Property Management
In Wyoming, a property management agreement is required to be:
ARecorded with the county clerk
BIn writing to be enforceable✓ Correct
CApproved by the WREC
DNotarized by a public notary
Explanation
A property management agreement is a contract for services relating to real property and should be in writing to be enforceable under the Statute of Frauds. Written agreements also clearly define the manager's authority, duties, and compensation.
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Key Terms to Know
Purchase Agreement
A legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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