Property Ownership and Transfer Flashcards

Two unmarried individuals, Alex and Ben, purchase a cabin together in Wisconsin. The deed does not specify the form of co-ownership. Alex contributes 60% of the purchase price and Ben contributes 40%. If Alex dies, what happens to his ownership interest in the property?

Answer: It passes to Alex's heirs or beneficiaries as designated in his will.

In Wisconsin, when an instrument of title for a property held by unmarried individuals is silent on the form of co-ownership, it is presumed to be a tenancy in common. Tenancy in common does not include the right of survivorship. Therefore, upon the death of a tenant in common, their interest passes to their heirs or beneficiaries according to their will, or through intestate succession if there is no will.

A married couple has owned a home in Wisconsin for 10 years, which is classified as survivorship marital property. One spouse individually decides to sell the property to a third party. Which of the following is true regarding the conveyance?

Answer: The conveyance is valid only if the other spouse also signs the deed.

Under Wisconsin's Marital Property Act, property acquired during the marriage is generally considered marital property. For a conveyance of a homestead, which is a common form of survivorship marital property, the signature of both spouses is required on the deed, even if only one spouse is listed on the title. This ensures both parties consent to the transfer of their shared asset.

Which of the following is a requirement for a person to gain legal ownership of a property through adverse possession in Wisconsin under the general statutory period?

Answer: Continuous, open, and hostile possession for 20 years.

The standard requirement for a successful adverse possession claim in Wisconsin is that the possession must be continuous, open, notorious, and hostile for an uninterrupted period of 20 years. While shorter periods exist if the possessor has color of title or pays taxes, the general, most fundamental time period is 20 years of continuous possession.

A Wisconsin resident passes away, leaving a small estate consisting of a car, a bank account, and some personal belongings, with a total value of $45,000. The decedent had a simple will naming their child as the sole heir. What is the most likely method the heir will use to transfer this property?

Answer: Using a Transfer by Affidavit.

Wisconsin law provides a simplified procedure for small estates. When a decedent's probate assets are valued at $50,000 or less, an heir can use a 'Transfer by Affidavit' to collect the assets without going through the formal, time-consuming probate process.

To ensure a deed is valid and can be recorded in Wisconsin, which of the following must be included on the document?

Answer: A full legal description of the property.

Wisconsin law requires that for a conveyance to be valid and recordable, it must identify the property being transferred with a full legal description. Other requirements include the grantor's signature and proper authentication (notarization), but a full legal description is essential for identifying the specific parcel of land.

Three friends own a recreational property in Wisconsin as joint tenants with the right of survivorship. One of the friends sells their interest to an outside party. What is the new form of ownership?

Answer: The original two friends remain joint tenants with each other, and the new owner is a tenant in common with them.

In a joint tenancy, a co-owner has the right to sell their interest without the consent of the other joint tenants. However, this action severs the joint tenancy only for the share being sold. The new owner does not become a joint tenant because the unities of time and title are broken. Therefore, the original two owners remain joint tenants with each other, while the new owner holds their interest as a tenant in common in relation to the original two.