Wisconsin Statutes 77.21 – Definitions
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In this subchapter:
Terms Used In Wisconsin Statutes 77.21
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
(1) “Conveyance” includes deeds and other instruments for the passage of ownership interests in real estate, including contracts and assignments of a vendee’s interest therein, including instruments that are evidence of a sale of time-share property, as defined in s. 707.02 (32), and including leases for at least 99 years but excluding leases for less than 99 years, easements and wills.
(1e) “Mergers of entities” means the merger or combination of 2 or more corporations, nonstock corporations, limited liability companies, limited partnerships, or other entities, or any combination thereof, under a plan of merger or a plan of consolidation permitted by the laws that govern the entities.
(1k) “Partition” means the division among several persons of real property, including noncontiguous real property, that belongs to them as co-owners.
(1m) “Real estate” includes, but is not limited to, fixtures; roots, vines and trees of perennial crops; stock in a cooperative building; improvements on leased land; timber; and minerals.
(2) “Register” means the register of deeds for the county in which particular real estate is located.
(3) “Value” means:
(a) In the case of any conveyance not a gift, the amount of the full actual consideration paid therefor or to be paid, including the amount of any lien or liens thereon; and
(b) In case of a gift, or any deed of nominal consideration or any exchange of properties, the estimated price the property would bring in an open market and under the then prevailing market conditions in a sale between a willing seller and a willing buyer, both conversant with the property and at prevailing general price levels.