A Wisconsin deed of trust is a legal agreement that secures a property owner’s obligation to a lender by transferring their title to a trustee until their debt is settled. This deed provides security for a loan transaction conveyed in a promissory note and states that the title will be returned to the owner upon the loan’s repayment. If the borrower defaults on their obligation, the trustee has the right to foreclose the property to recover the borrower’s remaining balance.
A deed of trust is comparable to a mortgage, in that both secure the repayment of a home loan. The difference between the two is that a deed of trust is made between a borrower, lender, and trustee, and the trustee holds the title. A mortgage only involves the borrower and lender, and the lender is granted an interest in the property.
- Statutes: Chapter 846 (§§ 846.01 – 846.45)
- Formatting: § 59.43(2m), § 59.43(5), § 59.43(7), § 706.02, § 706.05
- Signing Requirements (§ 706.06): Notary Public
- Where to Record (§ 706.05): County Register of Deeds (County Map)
- Recording Fees (§ 59.43(2)(ag)(1)): $30 (no page limit)
- Real Estate Transfer Return (eRETR): When filing a deed, the grantor (or “borrower” in a deed of trust) must provide the Register of Deeds a printed copy of the eRETR receipt (issued after completing the online application).
Related Forms (1)
Wisconsin Promissory Note – Allows a borrower to accept the terms of a loan agreement.