Escrow & Title
In Wyoming, a tax deed is issued when:
AA property owner pays their property taxes
BA property is sold at a tax sale to collect unpaid property taxes✓ Correct
CA mortgage is paid off
DA property is conveyed to a tax-exempt organization
Explanation
A tax deed is issued to the purchaser at a tax lien foreclosure sale when property taxes have not been paid. Wyoming has a tax certificate system where delinquent tax certificates can be purchased, and if the delinquency is not redeemed, the certificate holder can obtain a tax deed.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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