The Wyoming residential purchase and sale agreement relays the terms of a real estate transaction between two (2) parties whereby the buyer agrees to purchase residential property from the seller. The purchase price, closing date, and closing costs must be included. If applicable, the document must also list the earnest money payment amount, as well as any insurance and financing requirements.

Once the contract has been signed by both parties, it becomes legally binding. Because Wyoming is a “buyer beware” state, the buyer will be responsible for any repairs once the agreement has been signed as they will not be able to hold the seller liable for defects found after the fact.

Buyer Beware

Wyoming is what is known as a “buyer beware” state, which means that residential real estate sellers aren’t legally required to disclose the condition of a property being sold to potential buyers. However, if the sale is conducted through a real estate broker, the broker will be required to inform the buyer of any known materially adverse defects (§ 33-28-303(c)). Furthermore, under consumer protection law, sellers are prohibited from deliberately misrepresenting the property for sale (§ 40-12-105).