WY Underwriting Summary

Search/Exam

No state law minimum period of time for a search.
Under Wy. Stat. §34-10-103, the search periods are not less than forty (40) years at time the marketability is to be determined.
Surveys are done for Extended – Expanded Coverage policies. These policies are not common in WY. Survey needed is the ALTA/NSPS survey for extended coverage.

Title insurer or agent may engage in the escrow, settlement or closing business provided that funds deposited in connection with any escrow are deposited separately. Wyo. Stat. §26-23-314.
No title insurance within the state may be issued unless based upon adequate evidence of the current condition of title, certified in writing, as of the date of the policy by either (1) an authorized abstractor with a complete set of abstract records of title of all real estate in the county or (2) an attorney authorized to practice in Wyoming provides an opinion as to the condition of the title following a review of the pertinent title records or abstracts. See Wyo. Stat. §26-23-308 and §33-2-101.
Title insurance companies authorized to do business in the State of Wyoming and their licensed agents are not prohibited from preparing certain documents on standardized forms prepared by a licensed Wyoming lawyer.
Title insurance companies and their licensed agents may only prepare closing statements and releases which do not affect judgment liens. Wyo. R. State Bar, Att’y Cond. & Prac. 7.

Judgement lien attaches:
- For judgements before 1999, the first day of the term at which judgment is rendered.
- For judgements after 1999, from recording of the judgment with the County Clerk.

Fifty percent(50%) of real estate taxes are due on and after September 1 and payable on November 10 in each year. The remaining 50% is due on and after March 1 and payable on and after May 10 of the following calendar year. Wyo. Stat. Ann. § 39-13-107(b)(i)(D).
The holder of a tax deed takes the title of the taxpayer and receives at least constructive possession of the land.
The tax deed obliterates all prior encumbrances

A spouse not in title must join in the conveyance/mortgage of homestead property. See Wyo. Stat. §34-2-121.
Every owner or occupant of a homestead must execute the deed or security instrument to properly encumber or convey the homestead right. The document must contain the following language to release the homestead, “hereby releasing and waiving all rights under and by virtue of the homestead exemption laws of this state” and be signed by the owner and any spouse of the owner of the homestead. See Wyo. Stat. §34-2-121.

Wyoming allows both Deed of Trust and Mortgage. Mortgages are standard.
A title insurer or title agent may reconvey a trust deed or release a mortgage regardless of whether the title insurer or title agent is named as a trustee. Wyo. Stat. § 34-1-146.
Thirty (30) day writing period before recording a reconveyance or release and after mailing notice of intent. Wyo. Stat. § 34-1-147.

US Judgment Liens 20 years, renewable for 20 years
State Court Judgment Liens 5 years
Federal Tax Liens 10 years (+30 days); can be refiled
Estate Tax Lien Federal 10 years
Mechanics/Construction lien must be filed within 120(subcontractors, laborers, etc.) or 150 (original contractor) days of completion of work of filing Ntc of Substantial Completion / Action to foreclose must commence in 180 days following filing of lien. Wy.Stat. 29-2-106 & 29-2-109
- Extensions cannot exceed twice the time within which the lien would have to be filed (i.e. 300 days contractor and 240 days all others).
Financing Statements effective for 10 years (5 years if before July 1, 2013). Wyo. Stat. § 34.1-9-515.