All Real Estate Deals must be in Writing

Wisconsin has adopted the Statute of Frauds through Wisconsin Statute 706.02 which requires that all sales of real property (real estate and anything permanetly affixed to it) must be in writing.

Wis. Stat. 706.02 sets out the following:

1) Transactions under s. 706.001(1) shall not be valid unless evidenced by a conveyance that satisfies all of the following:

• (a) Identifies the parties; and
• (b) Identifies the land; and
• (c) Identifies the interest conveyed, and any material term, condition, reservation, exception or contingency upon which the interest is to arise, continue or be extinguished, limited or encumbered; and
• (d) Is signed by or on behalf of each of the grantors; and
• (e) Is signed by or on behalf of all parties, if a lease or contract to convey; and
• (f) Is signed, or joined in by separate conveyance, by or on behalf of each spouse, if the conveyance alienates any interest of a married person in a homestead under s. 706.01(7) except conveyances between spouses, but on a purchase money mortgage pledging that property as security only the purchaser need sign the mortgage; and
• (g) Is delivered. Except under s. 706.09, a conveyance delivered upon a parol limitation or condition shall be subject thereto only if the issue arises in an action or proceeding commenced with 5 years following the date of such conditional delivery; however, when death or survival of a grantor is made such a limiting or conditioning circumstance, the conveyance shall be subject thereto only if the issue arises in an action or proceeding commenced within such 5-year period and commenced prior to such death.

Fortunately the Legislature has also provided form WB-11 Residential Offer to Purchase which meets the requirements of the statute.

If you are involved in a transaction for Real Property that was not in writing, contact an attorney right away. Wisconsin Statute 706.04 sets out the ability for the courts to find as a matter of equity that the transaction met all of the requirements in 706.02 and possibly help you if you have bought or sold a property without a written contract.