BY CHUCK WEST, CCIM AUTHOR AND EDITOR
Forever West AUGUST 2021
COMMON WAYS TO TAKE TITLE in Wyoming
A Westline Special Edition courtesy of First American Title
TENANTS BY THE ENTIRETY
JOINT TENANCY WITH RIGHT OF SURVIVORSHIP
TENANCY IN COMMON
Requires a valid marriage
Parties need not be married; may be more than two Joint Tenants.
Parties need not be married; may be more than two Tenants in Common.
Both Spouses hold the entire interest in the estate.
Each Joint Tenant holds an equal undivided interest in the estate, unity of interest.
Each Tenant in Common holds an undivided fractional interest in the estate.
One Spouse cannot partition the property.
One Joint Tenant can partition the property selling his or her joint interest.
Each Tenant’s share can be conveyed, mortgaged, or devised to a third party.
Requires signatures of both Spouses to convey or encumber.
Requires signatures of all Joint Tenants to convey or encumber the whole.
Requires signatures of all Tenants to convey or encumber the whole.
Estate passes to surviving Tenant(s) outside of probate.
Estate passes to surviving Tenant(s) outside of probate.
No court action required to “clear” title upon the first death. Can be done by filing Affidavit of Survivorship.
No court action requires to “clear” title upon death of Joint Tenant(s) can be done by filing Affidavit terminating joint tenancy
Upon death the Tenant’s proportionate share passes to his or her heirs by will or intestacy.
Chuck West of #1 Properties was awarded the Certified Commercial Investment Member (CCIM) designation #897 in 1978 by the CCIM Institute, one of the leading commercial real estate associations in the world. More than 15,000 commercial real estate professionals have earned the CCIM designation requiring a rigorous combination of coursework and experience since the program was founded in 1969. Chuck is a licensed real estate attorney in CA since 1983 and broker in CA and WY, and has been involved in commercial real estate for over 30 years in private practice, as a corporate executive in charge of 10 million square feet of commercial properties on a national basis and as Director of Real Estate for two large counties handling 14 Million square feet of leased space and 50 million square feet of government owned space.
#1 Properties has closed 1,289 sales in 2021 YTD with a total volume of $456,864,932
08.17.21
FEATURED PROPERTY
3151 NATIONWAY, VARIOUS SPACES FOR LEASE| CHEYENNE, WY Space A split to A1 (5,500 sf ) and A2 (8,288 sf ). Rent on both is $7.50/sf/yr including utilities plus $1/sf/yr CAM Suite K3 (920 sf ) Rent is $7.99/sf/yr including utilities plus $1/sf/yr CAM Suite K1 (2300 sf ) Rent is $7.99/sf/yr including utilities plus $1/sf/yr CA
Upon death the estate of the decedent must be cleared through probate or adjudication.
“This is the way liberty dies-with thunderous applause and a few whimpers.” StarWars Episode 3
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