taking title: Laramie, Wyoming Real Estate: Taking Title as a Trust - 02/27/11 02:23 PM
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 … (5 comments)

taking title: Laramie, Wyoming Real Estate: Taking Title as a Corporation - 02/26/11 08:11 AM
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 … (3 comments)

taking title: Laramie, Wyoming Real Estate: Taking Title as an LLC - 02/25/11 02:34 AM
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 Edition
by Fillmore W. Galaty, Wellington J. Allaway and Robert C. Kyle
2006 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 … (2 comments)

taking title: Laramie, Wyoming Real Estate: Partnership - 02/24/11 03:53 AM
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 … (3 comments)

taking title: Laramie, Wyoming Real Estate: Tenants in Common - 02/23/11 04:47 AM
Laramie, Wyoming Real Estate:  Tenants in Common
In 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 … (4 comments)

taking title: Laramie, WY Real Estate: Joint Tenants with Rights of Survivorship - 02/22/11 06:33 AM
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 … (10 comments)

taking title: Laramie,Wyoming Real Estate: Taking Title in Wyoming - 02/19/11 01:19 PM
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.
 
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