Contracts
A Wyoming purchase agreement requires 'good title' at closing. 'Good title' (marketable title) means:
AThe property has no existing mortgage
BTitle free from reasonable doubt about its validity—no significant undisclosed liens, encumbrances, or title defects✓ Correct
CThe title has been insured by a title company
DTitle that was recorded within the last 5 years
Explanation
Marketable (good) title is title that is free from reasonable doubt about its validity—a reasonably prudent buyer would accept it. While minor encumbrances like utility easements typically don't affect marketability, significant undisclosed liens or title defects do.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
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