Escrow & Title
In Wyoming, a Torrens system of title registration differs from the recording system in that:
AThey are identical in all respects
BThe Torrens system issues a certificate of title that conclusively establishes ownership, while the recording system is a notice system✓ Correct
CThe recording system is more reliable than the Torrens system
DWyoming uses only the Torrens system for all property
Explanation
The Torrens system (used in some states but not Wyoming for general use) issues a government-certified title certificate that is conclusive evidence of ownership. Wyoming uses the traditional recording system, which provides constructive notice but does not guarantee title—hence the need for title insurance.
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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.
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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
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