Special offer

Taking Title as Sole Owner in Wyoming. Laramie, WY Real Estate

By
Real Estate Broker/Owner with Live in Laramie Real Estate, Laramie, Wyoming WY #12296

Taking title in Wyoming as a - Sole Owner

The 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/statutes/statutes.aspx?file=titles/Title20/T20CH1.htm

casual frog

So. . . if a married couple has the intention of sharing ownership of a property that is solely owned by one of them, they must be sure to transfer the title rights legally, in writing and have them officially recorded.  Otherwise, ownership of the solely owned property of one spouse is NOT presumed to be transferred to the other spouse if something happens to the spouse holding sole ownership of a property.

Although,Wyoming, like many other states, has Homestead Exemption laws which protect spouses to a small degree whether or not they have a titled ownership interest in the property.  Rumor has it this came about back in the days when all ownership was in the name of a husband and should said husband gamble away his home, then the wife could have some recourse and not find herself homeless. I don't know how much truth there is to that but that's what I've been told...


Whether married or unmarried, anyone having sole ownership interest in a real property should have a will in place that specifies exactly what they want to happen to the property upon their death or severe disablement.  Otherwise, the property will be conveyed as provided in the Wyoming Probate Code and the decision will not be up to you or your survivors at all.
  http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title2/T2CH1.htm 

 

Ownership interest in real estate is complicated.  I was hoping to explain it in an easy way.  But, alas, there is no easy way.  Fortunately, that's what attorneys are for - and well worth it in this situation if you have any questions at all about how to take title.

Next up - Look for a basic explanation for taking title as - Husband and Wife . . .

Posted by

Brenda Whitman, Broker/Co-owner                                                Office Phone: 307.460.3298

Live in Laramie Real Estate                                                                Cell Phone: 307.399.5477

302 S 2nd Street, Suite 206                                                      E-mail: brenda@liveinlaramie.com

Laramie, Wyoming  82070                                                       Office Website:  www.liveinlaramie.com

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Brenda, Sorry I have not been on here when you are blogging.  I need to go back and see what I all miss.  

Jan 23, 2018 09:08 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Brenda Whitman, Live in Laramie Real Estate - spouses in Laramie WY need to understand these rights when it comes to ownership of a home. 

Jan 23, 2018 10:17 AM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

All spouses need to understand their rights when it comes to home ownership.

Jan 23, 2018 01:06 PM