Wyoming Real Estate Contract: Different Types and Key Terms to Include

Quick Facts — Real Estate Contract Lawyers

What is a Wyoming Real Estate Contract?

A Wyoming real estate contract is a legally binding contract executed between a buyer and a seller for the purchase and sale of real property. A real estate contract will include important terms like the purchase price, closing date, and contingencies that must be met before the sale can be completed.

Real estate contracts can only be drafted by a licensed real estate attorney. However, real estate contract templates are available for use by realtors and for sale by owner listings. A real estate contract becomes binding and enforceable once both parties have signed it.

Common Wyoming Real Estate Contracts

There are several types of real estate contracts that are used in Wyoming. The three most common include:

  • Residential purchase agreement. The most common type of real estate contract used for the transfer of residential property like single family homes.
  • Commercial purchase agreement. Used for buying and selling commercially zoned property used for business purposes.
  • Lease agreement. A real estate contract between a landlord and a tenant used for rental properties.

4 Essential Elements of a Wyoming Real Estate Contract

Real estate contracts in Wyoming are governed by the Statute of Frauds so all real estate contracts must be in writing. In addition, the following essential elements must be present in every contract:

  1. Voluntary agreement between competent parties
  2. An offer and acceptance of the offer
  3. Consideration
  4. Legal purpose

If a contract is missing any of these elements, it may be deemed invalid and unenforceable.

Is Wyoming a Buyer Beware State for Real Estate?

Yes. Wyoming follows the principles of "caveat emptor", which means "buyer beware." Under these laws, sellers are not responsible for informing buyers about certain property conditions that could affect the property value. However, sellers cannot knowingly misrepresent the property and real estate agents are legally required to inform buyers of adverse property conditions.

Frequently Asked Questions

How do I hire a lawyer to draft a real estate contract in Wyoming?

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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