A Wyoming residential purchase agreement explains the terms governing the transfer of residential property between a buyer and seller. This contract’s essential elements include the agreed-upon purchase price, closing date, and the allocation of closing costs. Additionally, the agreement specifies the earnest money deposit and outlines insurance and financing requirements the buyer must meet.
After the buyer initiates the agreement with an offer to purchase, the parties undergo negotiation until they agree on all terms. Then, they sign the document to solidify a contractual commitment to transfer property ownership under agreed-upon conditions.
State Laws
- Buyer Beware: Wyoming is a caveat emptor or a buyer beware state, meaning property sellers don’t have to reveal a property’s condition to potential buyers. However, if a real estate broker conducts the sale on the seller’s behalf, the broker must disclose any known materially adverse defects [1] . Per the state’s consumer protection laws, sellers must not deliberately misrepresent the real estate for sale [2] .
- Earnest Money Deposit: Unless the parties to the contract agree otherwise, the responsible broker receiving earnest money should deposit the cash or check into their trust account. If the responsible broker receives a promissory note or a thing of value, they should hold the note or thing of value [3] .
Required Seller Disclosures
Lead-Based Paint Disclosure
Sellers must provide buyers with information on lead-based paint hazards if the property being sold was constructed before 1978, per federal law (42 U.S. Code § 4852d).
Property Disclosure Statement
Even though state law doesn't require the disclosure of a for-sale property's condition, the seller can issue a property condition report to the buyer.
Real Estate Brokerage Disclosure
If a real estate broker facilitates the sale, they must issue a disclosure to their clients, communicating their obligations to the client and the services they provide (Wyo. Stat. § 33-28-303).
Do Sellers in Wyoming Have to Disclose Property Defects?
No. Wyoming doesn’t demand that property sellers disclose material defects in most cases. It’s a buyer-beware state, meaning buyers remain responsible for confirming the condition of a property before finalizing a sale.
Even though sellers don’t have to divulge material defects in many situations, the seller shouldn’t conceal latent defects or deceive buyers. These actions could result in fraud, making the seller liable for any resulting damages.
