Updated September 20, 2023
A Wyoming residential purchase and sale agreement is a contract used to transfer ownership of real property. Initially, the buyer will execute the document to outline the financial terms and other conditions of the purchase. The seller can then either accept the offer as-is, decline the proposal altogether, or adjust the terms to suit their preferences thus continuing the negotiation process. An agreement is only legal if both parties accept the terms and sign the contract.
According to § 33-28-303(c), if the seller has employed the services of a real estate agent to manage the transaction, the agent is legally required to inform the buyer of any known adverse material defects.
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Buyer Beware
A seller cannot be held responsible for defects discovered after a property is purchased. However, a seller is prohibited from knowingly misrepresenting the property during the sale. Therefore, it is best to use the Property Disclosure Statement to inform the buyer of any issues that should be known (§ 40-12-105)
Disclosures (3)
Lead-Based Paint Disclosure – The seller or agent must disclose to the buyer all information concerning lead-based paint contained within the residence (only applicable to properties constructed prior to 1978).
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Property Disclosure Statement – Not required but is recommended by a seller to mention any material defects or known issues with the property.
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Real Estate Agent Brokerage Disclosure (§ 33-28-303(c)) – If the seller hires a real estate agent, the agent is required to inform prospective buyers of any material defects which to the agent are actually known.
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Commercial Property
Commercial Purchase Agreement – This document can be used between a buyer and seller to purchase commercial property.
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