Contracts
A Wyoming property's 'earnest money' amount is typically:
AFixed at 3% of the purchase price by Wyoming law
BA negotiated amount, often 1-3% of the purchase price, demonstrating the buyer's good faith✓ Correct
CAlways $1,000 regardless of property value
DSet by the WREC based on property type
Explanation
Earnest money is a negotiated amount—there is no fixed legal requirement for the amount in Wyoming. It is typically 1-3% of the purchase price, though it can be higher or lower. The amount demonstrates the buyer's good faith and is applied toward the purchase price at closing.
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