Wyoming Commercial Lease Agreement
Wyoming is considered a landlord-friendly state. This can make navigating a commercial lease agreement in Wyoming quite a challenge. One of the biggest reasons for this is that, in most cases, the courts prefer to defer to the signed lease agreement instead of the governing laws or regulations. As such, you must understand your lease agreement, and if you find anything that doesn’t match your local regulations, negotiate these with your landlord before signing the contract.
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Implied Covenant of Good Faith and Fair Dealing
The laws governing all contracts imply a covenant of good faith and fair dealing. This means that regardless of any laws, the parties signing a contract must be honest and fair in their actions. The parties must also show good faith towards each other throughout the negotiation, signing, and rental term.
Statutory Notice Periods
There are a few instances where landlords must give tenants a notice period. The state laws have provided specific notice periods for eviction notices but not for terminating a Wyoming commercial lease agreement.
If a tenant violates any lease terms, the landlord can post a three (3) day notice to quit. If the tenant doesn’t remedy their actions, the landlord can then proceed to file for an eviction. However, it’s important to note that the landlord can legally prevent the tenant from correcting their violation and proceed with the eviction after the notice has been served.
The above notice period of three (3) days applies to various lease violations, including:
Non-payment of rent
Disturbing the peace
Property damage
Health and safety violations
Non-renewal of the rental agreement after the lease term
Not cooperating with the landlord regarding access to the property for maintenance, repairs, and inspections.
Security Deposits
Landlords in the state can charge any deposit they feel is fair, as there are no restrictions.
The state also has no regulations governing the return of a security deposit. Typically, the security deposit is returned within 15-60 days but refer to your agreement for clarity on this.
There are no laws regarding commingling security deposits with other funds.
Landlords also don’t have to store security deposits in interest-bearing accounts or pay interest to tenants.
Disclosures
When it comes to a Wyoming commercial lease agreement, a few disclosures must appear on the contract. These include:
Lead-based paint disclosure
Non-refundable fee disclosure
Termination and Renewal
There are no termination or renewal laws in the state of Wyoming. As such, you’ll need to refer to your lease agreement.
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