What are the Seller Disclosure Requirements in Wyoming?
There are certain real estate rules and seller disclosure requirements in Wyoming when you’ll try to list your house for sale. As a seller, it’s required that you disclose all known material defects. If your property has roof leaks, basement floods, or any structural issues, you may need to include these problems in the form provided. From major to minor issues, you need to list these problems (as one of the requirements) to the buyer before both parties sign to an agreement.
Here are all the seller disclosure requirements in Wyoming you need to know:
- Federal Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
- Property Condition Disclosure
The Residential Lead-Based Paint Hazard Reduction Act passed in 1992 requires the disclosure of any lead-based paint or chipped paint in any housing built prior to 1978.
Wyoming properties that are built before 1978 are subject to the Residential Lead-Based Paint Hazard Reduction Act. Your responsibility as a seller is to disclose any known lead-based paint in the house or chipped paint that can harm the new owners. Your realtor will provide a pamphlet, Protect Your Family from Lead in Your Home, to the buyer that warns about the danger of lead-based paint. And also included with an attachment about Lead Warning Statement and papers that verify the seller has fulfilled all statutory requirements.
The seller can provide 10 days for the buyer to conduct a risk assessment or paint inspection for lead-based paint or lead-based paint hazards in the home. But both parties can agree in writing if they want to skip the inspection or prolong the duration of the inspection. Sellers can get their home pre-inspected and complete the certification to avoid a long period before the sale. For reliability and safety purposes, the homebuyers may look for a lead hazard inspection firm through this Certified Inspection, Risk Assessment, and Abatement Firms.
Property Condition Disclosures
Note that the details in the disclosure form (one of the seller disclosure requirements in Wyoming) are solely based on the seller’s observation and knowledge about the property’s condition. It must not be considered as a warranty by the seller or seller’s agent and must not be used as a replacement for an inspection. The purpose of the Wyoming Property Disclosure Form is to show the “nature of the property and provide greater certainty to contracts entered into by better-informed buyers and sellers.”
As a seller, you need to fill out the numbered items and add an explanation if required. For N/A or Not Applicable, you can just check the N/A line, and if you don’t know the answer, you can just check the “don’t know” box.
As stated in the SF0159 -the State of Wyoming, Property Condition Disclosure Act 2, “The disclosure statement shall include an identification of items and improvements which are included in the sale of the property and whether the items or improvements are in normal working order. The disclosures required shall also include a statement of whether the seller has actual knowledge of defects or information in relation to the following.”
As a seller and as the only source of all the information in this form, here are the disclosure requirements in Wyoming details you are obliged to state.
You have to disclose info like if the house was built before 1978 for the Residential Lead-Based Paint Hazard Reduction Act. Other environmental concerns you should notify are the use of urea-formaldehyde, asbestos materials, or lead-based paint on the property. Other issues such as radon gas, toxic mold, underground storage tanks, old septic tanks, field lines, or any abandoned wells.
Any existing problems affecting other major or minor house systems such as plumbing, electrical system, appliances, floors and walls, doors and windows, ceiling and attic fans, security system, sump pump, chimneys, fireplaces, pool, hot tub, sauna, sprinkler system, cooling/air conditioning, and heating system.
Foundation/Structure/Basement/ Exterior Finish
Any defects or problems, current or past, to the foundation or slab, exterior veneer, basement leak, basement repairs, exterior finish, and insulation system (EIFS) siding. As a seller, you have to explain some of the details to the buyer.
Termites, Wood Destroying Organism, Fungi, Etc.
Any active or previous signs of subterranean or dry wood termites, powder post or wood-boring beetles, or wood-decaying fungus should be disclosed. Any damage due to wood infestation, other improvements to treat for wood infestation, and any warranties.
Provide details about the age of the roof, any leak since you have owned or lived in the property.
Any problems on soil stability, drainage, flooding or grading problems, flood plain zone, any retention/detention basin, pond, lake, creek, spring, or watershed on or adjoining property.
Property details concerning the previous survey of the property, any improvements since the last survey, encroachments or unrecorded easements, or any burial plots on the property.
Source of water supply or any issues about below normal water supply or water pressure.
Any sewer system problems, does it require a pump/lift? Or it the property serviced by (a) Public Server (b)Private Sewer (c) Septic Tank (d)none.
Any additions, structural modifications, or other alterations. Also, any issues about building code violations.
You have to provide information about your property/condo subject to rules or regulations of a homeowner’s association. You must also include what is its yearly assessment, is it voluntary or required? Any condition that could result in an increase in taxes or assessments or any features of the property shared in common with adjoining landowners, such as fences, walls, driveways, etc.
Any existing or threatened legal action affecting the property, or any assessments other than property assessments that apply to the property, or any other conditions which are defective about the property.
What if the seller fails to disclose any of this information to the buyer?
Like most other states, failure to disclose any significant defects or malfunctions existing in the property may result in serious legal trouble. Hiding property defects and misleading information can void the sale and the seller shall be liable for any actual damages suffered by the new owner or buyer. It’s important to disclose defects even if you’re in doubt. Ultimately, you need to be honest so the transaction could go smoother and couldn’t cause problems in the long run.
If you have questions about legal issues, be sure to consult your real estate attorney. And if you have queries about real estate codes, covenants, or the disclosure form, ask your agent directly. The form has every information you have to disclose—repairs or any improvements done should be also disclosed. All you have to do is answer “yes” or “no” and explain in the form for further details.
Note: All the information mentioned above is just a guide for real estate sellers in Wyoming. It is still best to seek legal advice from experts if you have any clarifications.
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