Closing costs in Wyoming | finder.com

Closing costs in Wyoming

Why this state is one of the most tax-friendly for homebuyers.

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In Wyoming, you’ll pay 1.25% to 1.87% of the sales price to cover the closing costs. But unlike most states, you won’t be hit with transfer taxes or expensive property taxes.

Average closing costs in Wyoming

In Wyoming, the average home sells for somewhere between $200,000 and $300,000. If you buy a property in that price range, you’re looking at closing costs of about $1,620 to $2,430 before taxes. These fees cover closing attorneys and appraisers, as well as property inspection and title insurance.

Depending on how you’re paying for the property, you may need to buy mortgage insurance. If the house is on a flood plain, factor flood or hazard insurance into your budget, too. But while most states are hit with high taxes, Wyoming is one of a handful that doesn’t charge transfer taxes. It also has low property taxes.

Note that these stats are based on sample data. Closing costs can vary based on your lender and the size, type and location of the property.

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Who pays closing costs in Wyoming?

In Wyoming, the buyer and seller split the closing costs — through the buyer handles most of them. Some fees are negotiable, but here’s how much money you’ll generally need to set aside:

Seller Fees:

NameCost
Closing attorney: Varies
Title search and endorsement: $300
Appraisal fee:$300–$500
Property inspection fee: $400–$700
Recording fee: Usually $10 for the first page; $8.50 for additional pages
Origination fee: Varies
Escrow fee (cash or FHA/conventional loan): Varies
Surveying fee: $300–$800 based on size of land
Settlement fee: $200
Property tax: Prorated at closing
Discount points (FHA and VA loans): Varies
Flood certification: $10
Credit report:$25
Recording of the mortgage (deed of trust) fee:$35
Homeowners insurance: Varies
Flood or hazard insurance if applicable: Varies
Archive and courier fee:$50–$100
Prepaid interest (30 days): Varies
Condo/HOA fees (if applicable): Prorated at closing

Buyer Fees:

HeadingHeading
Broker fees: Usually 6% of sales price
Own attorney: Varies
Title insurance: Varies
Property tax: Prorated at closing
Escrow fee (VA loan): Varies
Document preparation fee: $80–$100
Recording fees: Usually $10 for the first page; $8.50 for additional pages
Mortgage payoff: Subject to loan balance
Reconveyance fee: Varies
Courier and wire transfer fee:$20–$50
Termite inspection (if applicable): Varies
Condo/HOA fees (if applicable): Prorated at closing

How do closing costs in Wyoming compare nationally?

Wyoming’s closing costs are reasonable compared to the rest of the country. It ranks 31 out of 51 states and districts for the average closing costs before taxes. When you add taxes to the mix, its rank drops even further.

The state has a low property tax rate of 0.61%, and doesn’t charge transfer taxes. This sets it apart from the places that have the highest closing costs, which include DC, New York, California, and Hawaii.

What to know about buying or selling a property in Wyoming

Be aware of the following before buying or selling a home in Wyoming:

  • You might need to buy flood or hazard insurance. From Yellowstone National Park to Grand Teton, Wyoming is known for its natural landscapes. But the elements — like strong winds, hail, and flooding — can take a toll on properties. Across the state, lenders require you to buy homeowners insurance before closing on a home.
    If the property is in a flood plain, you may need to compensate for that risk with flood or hazard insurance. Insurance rates reflect the size, type and value of your property, but you may be able to save by comparing providers.
  • You won’t pay transfer taxes. Wyoming doesn’t charge for transferring the title of a home to one person or another. According to the National Conference of State Legislatures, the only other states that skirt transfer taxes are Alaska, Idaho, Indiana, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Oregon, Texas and Utah. Everywhere else, transfer taxes are typically between 0.5% to 2% of the sale price.
  • Your neighbors might be far away. While Wyoming is the 10th largest state in the US, it has the second-lowest population. In 2018, it recorded a population of 575,720 people across 97,818 square miles. To put this into perspective, the smallest state is Rhode Island, is home to over 1 million people.

Bottom line

In Wyoming, closing costs typically add up between 1.25% to 1.87% of the home’s sales price. But luckily, the state doesn’t charge transfer taxes.

To cut down your closing costs, it’s worth comparing mortgage lenders.

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