A deed is a legal document that transfers ownership of real property from a current owner (the “grantor”) to a new owner (the “grantee”). Depending on the details of the transaction, grantors and grantees may use different Wyoming deed forms.
In Wyoming, a general warranty deed is typically referred to simply as a warranty deed. This type of deed transfers a complete ownership interest from the grantor to the grantee. In addition, the grantor guarantees that there are no undisclosed encumbrances or defects in the chain of title.
The Wyoming warranty deed’s guarantee extends to the actions of prior owners as well. If the grantee ever finds undisclosed defects or encumbrances, the grantor is held responsible for curing them.
In Wyoming, a quitclaim deed transfers all of a grantor’s ownership interest to the grantee. However, this ownership interest may be partial, and it may be encumbered by liens and other title defects which pass on to the grantee.
This type of deed is rarely used in real estate purchase transactions because it doesn’t protect the buyer against prior owners’ liens. A quitclaim deed is commonly used in gift transactions between family members and former spouses in a divorce.
A specialty warranty deed falls somewhere in between quitclaim deeds and warranty deeds. Under a Wyoming special warranty deed, the grantor guarantees that there are no undisclosed defects or encumbrances that they have caused during their ownership.
This guarantee does not cover the actions of prior owners, which means that old liens and defects in the chain of title may eventually come back to the grantee. However, the grantor is still responsible for curing any encumbrances or defects they have caused or suffered.
Lenders often ask borrowers for an ownership interest in their property as collateral for a loan. In some states, this is done using a mortgage. In Wyoming, a deed of trust secures a loan for a lender. This deed transfers a partial ownership interest to the lender, who becomes a trustee of the property.
If the borrower defaults on the loan, a deed of trust allows the lender to sell the property to collect on the debt. Unlike a mortgage, a deed of trust permits the lender to do this without first obtaining permission from a court.
Here are some common questions about Wyoming property deeds.