Wyoming Real Estate Law
The State of Wyoming has passed many laws and statutes that are meant to protect the public from fraudulent activity, misrepresentation and criminal activity in the area of Real Estate. A realtor is not allowed to practice law but is licensed to use professional forms approved by the Wyoming Real Estate Commission and is permitted to write contracts to list and sell a property in Wyoming.
This subject is complex and it is important for both buyers and sellers to note that there is usually great risk associated with each real estate transaction as they are legally binding themselves in writing. Jackson Hole Real Estate is some of the most expensive luxury property in the world and the dollar amounts make the risk and potential liability even greater
If a deal does not close under a specific performance contract agreement signed by a buyer and seller, there may be liability that could adversely affect either party. This is why realtors must disclose to buyers and sellers how they are representing the parties recommend good legal review as they are entering into a contract. As with everything in life, all lawyers are not equal. Some are far superior to others in regards to Real Estate.
An attorney may or may not have good Real Estate abilities depending on the amount of experience they have. A skilled attorney that has practical application experience and keen due diligence perception is a tremendous asset to a buyer or seller of a property. Ask your Broker who the best Real Estate attorneys are in the area and hire them. The attorney fees should be fairly minimal for a normal deal if the broker has done a good job. A lawyer that charges more for services may be worth the extra money spent on a transaction.
A sure sign of a good Real Estate attorney is his or her ability to read legal descriptions in a deed and compare them to a plat map. This attorney also will know how to discern through any problem areas in a title report provided on a property and is able to understand most easement issues, liens and other encumbrances that may have adverse affects. A good Real Estate attorney needs to also be a reasonable negotiator and able to take a deal to closing without causing too much grief.
Realtors and Lawyers in most cases have malpractice insurance that may cover any errors and omissions in a specific performance contract. If there is gross negligence or incompetence in a deal the insurance protection may not cover a claim. This is a very good reason why the public should seek Wyoming Real Estate Brokers and Legal professionals to conduct a Real Estate transaction. Using an excellent Title Company that is bonded is another great source of liability protection for buyers and sellers if there are any mistakes made at closing due to errors. Real Estate is very complex in nature and most lawyers and realtors would tell you that professionals just do not have the expertise to draft legally binding documents for buyers and sellers. This issue has led to a great surge of malpractice and misrepresentation lawsuits in the United States against both realtors and lawyers.