Updated on June 7th, 2023
The Wyoming purchase agreement establishes the exchange of property for a substantiated monetary amount with accompanying terms and conditions to be agreed upon by a buyer and seller. The particulars of the contract are offered in the document by the seller for review and potential acceptance from the buyer. The accord is then contractually bound upon the endorsement of both parties after concurrence on the contents of the agreement.
Buyer Beware (Wyoming Statute § 40-12-105) – Wyoming law does not extend the requirement for the seller of a home to disclose material issues with the property within the legal statutes. According to Wyoming Statute § 33-28-303, disclosure of known defects must be revealed in the case that a real estate agent is involved in the sale.
Lead-Based Paint Disclosure (42 U.S. Code § 4852d) – The federal government mandates that any domicile built either in 1978 or earlier must reveal in the sales contract the possibility for exposure to lead-composed paint.
Real Estate Agent Disclosure of Material Defects (Wyoming Statute § 33-28-303) – 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.