Sandra is selling her lakefront home in Wisconsin. The property includes a seasonal pier. The buyer, David, asks whether the pier conveys with the property. Sandra's agent advises that under Wisconsin law, a pier is generally considered which type of property and therefore typically transfers with the real estate sale unless otherwise excluded in the contract?
Correct Answer
C) A fixture and part of the real property, because it is permanently attached to the land
In Wisconsin, a pier that is permanently or semi-permanently attached to the land (such as one with posts driven into the lake bed or anchored to the shore) is generally treated as a fixture and part of the real property. As a fixture, it transfers with the sale of the real estate unless the parties specifically exclude it in the purchase contract. Even seasonal piers that are removed in winter can be considered fixtures if they are intended to remain with the property as a permanent improvement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
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