MURANE & BOSTWICK, LLC
Attorneys at Law

Murane & Bostwick, LLC has prepared this page for general information concerning Wyoming law. The information below does not constitute legal advice with respect to any particular circumstance. You should not act, or refrain from acting, based upon any information provided. If you have a question or a problem which may involve legal issues or relationships, you should seek the assistance of an attorney. Murane & Bostwick’s attorneys who emphasize this area of the law are listed at the end of this page.

Get It In Writing. Contracts concerning the purchase and sale or lease of real estate for more than one year are void if not in writing. Wyoming Statute §1-23-105 (1982) provides:

"(a) In the following cases every agreement shall be void unless such agreement, or some note or memorandum thereof be in writing, and subscribed by the party to be charged therewith:

(v) Every agreement or contract for the sale of real estate, or the lease thereof, for more than one (1) year."

Get It Recorded. A conveyance (deed) not recorded with the County Clerk is void as to later purchasers of the same property. Wyoming Statute § 34-1-120 provides:

"Every conveyance of real estate within this state, hereafter made, which shall not be recorded as required by law, shall be void as against any subsequent purchaser or purchasers in good faith and for a valuable consideration of the same real estate or any portion thereof, whose conveyance shall be first duly recorded."

Should I engage an attorney to prepare or at least review real estate transaction documents?

Yes. We know this sounds self-serving, but it is true. Indiscriminate use of preprinted forms and poor draftsmanship routinely create problems for the parties to a transaction. Engaging an attorney to prepare or review the transaction documents, whether for the buyer or seller, is a classic ounce of prevention to avoid a costly pound of cure.

A contract for deed is a seller-financed transaction. The key characteristic of a contract for deed is the forfeiture provision. In a typical contract for deed, if the buyer fails to make the payments pursuant to the contract, the seller may declare a forfeiture, retain all payments made to the date of the default and recover the property. The defaulting buyer does not have the protections afforded by a mortgage, such as the right of redemption. Such strict forfeiture can be disastrous to a buyer who has paid on the contract for years. The seller, on the other hand, may have difficulty enforcing a forfeiture and the seller cannot pursue the defaulting buyer for a deficiency if the property subsequently sells for less than the contract price. For these reasons, a conventional note and mortgage is generally preferable to a contract for deed. Contracts for deed are often utilized where the buyer cannot qualify for conventional financing and for that reason they do provide a mechanism for a sale that otherwise might not occur. Careful drafting of a contract for deed is critical, however, and the parties take significant risks if they do not involve counsel to prepare the contract.

A quitclaim deed passes all title and interest that the grantor has in the premises, but does not warrant that such title is valid. A warranty deed passes all title and interest of the grantor and warrants good title, free from unspecified encumbrances, and promises to defend the title against all claims.

The Wyoming State Bar does not certify any lawyer as a specialist
or expert. Anyone considering a lawyer should independently
investigate the lawyer’s credentials and ability, and not rely
upon advertisements or self-proclaimed expertise

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