In Wyoming, you have the choice of taking title of real property in 8 different ways:
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.
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney. This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc. Any consumer with questions about the real estate process should always consult an attorney of their own.
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 custom but quickly and painlessly, Cole Ehmke wrote an excellent short article called "If You Fence It, They Will Stay Out" at: http://uwadmnweb.uwyo.edu/cesfrm/IfYouFenceIt.pdf.
Lastly, you can follow a lively, online discussion from 2007 at:
http://www.city-data.com/forum/rural-small-town-living/772201-help-neighbors-cows-trashing-my-yard-4.html#ixzz1EMJd0aFi
"Fence Out" is a concept I never heard before I got into real estate, but now that I know what it is, it explains A LOT about the gates and fencing we encounter in the public wilderness areas around here!
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney. This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc. Any consumer with questions about the real estate process should always consult an attorney of their own.
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, that check will be deposited into the selling brokerage's designated trust account. This may be an account held by the broker at a financial insitiution or that broker may use an outside entity, like a title company. The money is not being given to the seller or to the broker.
Real estate contracts will specify under which conditions earnest money may be released. Usually, but not always, this will be back to the buyer, turned over to the seller or applied at closing to the purchase price of the property. Other situations may exist but one rule remains constant . . . Trust Account Monies can only be released in accordance to the contract that gave custody of the money to the broker to begin with.
So, if you were wondering what happens to the earnest money you submit, now you know. Yes, there are risks with offering earnest money. Your contract will spell out exactly what those risks are. Carefully read and understand it and know that your agent and broker follow strict guidelines to minimize the risks as much as possible.
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney. This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc. Any consumer with questions about the real estate process should always consult an attorney of their own.
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 that this risk is worth it, that making their home unavailable to all others will likely result in a positive outcome for them. If the offer is accepted and the deal goes through, then the earnest money is applied towards the agreed upon purchase price at closing.
However, offering earnest money is not without risk. There are situations that can result in a buyer losing their earnest money deposit.
As such, nearly all written real estate contracts will outline what can be done with earnest money. These will include provisions that protect the buyer, detailing under which circumstances a contract may be voided and earnest money given back to the buyer. Contracts will also have provisions that protect the seller and under which circumstances they would be allowed to keep the earnest money. Generally, "I changed my mind " is not one of the conditions for getting your earnest money back.
The bottom line is that buying and selling real estate brings with it inherent financial risks. An earnest money deposit helps to ensure that both parties, buyers and sellers, are acting in good faith and remain motivated to honor their prospective duties. After all, real estate is the biggest monetary investment most people make in their lives, so a little assurance - in the form of earnest money - is a small concession if it keeps everyone on the same page and moving forward.
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney. This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc. Any consumer with questions about the real estate process should always consult an attorney of their own.
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 wanting to see your actual home or just clicking away to the next one. We want to attract buyers and we want our sellers to be satisfied. So really, it is okay to go online (and you should!) to double check that your home is making a GOOD . . .
F I R S T I M P R E S S I O N!
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney. This article is not endorsed, approved or affiliated with Century 21 Real Estate Center, Inc. Any consumer with questions about the real estate process should always consult an attorney of their own.
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Laramie, WY is my favorite place in the whole world. Small enough to be friendly, big enough to be diverse. After 30 years here, I would not want to live anyplace else!
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