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The Wyoming Real Estate For Sale form is an essential document for anyone looking to buy or sell property in the state. It establishes a clear agreement between the seller and the buyer, outlining the terms and conditions of the sale. This form includes crucial sections such as the property description, which must be filled out to identify the specific real estate involved. Additionally, it details the sales price, including earnest money and financing options, ensuring both parties understand their financial commitments. Buyers should be aware that the form addresses property conditions and disclosures, especially regarding lead-based paint for homes built before 1978. Furthermore, it sets forth the responsibilities of both the buyer and seller during the closing process, including title conveyance and potential closing costs. By thoroughly understanding this form, both parties can navigate the complexities of real estate transactions with greater confidence.
Common mistakes
Filling out the Wyoming Real Estate For Sale form can be a straightforward process, but there are common mistakes that individuals often make. One significant error is failing to provide a complete and accurate legal description of the property. This section is crucial as it identifies the property being sold. Without precise details, it may lead to disputes or complications down the line. Always ensure that the legal description matches official records to avoid any misunderstandings.
Another frequent mistake is not properly calculating the sales price and earnest money. Both columns in the sales price section must match. If they don’t, it can create confusion about the actual terms of the sale. Double-check all calculations and ensure that the amounts are correct before submitting the form. It’s a simple step that can save a lot of trouble later.
Buyers often overlook the importance of financing provisions. Whether you are opting for a cash sale, owner financing, or a new loan, it’s essential to specify these details accurately. Misunderstandings regarding financing can lead to delays or even contract termination. Be clear about your financing intentions and ensure that all conditions are explicitly stated in the form.
Another common pitfall is neglecting the property condition disclosures. If the property was built before 1978, federal law requires a lead-based paint disclosure. Failing to include this can lead to legal issues. Buyers should carefully review the condition of the property and disclose any known issues, while sellers must ensure that they provide all necessary information about the property’s condition.
Additionally, many individuals forget to address closing costs and responsibilities. The form outlines who pays for various costs, such as title insurance and attorney fees. Not specifying these details can lead to disagreements at closing. Take the time to clarify these responsibilities to ensure a smooth transaction.
Lastly, buyers often miss the deadline for obtaining financing or approvals. The contract specifies timelines for securing financing, and failing to adhere to these can result in termination of the contract. It’s vital to keep track of all deadlines and ensure that all necessary approvals are obtained within the specified time frames. Staying organized can help prevent unnecessary complications.
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Documents used along the form
When selling a property in Wyoming, several important documents accompany the Wyoming Real Estate For Sale form. Each of these documents plays a vital role in ensuring a smooth transaction between the buyer and seller. Here’s a brief overview of some commonly used forms that you might encounter in this process.
- Property Disclosure Statement: This document provides essential information about the property's condition. Sellers must disclose any known issues, such as structural problems or pest infestations. Transparency helps buyers make informed decisions.
- AAA International Driving Permit Application Form: This document is essential for Americans planning to drive abroad, as it translates their state-issued driver's license into multiple languages and validates their eligibility to operate a motor vehicle in foreign countries. For more information, you can visit OnlineLawDocs.com.
- Lead-Based Paint Disclosure: Required for homes built before 1978, this form informs buyers about the potential presence of lead-based paint. Sellers must provide this disclosure to protect buyers from health risks associated with lead exposure.
- Earnest Money Agreement: This document outlines the amount of earnest money the buyer will deposit to show their commitment to the purchase. It specifies how the funds will be handled if the transaction proceeds or falls through.
- Title Commitment: This report from a title company details the legal status of the property. It identifies any liens, easements, or other claims against the property, ensuring that the buyer will receive clear title at closing.
- Closing Disclosure: This form provides a detailed account of all closing costs associated with the transaction. It outlines the final terms of the loan, including interest rates and monthly payments, allowing buyers to understand their financial obligations.
- Bill of Sale: If personal property is included in the sale, such as appliances or furniture, a Bill of Sale transfers ownership of these items from the seller to the buyer. This document ensures clarity regarding what is included in the sale.
Understanding these documents can significantly enhance your experience in the real estate market. Each form serves a specific purpose, contributing to a transparent and organized transaction. Being informed about these key documents will help you navigate the buying or selling process with confidence.
Key takeaways
When filling out the Wyoming Real Estate For Sale form, keep these key takeaways in mind:
- Identify the Property: Clearly describe the property, including its county and address. This helps avoid confusion later.
- Sales Price: Make sure both columns for the purchase price and payment methods are equal. This ensures clarity on financial obligations.
- Financing Options: Understand the different financing options available. This includes cash sales, owner financing, or new loans.
- Earnest Money: Be prepared to deposit earnest money upon signing the contract. This shows commitment to the purchase.
- Property Condition: Buyers should inspect the property and accept it "as-is." Any issues found can lead to negotiations.
- Closing Date: The closing should happen on or before the specified date. Extensions can occur under certain circumstances.
- Title and Conveyance: Ensure that the seller provides a clear title and any necessary documentation at closing.
- Closing Costs: Be aware of who is responsible for various closing costs. This can help in budgeting for the transaction.
- Default Terms: Know the consequences if either party defaults on the agreement. This can affect your rights and obligations.
By understanding these points, both buyers and sellers can navigate the Wyoming Real Estate For Sale form more effectively.
Your Questions, Answered
What is the Wyoming Real Estate For Sale form?
The Wyoming Real Estate For Sale form is a legal document that outlines the terms and conditions of a real estate transaction between a seller and a buyer. This contract specifies details such as the property being sold, the sales price, financing options, and the responsibilities of both parties. It is designed to protect the interests of both the seller and the buyer throughout the sale process.
What information is required to complete the form?
To properly complete the Wyoming Real Estate For Sale form, you will need to provide specific information about the property, including its legal description and address. Additionally, you must fill in the agreed-upon sales price, earnest money amount, and any financing arrangements. Details regarding any included or excluded items, as well as the closing date, should also be clearly stated in the form.
What is earnest money, and why is it important?
Earnest money is a deposit made by the buyer to demonstrate their serious intent to purchase the property. It is typically submitted with the contract and is held in trust until the closing of the sale. This money acts as a security for the seller; if the buyer defaults on the contract, the seller may keep the earnest money as compensation. If the sale proceeds as planned, the earnest money is usually applied toward the purchase price at closing.
Can buyers conduct inspections on the property?
Yes, buyers have the right to conduct inspections on the property. The contract allows buyers to inspect the premises at their own expense. If any defects are found during the inspection, the buyer must notify the seller within a specified timeframe. Depending on the findings, the buyer can either cancel the contract for a refund of earnest money, proceed with the purchase, or renegotiate the terms of the sale.
What happens if the buyer cannot secure financing?
If the buyer is unable to secure financing within the agreed-upon timeframe, the contract will terminate, and the earnest money will be refunded to the buyer. The buyer must make every reasonable effort to obtain financing or assumption approval from lenders, as outlined in the contract. This contingency protects buyers from being bound to the contract if they cannot secure the necessary funds.
What are the seller's responsibilities regarding the property's condition?
The seller is required to disclose the condition of the property, including any known defects. The buyer accepts the property in its "as-is" condition unless otherwise specified. However, if the property was built before 1978, the seller must provide a lead-based paint disclosure. The seller is also responsible for completing any agreed-upon repairs before closing, ensuring the property is in the same condition as when the contract was signed.
What are closing costs, and who pays them?
Closing costs are fees associated with finalizing the real estate transaction, including attorney fees, title insurance, and recording fees. The contract specifies which party is responsible for each cost. In some cases, costs may be split evenly between the buyer and seller. It is crucial for both parties to understand their obligations regarding these expenses to avoid any surprises at closing.
Preview - Wyoming Real Estate For Sale Form
CONTRACT FOR THE SALE AND PURCHASE OF REAL ESTATE
(NO BROKER)
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For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, |
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,“Seller” whether one or more, and |
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,“Buyer” whether one or more, |
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do hereby covenant, contract and agree as follows: |
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AGREEMENT TO SALE AND PURCHASE: |
Seller agrees to sell, and Buyer agrees to buy from Seller the |
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property described as follows: (complete adequately to identify property) County, Wyoming.
Address:
Legal Description (or see attached exhibit):
As described in attached Exhibit.
Together with the following items, if any: (Strike items to be retained by Seller) curtains and rods, draperies and rods, valances, blinds, window shades, screens, shutters, awnings,
All property sold by this contract is called the "Property."
2.SALES PRICE: The parties agree to the following sales price:
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Purchase Price |
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Earnest Money |
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New Loan |
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Assumption of Loan |
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Seller Financing |
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Cash at Closing |
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Total ( both columns should be equal) |
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Both columns should be an equal amount. |
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If the unpaid principal balance(s) of any assumed loan(s), if any, as of the Closing Date varies from the loan balance(s) stated above, the cash payable at closing will be adjusted by the amount of any variance.
Buyer Initials ______ _______ |
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Seller Initials _______ _______ |
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3.FINANCING: The following provisions apply with respect to financing:
CASH SALE: This contract is not contingent on financing.
OWNER FINANCING: Seller agrees to finance |
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dollars of the purchase price pursuant |
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to a promissory note from Buyer to Seller of $ |
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% interest per annum, payable |
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over a term of |
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years with even monthly payments, secured by a deed of trust or mortgage lien |
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with the first payment to begin on the |
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NEW LOAN OR ASSUMPTION: This contract is contingent on Buyer obtaining financing. Within
days after the effective date of this contract Buyer shall apply for all financing or noteholder's approval of any assumption and make every reasonable effort to obtain financing or assumption approval. Financing or assumption approval will be deemed to have been obtained when the lender determines that Buyer has satisfied all of lender's financial requirements (those items relating to Buyer's net worth, income and
creditworthiness). If financing or assumption approval is not obtained within days after the effective date hereof, this contract will terminate and the earnest money will be refunded to Buyer. If Buyer intends to obtain a new loan, the loan will be of the following type:
Conventional
VA
FHA
Other:
The following provisions apply if a new loan is to be obtained:
FHA. It is expressly agreed that notwithstanding any other provisions of this contract, the Purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the Purchaser (Buyer) has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the Property of
not less than $. The Purchaser (Buyer) shall have the privilege and option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The Purchaser (Buyer) should satisfy himself/herself that the price and condition of the Property are acceptable.
VA. If Buyer is to pay the purchase price by obtaining a new
Existing Loan Review. If an existing loan is not to be released at closing, Seller shall provide copies of the loan documents (including note, deed of trust or mortgage, modifications) to Buyer within
calendar days from acceptance of this contract. This contract is conditional upon Buyer's review and approval of the provisions of such loan documents. Buyer consents to the provisions of such loan
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documents if no written objection is received by Seller from Buyer within |
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calendar days |
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from Buyer's receipt of such documents. If the lender's approval of a transfer of the Property is required, |
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this contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan, |
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except as may be agreed by |
Buyer. If |
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approval is |
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this contract |
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shall be terminated on such date. The Seller |
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existing loan. If Seller is to be released and release approval is not obtained, Seller may nevertheless elect to |
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proceed to closing, or terminate this agreement in the sole discretion of Seller. |
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Buyer Initials ______ _______ |
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Seller Initials |
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Credit Information. If Buyer is to pay all or part of the purchase price by executing a promissory note in favor of Seller or if an existing loan is not to be released at closing, this contract is conditional upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall be at Seller's sole and
absolute discretion. In such case: (l) Buyer shall supply to Seller on or before |
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,at, Buyer's expense, information and documents concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction; (4) if Seller does
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not provide written notice of Seller's disapproval to Buyer on or before |
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then Seller waives this condition. |
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4. |
EARNEST MONEY: Buyer shall deposit $ |
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as earnest money with |
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upon execution of this contract by both parties. |
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5.PROPERTY CONDITION:
SELLER’S DISCLOSURE OF 
is attached 
is not applicable.
Buyer hereby represents that he has personally inspected and examined the
Buyer accepts the property in its
Buyer may have the property inspected by persons of Buyer's choosing and at Buyer's expense. If the inspection report reveals defects in the property, Buyer shall notify Seller within 5 days of receipt of the report and may cancel this contract and receive a refund of earnest money, or close this agreement notwithstanding the defects, or Buyer and Seller may renegotiate this contract, in the
discretion of Seller. All inspections and notices to Seller shall be complete within days after execution of this agreement.
Buyer accepts the Property in its present condition; provided Seller, at Seller’s expense, shall complete the following repairs and treatment:
Buyer agrees that he will not hold Seller or its representatives responsible or liable for any present or future structural problems or damage to the foundation or slab of said property. If the subject residential dwelling was constructed prior to 1978, Buyer may conduct a risk assessment or inspection for the presence of
paint and/or
MECHANICAL EQUIPMENT AND BUILT IN APPLIANCES: All such equipment is sold |
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warranty, or |
shall be in good working order on the date of closing. Any repairs needed to mechanical equipment |
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or appliances, if any, shall be the responsibility of |
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UTILITIES: Water is provided to the property by |
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Gas is provided by |
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Buyer Initials ______ |
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Seller Initials |
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Electricity is provided by |
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Other:
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The present condition of all utilities is accepted by Buyer. |
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CLOSING: The closing of the sale will be on or before |
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to the terms hereof. |
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Closing may be extended to within 7 days after objections to matters disclosed in the title abstract, certificate or |
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Commitment or by the survey have been cured. |
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If financing or assumption approval has been obtained, the Closing Date will be extended up to 15 days if necessary |
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to comply with lender's closing requirements (for example, appraisal, survey, insurance policies, |
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repairs, closing documents). If either party fails to close this sale by the Closing Date, the |
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be entitled to exercise the remedies contained herein. The closing date may also be extended by written agreement of |
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the parties. |
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TITLE AND CONVEYANCE: Seller is to convey title to Buyer by Warranty Deed or |
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(as |
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appropriate) and provide Buyer with a Certificate of Title prepared by an attorney, title or abstract company upon |
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whose Certificate or report title insurance may be obtained from a title insurance company qualified to do and doing |
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business in the state of Wyoming. Seller will also execute a Bill of Sale, if necessary, for the transfer of any |
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personal property. Seller shall, prior to or at closing, satisfy all outstanding mortgages, deeds of trust and special |
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liens affecting the subject property which are not specifically assumed by Buyer herein. Title shall be good and |
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marketable, subject only to (a) covenants, conditions and restrictions of record, (b) public, private utility easements |
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and roads and |
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(d) special and other assessments on the property, if any, (e) general taxes for the year |
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and subsequent |
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years and (e) other: |
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title report shall be provided to Buyer at least 5 days prior to closing. If there are title defects, Seller shall notify Buyer within 5 days of closing and Buyer, at Buyer's option, may either (a) if defects cannot be cured by designated closing date, cancel this contract, in which case all earnest money deposited shall be returned, (b) accept title as is, or
(c)if the defects are of such character that they can be remedied by legal action within a reasonable time, permit Seller such reasonable time to perform curative work at Seller's expense. In the event that the curative work is performed by Seller, the time specified herein for closing of this sale shall be extended for a reasonable period necessary for such action. Seller represents that the property may be legally used as zoned and that no government agency has served any notice to Seller requiring repairs, alterations or corrections of any existing condition except as stated herein.
8.APPRAISAL, SURVEY AND TERMITE INSPECTION: Any appraisal of the property shall be the responsibility
Buyer 
Seller. A survey is: 
not required 
required, the cost of which shall be paid by 
Seller 
Buyer. A termite inspection is |
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required, the cost of which shall be paid by |
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Buyer. If a |
survey is required it shall be obtained within 5 days of closing. |
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9.POSSESSION AND TITLE: Seller shall deliver possession of the Property to Buyer at closing. Title shall be
conveyed to Buyer, if more than one as |
Joint tenants with rights of survivorship, |
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Other: |
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Prior to closing the property shall remain |
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in the possession of Seller and Seller shall deliver the property to Buyer in substantially the same condition at closing, as on the date of this contract, reasonable wear and tear excepted.
10.CLOSING COSTS AND EXPENSES: The following closing costs shall be paid as provided. (Leave blank if the closing cost does not apply.)
Buyer Initials ______ _______ |
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Closing Costs |
Buyer |
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Attorney Fees
Title Insurance
Title Abstract or Certificate
Property Insurance
Recording Fees
Appraisal
Survey
Termite Inspection
Origination fees
Discount Points
If contingent on rezoning, cost and expenses of rezoning
Other:
All other closing costs
* 50/50 between buyer and seller.
11.PRORATIONS: Taxes for the current year, interest, maintenance fees, assessments, dues and rents, if any, will be prorated through the Closing Date. If taxes for the current year vary from the amount prorated at closing, the parties shall adjust the prorations when tax statements for the current year are available. If a loan is assumed and the lender maintains an escrow account, the escrow account must be transferred to Buyer without any deficiency. Buyer shall reimburse Seller for the amount in the transferred account. Buyer shall pay the premium for a new insurance policy. If taxes are not paid at or prior to closing, Buyer will be obligated to pay taxes for the current year.
12.CASUALTY LOSS: If any part of the Property is damaged or destroyed by fire or other casualty loss after the effective date of the contract, Seller shall restore the Property to its previous condition as soon as reasonably possible. If Seller fails to do so due to factors beyond Seller’s control, Buyer may either (a) terminate this contract and the earnest money will be refunded to Buyer, (b) extend the time for performance and the Closing Date will be extended as necessary, or (c) accept the Property in its damaged condition and accept an assignment of insurance proceeds.
13.DEFAULT: If Buyer fails to comply with this contract, Buyer will be in default, and Seller may either (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money as liquidated damages, thereby releasing both parties from this contract. If, due to factors beyond Seller’s control, Seller fails within the time allowed to make any
Buyer Initials ______ _______ |
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Seller Initials _______ _______ |
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extended as necessary or (b) terminate this contract as the sole remedy and receive a refund of the earnest money. If Seller fails to comply with this contract for any other reason, Seller will be in default and Buyer may either (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the earnest money, thereby releasing both parties from this contract.
14.ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this contract is entitled to recover from the
15.REPRESENTATIONS: Seller represents that as of the Closing Date (a) there will be no liens, assessments, or security interests against the Property which will not be satisfied out of the sales proceeds unless securing payment of any loans assumed by Buyer and (b) assumed loans will not be in default. If any representation in this contract is untrue on the Closing Date, this contract may be terminated by Buyer and the earnest money will be refunded to Buyer. All representations contained in this contract will survive closing.
16.FEDERAL TAX REQUIREMENT: If Seller is a "foreign person", as defined by applicable law, or if Seller fails to deliver an affidavit that Seller is not a "foreign person", then Buyer shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service together with appropriate tax forms. IRS regulations require filing written reports if cash in excess of specified amounts is received in the transaction.
17.AGREEMENT OF PARTIES: This contract contains the entire agreement of the parties and cannot be changed except by their written agreement.
18.NOTICES: All notices from one party to the other must be in writing and are effective when mailed to, hand- delivered at, or transmitted by facsimile machine as follows:
To Buyer at:
Telephone ( )
Facsimile ( )
To Seller at:
Telephone ( )
Facsimile ( )
19.ASSIGNMENT: This agreement may not be assigned by Buyer without the consent of Seller. This agreement may be assigned by Seller and shall be binding on the heirs and assigns of the parties hereto.
20.PRIOR AGREEMENTS: This contract incorporates all prior agreements between the parties, contains the entire and final agreement of the parties, and cannot be changed except by their written consent. Neither party has relied upon any statement or representation made by the other party or any sales representative bringing the parties together. Neither party shall be bound by any terms, conditions, oral statements, warranties, or representations not herein contained. Each party acknowledges that he has read and understands this contract. The provisions of this contract shall apply to and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. When herein used, the singular includes the plural and the masculine includes the feminine as the context may require.
21.NO BROKER OR AGENTS: The parties represent that neither party has employed the services of a real estate broker or agent in connection with the property, or that if such agents have been employed, that the party employing said agent shall pay any and all expenses outside the closing of this agreement.
Buyer Initials ______ _______ |
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22.EMINENT DOMAIN: If the property is condemned by eminent domain after the effective date hereof, the Seller
and Buyer shall agree to continue the closing, or a portion thereof, or cancel this Contract. If the parties cannot agree, this contract shall 
remain valid with Buyer being entitled to any condemnation proceeds at or after closing, or 
be cancelled and the earnest money returned to Buyer.
23.OTHER PROVISIONS
24.TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THIS AGREEMENT.
25.GOVERNING LAW: This contract shall be governed by the laws of the State of Wyoming.
26.DEADLINE LIST (Optional) (complete all that apply). Based on other provisions of Contract.
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Loan Application Deadline, if contingent on loan
Loan Commitment Deadline
Buyer(s) Credit Information to Seller
Disapproval of Buyers Credit Deadline
Survey Deadline
Title Objection Deadline
Survey Deadline
Appraisal Deadline
Property Inspection Deadline
Whether or not listed above, deadlines contained in this Contract may be extended informally by a writing signed by the person granting the extension except for the closing date which must be extended by a writing signed by both Seller and Buyer.
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EXHIBIT FOR DESCRIPTION OR ATTACH SEPARATE DESCRIPTION
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Misconceptions
Understanding the Wyoming Real Estate For Sale form can be challenging, and several misconceptions often arise. Here are seven common misunderstandings about this document:
- It is only for real estate agents: Many believe that this form is exclusively for use by real estate agents. In reality, it is designed for transactions where no broker is involved, allowing buyers and sellers to navigate the process independently.
- All properties are sold "as-is": While the form does state that properties are accepted in their current condition, this does not mean that buyers have no recourse. Buyers can conduct inspections and negotiate repairs if defects are found.
- The earnest money is non-refundable: Some think that once earnest money is deposited, it cannot be recovered. However, the contract outlines specific conditions under which the earnest money can be refunded, such as failure to secure financing or significant defects found during inspections.
- Financing is not an option: There is a misconception that buyers must pay cash. The form includes provisions for various financing options, including owner financing and assumptions of loans, making it flexible for buyers with different financial situations.
- Title issues are the seller's sole responsibility: Many assume that sellers are entirely responsible for clearing title issues. In fact, the contract specifies that buyers have the right to review title reports and can choose to accept the property as-is or cancel the contract if significant issues arise.
- Closing costs are fixed: There is a belief that closing costs are predetermined and cannot be negotiated. In reality, the form allows for flexibility in how costs are allocated between the buyer and seller, which can be discussed and agreed upon during negotiations.
- Buyers have unlimited time for inspections: Some think they can take as long as they want to conduct inspections. However, the contract specifies timeframes for inspections and notifications, emphasizing the importance of acting promptly to avoid delays in the transaction.
By addressing these misconceptions, both buyers and sellers can better understand their rights and responsibilities when using the Wyoming Real Estate For Sale form. Knowledge is key to navigating real estate transactions successfully.