The purchase agreement is a document used between the seller and the buyer to determine the details of the property’s sale and purchase.
This document usually includes information about the seller and the buyer, a description of the property, the purchase price, details about the financing, contingencies, and other terms and conditions related to the transaction.
Wyoming Purchase and Sale Agreement Form
The Wyoming purchase and sale agreement is a legal document that provides the terms and conditions under which the seller agrees to sell, and the buyer agrees to buy a certain item.
Although the purchase agreement itself doesn’t transfer any legal rights between the seller and the buyer, parties use it to provide all the details related to their transaction. This prevents potential misunderstandings and disputes between the seller and the buyer.
The document is also known as:
Other Names for Wyoming Purchase Agreement
Wyoming purchase and sale agreement
Wyoming sale and purchase agreement
Wyoming sale and purchase contract
Wyoming purchase and sales contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Wyoming.
Purchase Agreement Wyoming Laws & Requirements
As a buyer's beware state, Wyoming state legislation doesn’t require the seller to provide any warranties to the buyer regarding the condition of the property. This means that the buyer is purchasing the real estate in Wyoming “as is”.
However, the seller cannot mislead the buyer regarding the property’s condition. Therefore, it is best if the seller provides a property disclosure statement to the buyer, as required by § 40-12-105.
Purchase Agreement Required Disclosures in Wyoming
Here, you can find the list of disclosures that must be included in the Wyoming real estate purchase agreement.
Lead-Based Paint Disclosure. It is required by 42 U.S. Code § 4852d that the seller provide information to the buyer about the lead-based paint hazard at the property. This requirement applies to all properties built before 1978 and to properties with known lead-based paint hazards.
Real Estate Agent Brokerage Disclosure. If the seller hires a real estate agent to represent them, the agent must inform the buyer about any defect that the property has that is known to the agent. (§ 33-28-303(c))
Common Types of Purchase Agreements in Wyoming
This section provides all the types of purchase agreements used in Wyoming.
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Sellers and buyers use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Parties can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Sellers and buyers can use it to provide terms and conditions for transferring the company's shares.
Land purchase agreement. Parties use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Wyoming.
Purchase Agreement in Wyoming FAQ
Yes, the Wyoming purchase agreement becomes legally binding the moment both the seller and the buyer sign the document.
Yes, you must include the purchase price in the Wyoming sales agreement since the purchase price is the main obligation of the buyer, and the document won’t produce any legal effect if we exclude the purchase price from it.
No, the purchase and sale agreement in Wyoming doesn’t have to be notarized. This is due to the fact that the purchase agreement doesn’t transfer any legal rights between the seller and the buyer.
Yes, the seller can back out of the purchase agreement if the buyer fails to meet the contingencies set out in the agreement.