All The Best.Sincerely,Julia Brownfield | Owner/Broker.
Picking the Best Way to Hold Title to Your Home – latimes 1/21/16,3:58 PM
PICKING THE BEST WAY TO HOLD TITLE TO YOUR HOME
January 11,2014 | ROBERT J. BRUSS | Special to The Times
One of the last things most home buyers think about is how to take title to their new house.
It’s best to consult a real estate attorney before deciding but, unfortunately, most homeowners don’t do that.
To help with the decision, here are the pros and cons of the fire most common ways to hold title to your home:
1. SOLE OWNERSHIP
- If you are single, one way to hold title to your home is in your name alone. This method is also called ownership in severalty.
- When a married person takes title to real property in his or her name alone in sole ownership, the spouse is usually asked to sign a quitclaim deed giving up any ownership interest in the property.
- This might be done, for example, when a husband invests in properties but his wife is not involved with the realty investments.
- There are no special tax or other advantages of holding title in sole ownership. When the sole owner dies, any property held this way is subject to probate court costs and delays.
2. TENANTS IN COMMON
- When two or more co-owners take title to real estate, especially if they are not married to each other, they often become tenants in common. For example, two realty investors might select this method.
- Each tenant in common owns a specified interest in the property. It need not be equal. For example, one owner might own a 50% interest, another could own 10% interest and a third tenant in common could own a 40% share. The percentage ownership is specified on the deed…
REAL ESTATE BROKERAGE DISCLOSURE
WAR Form 410-0709, Real Estate Brokerage Disclosure | 2009© Wyoming Association of REALTORS®
When you select a Real Estate Brokerage Firm, Broker or salesperson (all referred to as “Broker”) to assist you in a real estate transaction, the Broker may do so in one of several capacities. In accordance with Wyoming’s Brokerage Relationships Act, this notice discloses the types of working relationships that are available to you.
SELLER’S AGENT/ (Requires written agreement with Seller)
If a Seller signs a written listing agreement with a Broker and engages the Broker as a Seller’s Agent, the broker represents the Seller.On properties listed with other brokerage companies, the Broker may work as an agent for the Seller if the Seller agrees to have theBroker work as a subagent. As an agent or subagent for the Seller, the Broker represents the Seller and owes the Seller a duty ofutmost good faith, loyalty, and fidelity in addition to the obligations enumerated below for Intermediaries. Wyo. Stat. $33-28-303(a).The Seller may be vicariously liable for the acts of the Seller’s Agent or Seller’s Subagent that are approved, directed or ratified by theSeller.
CUSTOMER. (No written agreement with Buyer or Seller)
A customer is a party to a real estate transaction who has established no intermediary or agency relationship with any Broker in thattransaction. A Broker may work either as an agent for the Seller treating the Buyer as a customer or as an agent for the Buyer treatingthe Seller as a customer. Also when a Buyer or Seller is represented by another Broker, a Broker may work with the other Buyer orSeller as a customer, having no written agreement, agency or intermediary relationship with either party. A Broker working with acustomer shall owe no duty of confidentiality to a customer. Any information shared with Broker may be shared with the other partyto the transaction at customer’s risk. The customer should not tell the broker any information which the customer does not wantshared with the other party to the transaction. The Broker must treat the customer honestly and with fairness disclosing all materialmatters actually known by the Broker. The Broker owes the Customer the obligations enumerated below for Intermediaries which aremarked with an asterisks. W.S. 33-28-310(a)….