In Wyoming, you have the choice of taking title of real property as a Trust. The legal and tax implications of setting up a trust are complex and vary widely from state to state.  Attorneys and tax experts should always be consulted on the subject of trust.* That being said, the basic premise of a trust is the transfer of ownership to a third party to hold or manage for a beneficiary.                                                                  There are three main participants in a trust:  The Trustor - the creator of the trust The Trustee - The party who holds legal title and is "entrusted" to carry out the purpose of the trust as defined by the Trustor The Beneficiary - The party who benefits from the trust. Any of these parties may be a real person, or a legal entity, such as a ... 02/27/2011

I have to admit, by this point, I thought I would have consolidated several of the ways to take title into one post, especially the more "businessy" ones:  Partnership, LLC, Corporation, and Trust .  Then, I realized they each deserved their own description - whether I liked it or not! Here are the key points of taking title as a Corporation: A corporation can be considered a whole unit.  As one entity a corporation can hold title in severalty, or as a tenant in common. Since a corporation is not an actual person, it cannot die.  Even if one of it's officers, shareholder or directors dies, the corporation will continue to exist until it is formally dissolved. A corporation has a board of directors who manage and operate it according to it's charter (rules it established for operating an... 02/26/2011

Earlier this month, I took a different route to drop off a group of kids at gymnastics.  Boy, were we surprised to see this monstrosity.  It was hard to drive and not gape out the window along with the kids!  We came to the conclusion that it must have resulted from a broken water pipe since it had been so, so cold recently.  Why would anyone have a water pipe going up a telephone pole?  We didn't know.  But it was the only thing we could think of! How else would all that water have gotten there?  Turns out we were wrong about the origin of this statuesque creation.This jagged tower of ice did not come about by accident nor was it a free form ice sculpture... they did it on purpose!  "They" being a group of seminary students.  They created this so they could practice ice climbing - righ... 02/25/2011

Taking Title as a Limited Liability Company One of the choices for taking title in Wyoming is taking title as a Limited Liability Company (LLC).  Once more, for me to even try to explain it in my own words is ridiculously out of my league!  So here is a nice explanation taken directly, word for word, from:    Modern Real Estate Practice, Seventeenth Editionby Fillmore W. Galaty, Wellington J. Allaway and Robert C. Kyle2006 by Dearborne Financial Publishing, Inc.  (pg 143) "The limited liability company (LLC) is a relatively recent form of business organization.  An LLC combines the most attractive features of limited partnerships and corporations.  The members of an LLC enjoy the limited liability offered by a corporate form of ownership and the tax advantages of a partnership.  In addi... 02/25/2011

Surviving My Serengeti . . .as a giraffe. In "Surviving the Serengeti: 7 Skills to Master in Business and in Life, author Stefan Swanepoel offers a fascinating fable of life on the Serengeti plains of Africa and the lessons it holds for a struggling economy and the folks who make up that economy."  Or so I was told in the introduction to Surviving your Serengeti: An Active Rain Challenge                                                      Though, I was going to let this challenge pass, I couldn't resist taking the quiz.  I answered the questions as honestly as possible - but all the while hoping NOT to be a crocodile, lion or anything with sharp teeth.  Quiz One - Yay!  I was a giraffe!  But just to make sure I hadn't subconsciously skewed the results, I took the quiz again, nervously ... 02/24/2011

Taking Title in Wyoming as a Partnership If you choose to take title as a partnership then you will undoubtedly need the services of a competent attorney knowledgable in these matters.  As a matter of fact, even explaining the next 4 forms of ownership interest are so far over my head that I am going to copy word for word the explanations (and fully credit the source, of course!):                                                                                    "A partnership is an association of two or more persons who carry on a business for profit as co-owners as defined in the Uniform Partnership Act, in force in a majority of states.  Under this act, a partnership can hold title to real property in the name of the partnership, holding by tenancy in partnership.  An advantage to th... 02/24/2011

Laramie, Wyoming Real Estate:  Tenants in CommonIn Wyoming, taking Title as Tenants in Common is one of the eight standard options.  The BASIC concepts of a Tenancy in Common as described in  "The Language of Real Estate" by John W. Reilly (2006, by Dearborn Financial Publishing, Inc) are: It is the most commonly held form of co-ownership Each entity or person with ownership interest can be referred to as a co-tenant Each co-tenant has an undivided interest in the whole property Each co-tenant is entitled to undivided possession of the property according to his or her proportionate share Ownership interest is considered to be equal among co-tenant unless conveyance documents indicate otherwise No right of survivorship If one co-tenant dies their share will pass to heirs or beneficiaries... 02/23/2011

Taking Title in Wyoming as Joint Tenants with Rights of Survivorship"The Language of Real Estate" by John W. Reilly (2006, by Dearborn Financial Publishing, Inc) was used as the main source for this article.  This book devotes three pages alone to explaining this concept.  It is not simple.  I provide only the basic elements below. If you have any questions about entering into a Joint Tenancy with Rights of Survivorship or if you may be buying someone else's share in a Joint Tenancy with Rights of Survivorship, consult an attorney.  I am NOT an attorney. Joint Tenancy with Rights of Survivorship (JTWROS) is created when two or more parties take ownership of real estate, all owning equal shares.  Title is held as though all owners collectively constitute one person.  The death of one Joi... 02/22/2011

Taking Title in Wyoming as Husband and WifeNaturally, the main requirement for taking title as Husband and Wife in Wyoming is that you be married. For what constitutes legal marriage in Wyoming go to:  http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title20/T20CH1.htm  Suffice it to say that you can only take title as Husband and Wife if you meet the state requirements as to what a husband and wife is.Just because you are married does not mean that you have to take title as Husband and Wife, but if you do here is some of what that means: A husband and wife will own the property as if they are one entity.  As one entity they are each considered to have equal, undivided ownership. One partner or the other may not sell their individual interest in the property because, in th... 02/20/2011

Taking title in Wyoming as a - Sole OwnerThe words "sole owner" make it pretty obvious what this means.  Sole ownership occurs when ownership of a property is vested in one person, or entity (like a city or county), alone.  This means that they alone are responsible for any debt or obligations on the property and they alone can make decisions regarding the property, even to sell. What may not be obvious is that, in Wyoming even a married person can be the sole owner of a property excluding their spouse from any ownership interest.  This could apply to any property acquired before or during marriage under the name of just one spouse or the other.  I won't try to explain the whole law or exceptions to the law but if you are curious you can read over it at: http://legisweb.state.wy.us/stat... 02/20/2011

In Wyoming, you have the choice of taking title of real property in 8 different ways: Sole Owner                                        Husband and Wife Joint Tenants with Rights of Survivorship Tenants In Common Partnership LLC Corporation Trust Often, deciding on which way to take title is straightforward.  But other times,the nature of the relationships between owners and ownership interests will determine the best way title should be recorded.  Over the next few days I will explain what each way to take title means.  And as always, (big disclaimer here!) consult with an attorney to get the best advice for your situation.  . 02/19/2011

When it comes to cattle, Wyoming is a  FENCE OUT State.  That means if you live in rural Wyoming and you do not want cattle to roam freely on your land, then it is your job to fence them out!  Isn't that a funny concept?!Sheep, goats, swine and elk(?!), on the other hand, are required to be fenced in.  Though, permissions are given that allow herds of sheep to be crossed from one grazing area to another by going through someone else's land if necessary.  However, that is "only as long as the animals are not allowed to stop and de-pasture the enclosure."  Good luck telling the sheep that!        Someone wrote an in depth summary about the origin of this law from which I borrowed the "de-pasturing" quote at: http://wlsb.state.wy.us/LE/fencelaw.htm.  To find out more about this curious cu... 02/18/2011

A trust account, also called an earnest money or escrow account, is an account established by someone who is being "trusted" to hold your money for a temporary amount of time.  In real estate, trust accounts are generally for earnest money, rental security deposits and any other situation in which a broker might briefly have custody of another person's money.  The money in a trust account does NOT belong to the broker but to the person for which it is being held.  There are strict rules in place to safeguard funds being held in trust accounts. Money that finds itself in custody of a trust account is subject to those rules and to the provisions of the contract that allowed it to be placed there in the first place.For example, when a buyer submits an earnest money check with their offer, ... 02/17/2011

Earnest Money is an advance deposit a buyer submits with their offer to purchase a property.  It says " Pick me! I am earnest, I am acting in good faith to make a legitimate offer on your property."   While 1% of the purchase price is often the suggested amount of earnest money to include with an offer, a buyer can choose to go  higher  or lower depending on a number of things.  Just remember that an offer submitted with a higher amount may be given more consideration than one with a lower amount.  Owners need earnest money because when they accept an offer, they will be temporarily - hopefully permanently - taking their property off the market.  By agreeing to the terms in a buyer's contract, they are essentially saying "No" to all other real or potential buyers.  They need to know tha... 02/16/2011

Yikes!  You've signed an agreement to have a  REALTOR  help you market your home.  You cleaned up and  made everything, neat,clean and sparkly.  Finally, your home is out there . . . or so you thought.  When you looked for your house online, you found no pictures, or just one picture, or worse yet, pictures that make your home look dingy, dark and unattractive.Maybe - your home is dingy, dark and unattractive. . . but probably not.  If you find your home being represented in an unflattering way, then contact your agent to find a solution.  Most agents will want to do the best they can to put your home's best foot forward - especially since most buyers today start their home search on the internet.   Often, the information and pictures buyers find online can be the difference between wan... 02/15/2011

Yay, the day is almost here!  You've jumped through the hoops, waited anxiously on the edge of your seat for appraisal, approvals, underwriting and more.  You've even had your financial history autopsied all the way back to your first lost tooth.  So, enough already . . .When can you move in?!   The answer - when the deal is DONE.  Not a minute sooner.  In Laramie, that typically means after all the papers are signed, the money exchanged and the title transferred at closing.  Sounds obvious, right?  It is, but . . . what can it hurt to just put a few things in the garage?  Or how about sneaking over and watering that yellowish patch of grass?  Or getting the premium cable installed so it's ready when you get there? No, No and No. To be fair, there are occasions where people do make oth... 02/14/2011

  Seriously, I understand there is a lot of paperwork that goes with making an offer and buying a house.  What, with the disclosures, agency agreements, property condition statements and finally the actual offer -  you'd think you were making a major life decision. Well, ... you are!  I can't be the only agent that gets tired of the mountains of paperwork.  However, I understand the necessity of it.  I know that it exists to protect people on both sides of the deal.  It spells out the specific terms being offered and ultimately, accepted.  It also details the consequences and risks to both parties.  It is a lot of information to process all at once. As realtors, we will explain it to the best of our ability - but most  of us are not lawyers - so you shouldn't rely just on our explanatio... 02/12/2011

With so much talk about who will be the best agent for you, I'd like to suggest a quick and simple test:Call an agent on his or her cell phone . . .Did they answer?If they don't answer, it's okay!  They may be conversing with an actual human being at the time of your call - and we all know that it is rude to ignore the person in front of you to dive for your phone.However, leave a message then get on with your day while you wait for a return call.You should find that the agent will return your call within a reasonable amount of time at their next opportunity.After all, even the greatest agent in the world won't do you much good if you can never reach them! 02/12/2011

Now that I'm under contract to buy a home, how will I remember all the dates and things to do? Part of my job is to help          keep everything on track.   Iwill do what I can to make it easier by providing an outline of all the important deadlines, dates and details.  A straightforwardtransaction might include: ·Deadline to Visit Lender and tender Loan Application·Time window for Inspections·Deadline to request remedy for things found during inspections·Deadline for written agreement between both parties regarding inspection issues (if any)·Last chance for Buyer to void contract if unable to agree on resolution of inspection findings·When to line up Homeowner's Insurance ·When the Title Commitment is Due to You ·Time window to Request in Writing the remedy of any Title defects found ... 02/11/2011

Is there an easier way to understand the Real Estate Brokerage Disclosure given to me by my agent? No, not really.  I've  created the chart below to try to make if clearer.  However, if you still do not understand the Real Estate Brokerage Disclosure, then you should consult with an attorney before entering into any Real Estate relationships or contracts.       02/10/2011