What kind of deed do you need? Tips from Star Valley Wyoming
A deed is the document that transfers ownership of real estate in wyoming. It contains the names of the old (Grantor) and new (Grantee) owners along with a precise and accurate legal description of the properties and a description of the ownership rights which are being transferred. The deed is signed by the person (s) transferring the property (Grantor). You can’t transfer real estate without having something in writing, which is almost always a deed. It is essential that all information on a deed be 100% accurate. A deed must be notarized.
Once a deed is recorded with the county clerk, you have given the world notice that you own the property and the original document is no longer needed to prove ownership.
The most common types of deeds are:
A quitclaim deed transfers whatever ownership interest a person has in a property. It makes no guarantees about the extent of the person’s interest. Quitclaim deeds are commonly used by divorcing couples; one spouse signs all his or her rights in the couple’s real estate in Wyoming over to the other. This can be especially useful if it isn’t clear how much of an interest, if any, one spouse has in property that’s held in the other’s name. (However, a quitclaim deed doesn’t relieve the individual transferring ownership from the mortgage, if there is one.)
Quitclaim deeds are also frequently used when there is a “cloud” on title — that is, when a search reveals that a previous owner or some other individual, like the heir of a previous owner, may have some claim to the property. The individual can sign a quitclaim deed to transfer any remaining interest.
A grant deed transfers ownership and implies certain promises — that the title hasn’t already been transferred to someone else or been encumbered, except as set out in the deed.
A warranty deed transfers ownership and explicitly promises the buyer that the transferor (Grantor) has good title to the property and that it is free of undisclosed liens or claims of ownership. The transferor guarantees that he or she will compensate the buyer if that turns out to be wrong. The warranty deed may make other promises as well, to address particular problems with the transaction. This is the type of deed that most purchasers should want to receive. This deed can be ask for when purchasing real estate in Wyoming.
A special warranty deed is not nearly as protective of the buyer as is the general warranty deed. The grantor of a special warranty deed warrants that they have received title. And, the grantor warrants, unless noted specifically in the deed, that the property was not additionally encumbered during their period of ownership beyond what has been disclosed. The grantor of the special warranty deed, in effect, only warrants the title against their own actions or omissions. They warrant nothing prior to their taking title. If specifically stated in the deed, other warranties can be conveyed. Special warranty deeds are frequently used by executors and trustees.
You should obtain legal counsel if you aren’t sure which type of deed is best for your situation.
“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at http://www.cbcountry.com for a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″