Escrow & Title
In Wyoming, a notice of completion in a construction project is important for:
AGetting a certificate of occupancy
BStarting the clock on the time period for filing mechanic's liens against the project✓ Correct
CObtaining title insurance on the completed project
DFinalizing the construction loan draw schedule
Explanation
Filing a notice of completion starts the clock on the shortened lien filing period for subcontractors and materialmen. Once the period expires, claimants who have not filed their liens lose their lien rights.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
State-Specific Concepts
Mechanic's Lien
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