In Wyoming, you’ll pay 0.64% to 0.86% 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.
In Wyoming, the average home sells for somewhere between $300,000 and $400,000. If you buy a property in that price range, you’re looking at closing costs of about $2,430 to $3,240 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.
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:
| Name | Cost |
|---|---|
| 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 |
| Heading | Heading |
|---|---|
| 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 |
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.
Be aware of the following before buying or selling a home in Wyoming:
In Wyoming, closing costs typically add up between 0.64% to 0.86% 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.
Yes. Like most states, Wyoming requires you to hire an attorney or escrow agent to represent your interests.
No. Flood insurance is sold separately and specifically covers the damage, loss and liability as a result of floods. If your property is on a flood plain, you’ll need to purchase a policy.
Lenders are banks or financial institutions that offer and underwrite loans. They verify your creditworthiness and set the terms, interest rate and repayment schedule.
A mortgage broker works as the middleman between you and lenders. Brokers put together your mortgage application and advise you on things you can do to strengthen your chances of approval. Most brokers work independently and can compare lenders on your behalf.
If you’re paying in cash, you can skip these closing costs:
Though you can avoid these charges, you might want to consider purchasing title insurance so you don’t run into issues or debts from the previous owner.
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