A Wyoming residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Do Sellers in Wyoming Have To Disclose Property Defects?
Wyoming does not require real estate sellers to disclose material defects in a property. A few states, including Wyoming, hold to a “caveat emptor” (“may the buyer beware”) rule, where the buyer has full responsibility to investigate and resolve any issues with the property.
This means even if the buyer doesn’t perform full due diligence, they don’t have the legal option to reverse a real estate transaction. For example, if the seller says the condition of the roof is fine to the best of their knowledge, and the buyer doesn’t perform a roof inspection, the buyer won’t be able to reverse the purchase if the roof later turns out to have structural issues.
Common Seller Disclosures in Wyoming
Wyoming sellers of residential real estate must make the following disclosures, as appropriate, in order for a real estate purchase agreement to be considered legally binding:
- Disclosure of Material Defects: Not required by statute, but in common use by real estate agents. Discloses material defects with a property that are known to the seller at the time of sale, and details any potential issues and conditions that may affect the value of the property.
- Lead-Based Paint Disclosure: Any home constructed earlier than 1978 must come with a disclosure upon the transfer of the property which includes any information about the presence of lead on the premises, as well as educational materials that communicate the health risks associated with lead exposure.
