Wisconsin Statutes 703.02 – Definitions
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In this chapter, unless the context requires otherwise:
Terms Used In Wisconsin Statutes 703.02
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Land: includes lands, tenements and hereditaments and all rights thereto and interests therein. See Wisconsin Statutes 990.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1b) “Addendum” means an instrument that modifies a recorded condominium plat.
(1h) “Amendment” means an instrument that modifies a recorded condominium declaration. “Amendment” includes a modification to a declaration to relocate unit boundaries under s. 703.13 (6), to separate or merge units under s. 703.13 (7) or (8), and to merge or consolidate a condominium under s. 703.275.
(1m) “Association” means all of a condominium’s unit owners acting as a group, through an entity that is organized as provided under s. 703.15 (2) (a), in accordance with the condominium’s bylaws and declaration.
(2) “Common elements” mean all of a condominium except its units.
(3) “Common expenses” mean the expenses of an association.
(3m) “Common surpluses” mean the surpluses of an association.
(4) “Condominium” means property subject to a condominium declaration established under this chapter.
(5) “Condominium instruments” mean the declaration, plats and plans of a condominium together with any attached exhibits or schedules.
(6) “Conversion condominium” means a structure which, before the recording of a condominium declaration, was wholly or partially occupied by persons other than those who have contracted for the purchase of condominium units and those who occupy with the consent of the purchasers.
(6m) “Correction instrument” means an instrument drafted by a professional land surveyor that, upon recording, corrects an error in a condominium plat. “Correction instrument” does not include an instrument of conveyance.
(7) “Declarant” means any owner who subjects his or her property to a condominium declaration established under this chapter. The term includes an assignee of the declarant under s. 703.09 (4).
(8) “Declaration” means the instrument by which a property becomes subject to this chapter, and that declaration as amended from time to time.
(8m) “Deliver” includes to deliver by hand, U.S. mail, commercial delivery, facsimile transmission, or electronic means.
(9) “Expandable condominium” means a condominium to which additional property or units or both may be added in accordance with the provisions of a declaration and this chapter.
(10) “Limited common element” means a common element identified in a declaration or on a condominium plat as reserved for the exclusive use of one or more but less than all of the unit owners.
(11) “Majority” or “majority of unit owners” mean the condominium unit owners with more than 50 percent of the votes assigned to the units in the condominium declaration.
(12) “Mortgagee” means the holder of any recorded mortgage encumbering one or more units or a land contract vendor.
(13) “Person” means an individual, corporation, partnership, association, trustee or other legal entity.
(13r) “Professional land surveyor” means a professional land surveyor licensed under ch. 443.
(14) “Property” means unimproved land, land together with improvements on it or improvements without the underlying land. Property may consist of noncontiguous parcels or improvements.
(14g) “Removal instrument” means an instrument that removes property from the provisions of this chapter upon recording. “Removal instrument” does not include an instrument of conveyance.
(14m) “Small condominium” means a condominium with no more than 12 units.
(15) “Unit” means a part of a condominium intended for any type of independent use, including one or more cubicles of air at one or more levels of space or one or more rooms or enclosed spaces located on one or more floors, or parts thereof, in a building. A unit may include 2 or more noncontiguous areas.
(16) “Unit number” means the number identifying a unit in a declaration.
(17) “Unit owner” means a person, combination of persons, partnership or corporation who holds legal title to a condominium unit or has equitable ownership as a land contract vendee.