Contract for Deed (Land Contract) - Wyoming

INSTALLMENT LAND CONTRACT (CONTRACT FOR DEED)

(Wyoming)

TABLE OF CONTENTS

1. Document Header and Parties
2. Definitions
3. Property; Legal Description
4. Purchase Price; Down Payment; Installment Terms
5. Interest; Amortization; Balloon; Prepayment
6. Legal Title; Escrow of Deed; Delivery at Payoff
7. Possession; Taxes, Insurance, and Maintenance
8. Buyer's Interest; Recording
9. Default and Remedies
10. Title; Marketability; Title Insurance
11. Risk of Loss; Condemnation
12. Assignment; Existing Mortgage
13. Disclosures (Lead-Based Paint; Property Condition)
14. General Provisions
15. Execution; Notarial Acknowledgment
16. Exhibits and Schedules

1. DOCUMENT HEADER AND PARTIES

This Installment Land Contract (also known as a Contract for Deed, this "Contract") is made as of [__/__/____] (the "Effective Date") by and between:

a. Seller: [SELLER LEGAL NAME], a [STATE] [ENTITY TYPE OR "individual"], whose address is [SELLER ADDRESS] ("Seller"); and

b. Buyer: [BUYER LEGAL NAME], a [STATE] [ENTITY TYPE OR "individual"], whose address is [BUYER ADDRESS] ("Buyer").

Seller and Buyer are each a "Party" and collectively the "Parties."

Recitals

A. Seller is the fee simple owner of the real property described in Exhibit A (the "Property").

B. Buyer desires to purchase, and Seller desires to sell, the Property on an installment basis. Seller will retain legal title until the Purchase Price is paid in full and then convey by deed. Buyer will take possession and hold the rights stated in this Contract.

NOW, THEREFORE, in consideration of the mutual covenants herein and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Parties agree as follows:

2. DEFINITIONS

"Business Day" – any day other than Saturday, Sunday, or a legal holiday on which Wyoming-chartered banks are authorized or required to close.

"Deed" – a [SELECT: Warranty Deed (Wyo. Stat. § 34-2-102) / Quitclaim Deed (Wyo. Stat. § 34-2-104)] in recordable form conveying the Property to Buyer subject only to the Permitted Exceptions, delivered upon payment in full.

"Default Rate" – [____]% per annum or the maximum rate permitted by law, whichever is less.

"Permitted Exceptions" – the matters listed in Exhibit B.

"Purchase Price" – the amount set forth in Section 4.1.

"Unpaid Balance" – the principal portion of the Purchase Price remaining unpaid at any time. Accrued interest and charges are tracked separately.

3. PROPERTY; LEGAL DESCRIPTION

3.1 Property. Seller agrees to sell and Buyer agrees to buy the real property located at [PROPERTY ADDRESS], [CITY], [COUNTY] County, Wyoming, legally described in Exhibit A, together with all improvements, fixtures, water rights [SELECT: included/excluded — verify], mineral interests [SELECT: included/excluded — verify], easements, and appurtenances.

3.2 Personal Property Included. The following personal property is included, free of liens: [LIST OR "None"].

3.3 Condition; "As-Is." Except as expressly stated herein and in the disclosures attached, Buyer accepts the Property in its present "AS-IS" condition, subject to Buyer's inspection rights in Section 13.

4. PURCHASE PRICE; DOWN PAYMENT; INSTALLMENT TERMS

4.1 Purchase Price. The total Purchase Price is $[____________].

4.2 Down Payment. Buyer shall pay a down payment of $[____________] on or before [__/__/____].

4.3 Financed Amount. The amount financed (Purchase Price less down payment) is $[____________] (the "Financed Amount").

4.4 Installment Payments. Buyer shall pay the Financed Amount, with interest, in installments as follows:

4.5 Application of Payments. Payments are applied first to late charges and costs, then to accrued interest, then to principal.

4.6 Lawful Interest. No provision requires payment of interest above an applicable lawful limit. Any excess collected shall be applied to principal or refunded.

5. INTEREST; AMORTIZATION; BALLOON; PREPAYMENT

5.1 Interest. Interest accrues on the Unpaid Balance at the rate stated in Section 4.4 from the Effective Date.

5.2 Balloon Disclosure. [IF APPLICABLE] THIS CONTRACT CONTAINS A BALLOON PAYMENT. A SUBSTANTIAL FINAL PAYMENT OF $[__________] WILL BE DUE ON [__/__/____]. BUYER MAY NEED TO REFINANCE OR OBTAIN OTHER FUNDS TO PAY THE BALLOON.

5.3 Prepayment. Buyer may prepay all or part of the Unpaid Balance at any time [SELECT: without penalty / subject to a prepayment charge of [____]%]. Partial prepayments are applied to principal and do not postpone any scheduled payment.

5.4 Amortization Statement. Upon Buyer's written request, Seller shall provide a statement of the Unpaid Balance and amounts applied to principal and interest.

6. LEGAL TITLE; ESCROW OF DEED; DELIVERY AT PAYOFF

6.1 Retention of Legal Title. Seller retains legal title until Buyer has paid the Purchase Price and performed all obligations in full. Buyer has the contractual right to possession under Section 7.1.

6.2 Escrow of Deed (Optional). [SELECT ONE]
☐ Seller shall deposit an executed, recordable Deed with [ESCROW AGENT/TITLE COMPANY] to be held in escrow and delivered to Buyer upon payment in full.
☐ The Deed shall be delivered by Seller directly upon payment in full; no deed is escrowed.

6.3 Delivery at Payoff. Within [____] Business Days after Buyer pays all amounts due, Seller shall execute and deliver the Deed and, if this Contract or a memorandum was recorded, execute a recordable instrument evidencing its satisfaction. [SELECT: Seller / Buyer] shall pay the recording expense.

7. POSSESSION; TAXES, INSURANCE, AND MAINTENANCE

7.1 Possession. Buyer is entitled to possession on [__/__/____].

7.2 Taxes and Assessments. Buyer shall pay, before delinquency, all real property taxes and assessments accruing on or after the possession date, and shall provide Seller proof of payment upon request.

7.3 Insurance. Buyer shall keep the improvements insured against fire and other casualty for not less than [SELECT: replacement cost / the Unpaid Balance], naming Seller as an additional insured / loss payee as its interest appears.

7.4 Maintenance. Buyer shall maintain the Property in good repair, commit no waste, and comply with all laws and any homeowners' association requirements.

8. BUYER'S INTEREST; RECORDING

8.1 Recording. The Parties shall submit this Contract or the mutually approved memorandum in Exhibit C to the County Clerk of [COUNTY] County, Wyoming if the clerk accepts the chosen instrument. Wyoming Stat. § 34-1-102 excludes an executory land-sale contract from its definition of "conveyance." Section 34-1-121 addresses notice from a properly recorded instrument touching an interest in land. The Parties shall confirm recordability and priority for the instrument used; § 34-1-120 concerns unrecorded conveyances and does not itself settle this Contract's priority.

8.2 Statement of Consideration at Recording. Under Wyo. Stat. § 34-1-142(a), a deed, contract, or other document transferring legal or equitable title that is presented for recording must be accompanied by a sworn statement by the grantee or agent. The statement identifies the parties and their addresses and contact information, transfer and sale dates, legal description, amount paid or to be paid, sale terms, and estimated value of included nonreal property. The statute permits specified transfers to omit certain financial details. If the instrument presented is a title-transfer instrument, Buyer or Buyer's agent shall complete Exhibit F using the county clerk's required form. The clerk cannot accept a covered instrument without the statement; omission does not affect its validity between the Parties under § 34-1-142(b). Whether a notice-only memorandum is covered depends on what it actually transfers.

8.3 Recording Fees. Recording fees and any required statements shall be furnished/paid by [SELECT: Buyer / Seller] as required by law.

8.4 No Encumbrance by Seller. Seller shall not further encumber or convey the Property in a manner impairing Buyer's interest, and shall apply Buyer's payments to keep any underlying loan current (see Section 12.3).

9. DEFAULT AND REMEDIES

9.1 Events of Default. Buyer is in default if Buyer (a) fails to pay any installment within [____] days after its due date; (b) fails to pay taxes or insurance; (c) commits waste; or (d) breaches any other material covenant and fails to cure within [____] days after written notice.

9.2 Notice and Right to Cure. Seller shall give Buyer written notice of default specifying the default and a cure period of not less than [30] days. Buyer may cure by paying all past-due amounts plus late charges and Seller's reasonable costs.

9.3 Remedies After Cure Period. If Buyer does not cure within the period stated in the notice, Seller may pursue termination, recovery of possession, unpaid amounts, or other relief available under this Contract and applicable law. The Parties do not agree that Seller may automatically retain all payments or improvements. Any allocation of payments, damages, and possession after default shall be determined by written settlement or a court with jurisdiction, subject to applicable law.

9.4 Recovery of Possession. If Buyer does not surrender possession voluntarily after a lawful termination, Seller shall seek an appropriate court order before removing Buyer or Buyer's property.

9.5 Cumulative Remedies; Attorneys' Fees. Remedies are cumulative to the extent permitted by law. The prevailing Party in any enforcement action is entitled to reasonable attorneys' fees and costs as allowed by this Contract and law.

10. TITLE; MARKETABILITY; TITLE INSURANCE

10.1 Marketable Title at Payoff. At final payoff, Seller shall convey marketable, insurable fee simple title subject only to the Permitted Exceptions.

10.2 Title Insurance. [SELECT: Seller / Buyer] shall provide, at [ITS] expense, an owner's title insurance commitment from [TITLE COMPANY] showing title vested in Seller as of the Effective Date, and an owner's policy issued to Buyer at payoff.

10.3 Seller's Existing Liens. Seller represents the Property is encumbered only by: [LIST or "none"]. Seller shall not allow any superior lien to go into default.

11. RISK OF LOSS; CONDEMNATION

11.1 Risk of Loss. From the possession date, risk of loss passes to Buyer. Insurance proceeds shall be applied, at Buyer's election and subject to Seller's security interest, to restoration or to the Unpaid Balance.

11.2 Condemnation. Any condemnation award shall be applied first to the Unpaid Balance, with the balance to Buyer, unless the Parties agree to restoration.

12. ASSIGNMENT; EXISTING MORTGAGE

12.1 Assignment by Buyer. Buyer may not assign this Contract without Seller's prior written consent, which shall not be unreasonably withheld.

12.2 Assignment by Seller. Seller may assign its rights to payment subject to Buyer's rights hereunder.

12.3 Existing Mortgage. Seller represents that [SELECT: the Property has no existing mortgage / the existing lender has consented in writing to this Contract, attached as Exhibit G / an existing mortgage remains and its lender has not consented]. If a mortgage remains, Seller shall give Buyer its lender's name, current balance, payment amount, and any transfer or acceleration clause before Buyer signs. Seller shall keep that mortgage current and provide payment evidence to Buyer on request. Buyer may terminate and recover amounts paid if an unconsented lender accelerates before payoff, unless the Parties state a different negotiated remedy here: [____________].

13. DISCLOSURES (LEAD-BASED PAINT; PROPERTY CONDITION)

13.1 Lead-Based Paint (Covered Target Housing). If this sale involves target housing and no exemption applies, complete and attach Exhibit D before Buyer is obligated. Seller shall provide the EPA-approved lead pamphlet, disclose known lead paint or hazards, and provide available records or reports. Buyer has a 10-day opportunity for a risk assessment or inspection unless the Parties agree to a different period in writing or Buyer waives the opportunity in writing. Exhibit D contains the required warning, disclosures, acknowledgments, and signatures under 40 CFR §§ 745.107, 745.110, and 745.113.

13.2 Land Disclosures (Wyo. Stat. § 34-1-151). For land with no habitable dwelling, outside a platted subdivision and city or town, and smaller than 140 acres, Seller shall give Buyer the vacant-land disclosure in Exhibit E unless Buyer waives it in writing. For land outside city or town corporate boundaries, Seller shall separately disclose in writing whether the wind estate was severed from the surface estate, including any wind energy agreement, unless Buyer waives that disclosure. Complete the applicable portions of Exhibit E before Buyer signs.

13.3 Inspection. Buyer [SELECT: has inspected / has [____] days to inspect] the Property, including any radon, well/septic, or other testing, and accepts it subject to such inspection.

14. GENERAL PROVISIONS

14.1 Governing Law. This Contract is governed by the laws of the State of Wyoming.

14.2 Forum. The Parties shall bring any action concerning this Contract in a court with jurisdiction and proper venue in Wyoming.

14.3 Notices. Notices shall be in writing and delivered by hand, certified mail (return receipt requested), or nationally recognized overnight courier to the addresses in Section 1.

14.4 Time of the Essence. Time is of the essence as to all payment obligations, subject to the notice and cure rights in Section 9.

14.5 Entire Agreement; Amendment. This Contract and its Exhibits are the entire agreement and may be amended only in a writing signed by both Parties.

14.6 Severability. If any provision is held invalid, the remainder shall remain enforceable.

14.7 Counterparts; Electronic Signatures. This Contract may be executed in counterparts and by electronic signature.

14.8 Successors and Assigns. This Contract binds and benefits the Parties and their permitted successors and assigns.

15. EXECUTION; NOTARIAL ACKNOWLEDGMENT

IN WITNESS WHEREOF, the Parties have executed this Contract as of the Effective Date.

SELLER:
________________________________________
[SELLER NAME]
Date: [__/__/____]

BUYER:
________________________________________
[BUYER NAME]
Date: [__/__/____]

Notary Acknowledgment

STATE OF WYOMING
COUNTY OF [____________]

The foregoing instrument was acknowledged before me this [____] day of [MONTH], [YEAR], by [NAME(S)].

Witness my hand and official seal.

________________________________________
Notary Public, State of Wyoming
My Commission Expires: ___________
[SEAL]

16. EXHIBITS AND SCHEDULES

• Exhibit A – Legal Description of the Property
• Exhibit B – Permitted Exceptions
• Exhibit C – Notice Memorandum (use only after clerk and title review)
• Exhibit D – Lead-Based Paint Disclosure (complete for covered target housing)
• Exhibit E – Land Disclosures (complete applicable portions)
• Exhibit F – Statement of Consideration (use county-required form if different)
• Exhibit G – Existing Lender Consent (if obtained)
• Schedule 1 – Amortization Schedule (attach agreed schedule)

Exhibit A – Legal Description of the Property

County: [____________] County, Wyoming

Complete legal description from current title commitment or deed (attach additional signed pages if needed):

[____________________________________________________________]

[____________________________________________________________]

Parcel identification number (for reference only): [____________]

Exhibit B – Permitted Exceptions

List each lien, easement, mineral or water reservation, covenant, and other title exception Buyer accepts. Write "None" if there are none. Attach the title commitment pages that identify them if agreed.

1. [____________________________________________________________]
2. [____________________________________________________________]
3. [____________________________________________________________]

Exhibit C – Notice Memorandum of Installment Land Contract

Seller [SELLER NAME AND ADDRESS] and Buyer [BUYER NAME AND ADDRESS] entered into an Installment Land Contract dated [__/__/____] concerning the land legally described in Exhibit A, [COUNTY] County, Wyoming. The Contract provides for a purchase price of $[__________], with payment obligations ending no later than [__/__/____] unless amended in writing. Buyer has the contractual right of possession beginning [__/__/____]. This memorandum gives notice of the Contract. It does not amend the Contract or independently convey title. A copy of Exhibit A is attached to this memorandum. Return recorded document to: [NAME AND ADDRESS].

Seller signature: ____________________ Date: [__/__/____]

Buyer signature: ____________________ Date: [__/__/____]

Acknowledgment for each signer: State of Wyoming, County of [____________]. Acknowledged before me on [__/__/____] by [SIGNER NAME]. Notary signature: ____________________ Commission expires: [__________]. [SEAL]

Exhibit D – Lead-Based Paint Disclosure for Covered Target Housing

Complete this attachment in the language of the Contract and attach it before Buyer is obligated. Print the Lead Warning Statement below in large type on a separate sheet attached to the Contract. If the transaction is exempt, state the applicable exemption and basis here: [____________].

Lead Warning Statement

Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase.

Seller's disclosure: ☐ Seller knows of lead-based paint or hazards in the housing; explain location, condition, and basis: [____________]. ☐ Seller has no knowledge of lead-based paint or hazards in the housing.

Records and reports: ☐ Seller provided Buyer the following available records or reports, including applicable common-area or building-wide reports: [____________]. ☐ Seller has no available records or reports.

Buyer's acknowledgments: Buyer has read the Lead Warning Statement and understands its contents. Buyer acknowledges receipt of the Seller's disclosure, identified records or reports, and the EPA-approved pamphlet Protect Your Family From Lead in Your Home (or state-approved equivalent). Buyer ☐ received a 10-day opportunity to inspect or assess ☐ agreed with Seller in writing to a different period of [____] days ☐ waives that opportunity in writing by checking this box and signing below.

Agent's statement, if an agent represents Seller: Agent informed Seller of the seller's obligations under 42 U.S.C. § 4852d and is aware of the duty to ensure compliance with federal lead-disclosure rules. Agent name: [____________].

The signers certify the accuracy of their statements to the best of their knowledge.

Seller: ____________________ Date: [__/__/____]

Buyer: ____________________ Date: [__/__/____]

Seller's agent, if any: ____________________ Date: [__/__/____]

Exhibit E – Land Disclosures

Vacant land: Does this land have no habitable dwelling, lie outside any platted subdivision and city or town, and contain fewer than 140 acres? ☐ Yes ☐ No. If yes, Buyer ☐ waives the disclosure in Wyo. Stat. § 34-1-151(a) ☐ receives Seller's disclosures below.

Seller states: unified surface/mineral estate? [____________]; mineral estate severed in chain of title? [____________]; public utilities and locations: [____________]; road maintainer and maintenance level: [____________]; water and sewer infrastructure: [____________]; fire protection: [____________]; known or recorded easements and locations: [____________].

Wind estate: Is the land outside city or town corporate boundaries? ☐ Yes ☐ No. If yes, Buyer ☐ waives the disclosure in § 34-1-151(e) ☐ receives Seller's written disclosure: fee ownership of the wind estate ☐ has ☐ has not been severed from the surface estate in the chain of title; wind energy agreement, if any: [____________].

Seller: ____________________ Date: [__/__/____]

Buyer (including any waiver): ____________________ Date: [__/__/____]

Exhibit F – Statement of Consideration for a Covered Recording

Use the county clerk's required form if it differs. Buyer or Buyer's agent swears to the following for an instrument transferring legal or equitable title under Wyo. Stat. § 34-1-142; check with the clerk whether this statement is needed for the particular instrument presented.

Grantor name, address, contact information: [____________]

Grantee name, address, contact information: [____________]

Date of transfer: [__/__/____] Date of sale: [__/__/____]

Legal description: [ATTACH EXHIBIT A]

Actual full amount paid or to be paid: $[____________]

Terms of sale: [____________]

Estimated value of included nonreal property: $[____________]

If a § 34-1-142(c) exception applies, identify it and complete the remaining required fields: [____________].

I swear that the above information is true to the best of my knowledge.

Grantee or agent: ____________________ Date: [__/__/____]

Subscribed and sworn before me in [COUNTY] County, Wyoming, on [__/__/____]. Notary signature: ____________________ Commission expires: [__________]. [SEAL]

Sources and References

• Wyoming Statutes Title 34, including §§ 34-1-102, 34-1-118, 34-1-120, 34-1-121, 34-1-142, 34-1-151, 34-2-102, and 34-2-104 — https://wyoleg.gov/statutes/compress/title34.pdf
• Current federal lead-disclosure rules, 40 CFR §§ 745.107, 745.110, 745.113 — https://www.ecfr.gov/current/title-40/part-745
• Federal lead-disclosure statute, 42 U.S.C. § 4852d (2024 Code edition) — https://www.govinfo.gov/app/details/USCODE-2024-title42/USCODE-2024-title42-chap63A-subchapI-sec4852d