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Real property

property disclosure statement

A property disclosure statement is a written document provided by a seller of real property to the prospective buyer stating that the property has a material or significant problem or defect and disclosing the nature of the problem or defect—or stating the seller is unaware of any such problems or defects.

In Wyoming, a property disclosure statement is a document that a seller of real estate is typically required to provide to a prospective buyer. This statement discloses material or significant defects or problems with the property that are known to the seller. The purpose of the disclosure is to inform the buyer of the condition of the property before the sale is completed. Wyoming law mandates that sellers must disclose certain information about the property's condition, including but not limited to issues with the structure, electrical, plumbing, heating, and any known use of the property for the manufacture of methamphetamine. Failure to disclose known defects can lead to legal liability for the seller. However, Wyoming follows the caveat emptor (buyer beware) principle, which places the onus on the buyer to conduct due diligence. Despite this, the seller cannot actively conceal defects and must answer honestly if asked directly about specific issues with the property.

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Real property

property disclosure statement

Individual & Family Legal Plan

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Wyoming State Code

Wyoming State Code

Real property

property disclosure statement

Articles