other interest in real property. Generally used for informal probate.
By Affidavit – A probate instrument used for transferring small estates, both personal and also real property when the value of the real property interest is $20,000 or less as per s. 867.03. The form PR-1831 is available online.
Of Property Interest – A probate instrument used in place of a personal representative’s deed as per s. 865.202. The form PR-1818 is available online.
TRANSFER TAX - A fee required when a deed is recorded; the fee is based on the
value of the property. The fee is calculated as $3 per $1000 of the sales price. The Wisconsin
Real Estate Transfer Return must be completed and the
proper fee calculated or the exemption number indicated if the property is exempt from the
transfer fee. Whether the buyer or seller is to pay the transfer tax is often negotiated
during the sale; if not, the grantor is liable as per s.77.22(1). This form must accompany
the deed for it to be recorded.
TRUST - A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instruments.
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UCC - The Uniform Commercial Code as adopted in the state. Revised article 9 went into effect July 1, 2001 in Wisconsin.
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VARA - Unit of length (the "Spanish yard") used in the
southwest. The vara is used throughout the Spanish speaking world and has
values around 33 inches, depending on locale. The legal value in Texas was set
to 33 1/3 inches early this century.
VARIANCE - A document evidencing permission to depart from the requirements of a zoning ordinance.
VENDEE - A buyer; often in a land contract.
VENDOR - A seller; often in a land contract.
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WAIVER - A document wherein the intentional or voluntary relinquishment
of a known right is made.
WITNESS TREE - Generally used in the public land states, this
refers to the trees close to a section corner. The surveyor blazed them and
noted their position relative to the corner in his notebook. Witness trees are
used as evidence for the corner location.
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