Wisconsin

• Under the terms of this Contract, 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.

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.
• The Wisconsin Fixed Rate Mortgage Note is a downloadable legal form template written in plain English so it is easy to understand.

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.