The Wyoming residential real estate purchase agreement (“residential real estate purchase contract”) is used when placing an offer to purchase real estate. The agreement is between a buyer and seller and initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Do Sellers in Wyoming Have to Disclose Property Defects?
Wyoming does not require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
Required Seller Disclosures in Wyoming
Although with any material defects with the property, sellers in Wyoming will also need to provide the following:
- Real Estate Agent Disclosure of Material Defects. Wyoming regulatory statutes stipulate that although a seller agent does not have direct obligations to the buyer, they must inform of any known problem with the property. This extends from defects associated with the structure of the building, as well as environmental or title issues.
- Lead-Based Paint Disclosure. Any home that was constructed earlier than 1978 must come with a disclosure upon the transfer of the property that includes any data concerning the presence of lead on the premises as well as educational materials that communicate the risks involved with coming into contact with the harmful substance.