Wednesday, August 3, 2011

Real Estate Transfer Form and Fee

Recently I worked with some return clients who wanted to adjust the deed to their home. It was listed in both names, but as an unmarried couple and without the phrase "right of survivorship", the house would be subject to probate upon the first person's death. So, they opted to re-title it "joint tenancy with the right of survivorship". A quick call to the Wisconsin Department of Revenue confirmed that simply re-stating how title is held does NOT trigger the need to file a Wisconsin Real Estate Transfer Form and Fee; there was no actual conveyance and it was exempt. My overall point? Check with Wisconsin DOR before adding or adjusting names on a want to make sure you are not missing a filing fee or requirement.

As always, I advise you to obtain legal counsel from an attorney....this blog is intended for discussion and education, it is not legal advice.

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