Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
WYOMING STATUTES
TITLE 34 PROPERTY, CONVEYANCES AND SECURITY TRANSACTIONS
CHAPTER 1 GENERAL PROVISIONS ARTICLE 1 IN GENERAL
34-1-101. "Purchaser" defined.
The term "purchaser", as used in this act shall be construed to embrace every person to whom any estate or interest in real estate shall be conveyed for a valuable consideration, and also every assignee of a mortgage or lease, or other conditional estate.
34-1-102. "Conveyance" defined.
The term "conveyance", as used in this act, shall be construed to embrace every instrument in writing by which any estate or interest in real estate is created, alienated, mortgaged or assigned, or by which the title to any real estate may be affected in law or in equity, except wills, leases for a term not exceeding three (3) years, executory contracts for the sale or purchase of lands, and certificates which show that the purchaser has paid the consideration and is entitled to a deed for the lands, and contain a promise or agreement to furnish said deed at some future time.
34-1-106. Form and capacity of conveyances.
Conveyances of land or of any estate or interest therein, may be made by instrument executed and acknowledged by the party from whom or which the estate or interest is intended to pass.
WYOMING STATUTES
TITLE 34 PROPERTY, CONVEYANCES AND SECURITY TRANSACTIONS
CHAPTER 2 DEEDS, MORTGAGES AND LEASES GENERALLY
34-2-102. Form of warranty deed.
Conveyances of land may be substantially in the following form: Warranty Deed. A. B., grantor, (here insert name or names and place of residence), for and in consideration of (here insert consideration) in hand paid, conveys and warrants to C. D., grantee, (here insert grantee's name or names and place of residence) the following described real estate (here insert description) situate in the county of ...., state of Wyoming. Dated this .... day of .... A.D. .......... A. B.
34-2-103. Form of warranty deed; effect; implied covenants.
Every deed in substance in the above form, when otherwise duly executed, shall be deemed and held a conveyance in fee simple, to the grantee, his heirs and assigns, with covenants on the part of the grantor, (a) that at the time of the making and delivery of such deed he was lawfully seized of an indefeasible estate in fee simple in and to the premises therein described, and had good right and power to convey the same; (b) that the same were then free from all incumbrances; and (c) that he warrants to the grantee, his heirs and assigns, the quiet and peaceful possession of such premises, and will defend the title thereto against all persons who may lawfully claim the same. And such covenants shall be obligatory upon the grantor, his heirs and personal representatives, as fully, and with like effect as if written at length in such deed.
34-2-105. Form of quitclaim deed; effect generally.
Every deed in substance in the form prescribed in the foregoing section, when otherwise duly executed, shall be deemed and held a sufficient conveyance, release and quitclaim to the grantee, his heirs and assigns, in fee of all the then existing legal or equitable rights of the grantor in the premises therein described, but shall not extend to after acquired title unless words are added expressing such intention.
34-2-107. Form of real estate mortgage.
Mortgages of land may be in the following form: A. B., mortgagor, (here insert the name or names and place of residence) to secure the payment of (here insert the amount of indebtedness, when due, rate of interest, and whether secured by a note or otherwise), do hereby mortgage the following described real estate (here insert description thereof) situate in.... county, state of Wyoming. The mortgagor agrees to pay all taxes and assessments on said premises and to keep the buildings thereon insured in a sum not less than $ .... during the life of this mortgage, payable to the mortgagee; and in case he does not the mortgagee may insure said building or buildings and pay said taxes and all amounts so paid shall be added to and considered as part of the above indebtedness hereby secured. In case of default of payment of either interest or principal then the whole indebtedness herein secured shall become due and payable, and the mortgagee may proceed, pursuant to law, to foreclose on said property and in case of foreclosure the mortgagor hereby agrees to pay all costs of the same, including an attorney's fee of $ .... Dated this .... day of .... A.D .... A. B.
34-2-108. Form of real estate mortgage; effect; when covenants implied.
Every such mortgage when otherwise duly executed, shall be deemed and held a good and sufficient mortgage in fee to secure the payment of the moneys therein specified; and if the same contains the words "and warrants", the same shall be construed the same as if full covenants of seizin, good right to convey against encumbrances, of quiet enjoyment and general warranty, as expressed in section one of this act were fully written therein; but if the words "and warrants" are omitted no such covenant shall be implied.
34-2-109. Master form mortgage; recording authorized; entitlement on face; need not be acknowledged.
An instrument containing a form or forms of covenants, conditions, obligations, powers, and other clauses of a mortgage may be recorded in the office of the county clerk, upon the request of any person, on tender of the lawful fees therefor, shall record the same in his registry. Every such instrument shall be entitled on the face thereof as a "Master form recorded by .... (name of person causing the instrument to be recorded)". Such instrument need not be acknowledged to be entitled to record.
34-2-111. Master form mortgage; use by reference.
Thereafter any of the provisions of such master form instrument may be incorporated by reference in any mortgage of real estate situated within this state, if such reference in the mortgage states that the master form instrument was recorded in the county in which the mortgage is offered for record, the date when and the book and page or pages where such master form instrument was recorded, and that a copy of such master form instrument was furnished to the person executing the mortgage. The recording of any mortgage which has so incorporated by reference therein any of the provisions of a master form instrument recorded as provided in this section shall have like effect as if such provisions of the master form so incorporated by reference had been set forth fully in the mortgage.
34-2-113. Cancellation form for mortgage or deed of trust; recordation; effect.
(a) A cancellation or discharge of mortgage or deed of trust may be in the following form substantially:
Certificate of Discharge This certifies that a (mortgage or deed of trust, as the case may be) from .... to .... dated .... A.D .... and recorded in book .... of .... on page ..... has been fully satisfied by the payment of the debt secured thereby, and is hereby cancelled and discharged. Signed in the presence of .... county clerk of .... County. Filed and recorded .... A.D. .... at .... M. County clerk
(b) Such cancellation or discharge shall be entered in a book kept for that purpose, and signed by the mortgagee or trustee, his attorney-in-fact, executor, administrator or assigns, in the presence of the county clerk or his deputy who shall subscribe the same as a witness, and such cancellation or discharge shall have the same effect as a deed or release duly acknowledged and recorded.<br />
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WYOMING STATUTES<br />
TITLE 34 PROPERTY, CONVEYANCES AND SECURITY TRANSACTIONS<br />
CHAPTER 3 DEEDS OF TRUST<br />
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34-3-101. Form.<br />
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A deed of trust to secure debts or indemnify sureties may be in the following form, or to the same effect: This deed, made the …. day …., in the year of …., between …. (the grantor) of the one part, and …. (the trustee) of the other part; witnesseth: That the said …. (the grantor) doth (or do) grant unto the said …. (the trustee) the following property (here describe it), in trust to secure (here describe the debts to be secured or the sureties to be indemnified, and insert covenants or any other provisions the parties may agree upon); witness the following signatures and seals (or signature and seal).<br />
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34-3-102. Trustee’s sale; generally.<br />
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(a) The trustee in any such deed, except so far as may be therein otherwise provided, shall, whenever required by any creditor secured or any surety indemnified by the deed, or the personal representative of any such creditor or surety, after the debt due to such creditor, or for which such surety may be liable, shall have become payable, and default shall have been made in the payment thereof, or any part thereof, by the grantor, sell the property conveyed by the deed, or so much thereof as may be necessary, at public auction, for cash, having first given notice of such sale as hereinafter prescribed, and shall apply the proceeds of sale, first to the payment of expenses attending the execution of the trust, including a commission to the trustee of five percent (5%) on first three hundred dollars ($300.00) and two percent (2%) on the residue of the proceeds, and then, pro rata (or in the order of priority, if any, prescribed by the deed) to the payment of the debts secured and the indemnity of the sureties indemnified by the deed, and shall pay the surplus, if any, to the grantor, his heirs, personal representatives, or assigns. Every such notice of such sale shall show the following particulars:<br />
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(i) The time and place of sale;<br />
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(ii) The names of the parties to the deed under which it will be made;<br />
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(iii) The date of the deed;<br />
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(iv) The office and book in which it is recorded;<br />
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(v) The quantity and description of the land or other property, or both, conveyed thereby;<br />
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(vi) The names of the persons secured or indemnified thereby;<br />
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(vii) The amount secured and the time when payable;<br />
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(viii) The amount of credits, if any, to which the same is subject;<br />
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(ix) The amount of the principal and interest claimed to be due and unpaid, and for which the sale will be made.<br />
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34-3-103. Trustee’s sale; notice.<br />
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Notice of sale mentioned in W.S. 34-3-102 shall in every case be the same as the notice provided in W.S. 34-4-104.<br />
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34-3-104. Trustee’s sale; form of deed for auctioned realty.<br />
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Every deed for real estate sold under a deed of trust may be made in the following form, or to the same effect: This deed, made the …. day of …. between A. B., trustee, of the first part, and C. D., of the second part, whereas the said trustee, by virtue of the authority vested in him by the deed of trust hereinafter mentioned (or by an order of the district court of the county of ….) made on the …. day of …. (as the case may be), did sell as required by law, a certain tract (or lot, as the case may be), of land, situated in the county (or city, town or village, as the case may be), of …. conveyed by E. F. to the said A. B., trustee (or to G. H., trustee, as the case may be), by deed bearing date the …. day of …., and recorded (if it be recorded), in deed book …., on page …., in the office of the recorder of the county of …., and bounded and described therein as follows: (Here insert the description and quantity as set forth in the deed of trust and any other description deemed necessary); at which sale the said C. D. became the purchaser for the sum of …. dollars. Now, therefore, this deed witnesseth that the said trustee hereby conveys and grants to the said C. D. the said real estate hereinbefore described, with all the right, title and interest held by the said E. F. therein, to have and to hold the said real estate and premises unto the said C. D., his heirs and assigns forever. Witness the following signature and seal. (Seal.)<br />
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WYOMING CASE LAW<br />
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Under an arrangement for the conveyance of real property pursuant to an executory installment contract, the seller agrees to accept payments from the buyer, usually over a period of time, until the price set by the contract has been paid. When that condition is satisfied, the seller is bound to deliver a deed to the buyer. At all times prior to the final payment and the delivery of the deed, even though the buyer usually has possession, legal title remains vested in the seller. The interest of the buyer is equitable, not legal. In re Estate of Ventling, 771 P.2d 388 (1989)<br />
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Judgment liens do not attach to the equitable interest of a purchaser of land under a contract for deed or an installment land contract. Id.<br />
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The fundamental difference distinguishing a mortgage from an installment land contract, at least in states applying a lien theory to mortgages, is that, in a mortgage, fee title has vested in the purchaser/mortgagor. Metropolitan Mortgage & Sec.Co. v. Belgarde, 816 P.2d 868 (1991)<br />
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When a question as to the nature of the transaction arises, however, and in order for a court to find a mortgage, it must be shown that the parties intended a mortgage transaction rather than an installment land contract; i.e., there must have been an intent to create a security, as construed from the written agreement and the surrounding circumstances. Id.
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