Greater Cheyenne Chamber of Commerce Business Journal Q3 2015 | Page 54

By: Tim Woznick, Partner at Dray, Dyekman, Reed and Healey, PC
There are many benefits of living in Cheyenne– friendly citizens,
good schools, opportunities for outdoor activities, and a strong
economy, to name just a few. If you’re considering a move here
(or a move across town) and are buying a home, there are many
legal issues to consider. This article discusses a few of them.
Reviewing purchase documents
Though it can be cumbersome, take time to read all the
documents you receive. For example, read your purchase
contract to understand what it requires of you and the seller.
Also, typically title insurance is purchased to protect buyers.
Prior to closing, you should receive a title insurance commitment
showing what other interests encumber the property. Read the
commitment carefully to know what interests others have in your
property (for example, easements across the property).
Seller representations
Before signing the contract, you should request a document from
the seller disclosing known problems with the home. Review
this document carefully. It should include information about the
working condition of appliances and the heating, electrical and
water systems in the home, the condition of the roof, whether the
seller knows of water problems, mold, and other important facts.
Taking title
Legal title to property is transferred by deed (usually a warranty
deed), which specifies how the buyer holds legal title after the
sale. An individual buying a home takes title as a single person.
However, with two or more buyers, the options increase.
• Joint tenancy with rights of survivorship. Joint tenants each
own equal, undivided interests in the property. Each joint
tenant enjoys the same rights to use and enjoy the property
until one dies. Upon the death of one joint tenant, that
person’s share automatically transfers in equal parts to the
survivors. When only one joint tenant is Y