Escrow & Title
In Wyoming, the title to real property is transferred when:
AThe purchase contract is signed
BThe deed is delivered and accepted by the grantee✓ Correct
CThe closing disclosure is issued
DThe lender funds the loan
Explanation
Title to real property transfers when a valid deed is delivered by the grantor and accepted by the grantee. Signing and recording are important but the legal transfer occurs at delivery and acceptance.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
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