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All Deeds in the State of Wyoming are required to be signed in the presence of a Notary Public. Afterwards, the document along with the filing fee should be submitted to the Recorder's Office in the county the property is located.
A mortgage is the standard security instrument used. Deeds of trust are permitted but are rarely used because mortgages may contain a power of sale and foreclosures of deeds of trust, like mortgages, are subject to redemption rights.
A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
To put simply, the deed is the legal document that proves who holds title to a property, while a mortgage is an agreement between a financial lender and borrower to repay the amount borrowed to purchase a home.
Mortgage States and Deed of Trust States StateMortgage StateDeed of Trust StateWashingtonYWest VirginiaYWisconsinYWyomingY47 more rows
A deed that transfers Wyoming real estate must be recorded with the county clerk of the county where the property is located. After accepting a deed, the county clerk records the deed and endorses the time and date of recording on the deed.
A Wyoming deed of trust is used to secure a borrower's debt to a lender by conveying their real estate to a third party (the ?trustee?) until the loan is returned.