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What are the different Seller Closing Costs in Wyoming?
And how to save approximately $7,781 in real estate commissions on a typical $259,371 MT home at closing by selling your home For Sale By Owner on Houzeo.
Congratulations! You’re now in the final process of selling your beloved property. Remember that closing on a home can be exhausting and would need a lot of attention and effort. Understanding state requirements and provisions alone can be tough for you. Wyoming is one of the expensive states when it comes to closing homes. It’s also one of the most tedious states.
As a Houzeo for Sale By Owner (FSBO) seller, we assume you are ready for closing. Our comprehensive Wyoming FSBO Home Seller Guide will assist you to accomplish exactly that.
Did you know Houzeo’s Gold Plan provides relevant Federal and State Seller Disclosures?
In this section, we’ll discuss the key documents and expenses you need to be aware of when closing on a home in Wyoming.
What are the Different Home Seller Closing Costs in Wyoming?
Here are the typical closing costs in Wyoming you have to know:
1 Mortgage Payoff: (cost varies on your lender) One of the most important fees on your list is the mortgage payoff. If you haven’t paid this off, now’s the time to pay the remainder. This includes items such as the recording fee, principal balance, interest accrued from the last payment, or any statement fee the lender might charge.
2. Real Estate Broker Commissions. The usual real estate agent commission fees are 5 – 6% of the final home sales price. The fee is typically divided between the listing agent and the home buyer’s agent. As such if it’s 6%, the seller has to pay 3% for the listing agent and the other half to the buyer’s agent. However, if you’re already selling FSBO via Houzeo, you’ve likely to save thousands by paying $0 in listing agent commission! And that’s a steal! Go on. Pop a bottle of the finest Champagne or Scotch. You deserve it.
3. Property Tax. This is usually prorated at closing. The fee includes the outstanding payments, or prorated property taxes, utility bills, or homeowner’s insurance that are all tied into your property.
4. Title Insurance (varies). The title insurance is regarded as a buyer’s protection from any unexpected title issues or financial loss with the property. It’s a total guarantee concerning the title that the buyer gets a clean, free from other federal encumbrances that could threaten the potential buyer’s interest in the property.
5. Attorney Fee. For attorneys, the price may vary on the service needed or the level of experience you’re likely to hire. In the home-selling process, especially on closing day, a real estate attorney will guide you on all closing documents, from legal papers to statute contracts. The estimated costs could range between $150 to $500.
6. Appraisal Fee. Most sellers hire an independent appraiser to examine and determine the estimated sales price of their home. The total appraisal fee can cost between $300 to $500 depending on the property size or appraisal fee in your state or area.
7. Escrow Fee. There can be a neutral third-party representative from an escrow company that handles the transfer of the deposits, documents, funds, and other key items in a closing. The fee may typically vary.
8. Property Survey. The estimated cost of Property Survey fee in Wyoming can range between $400 to $850, that’s to determine the boundary of your property and so the potential buyer could get the estimated size or lot of what he/she is paying for.
9. HOA Dues, Document Fees (varies): If the property falls under a Homeowners Association, you may be subject to various other charges. These include HOA dues, a document fee at the beginning of Escrow, and a transfer fee at the end of Escrow. You can read about Wyoming HOA Laws and Resources to know more.
10. Home Inspection. In Wyoming, the usual home inspection fee could range between $400 to $700, but can also vary on the location. These can be inspections to determine if there are home problems such as pest, lead-based paint, radon test, etc. Although these are included in the property disclosure form, it’s also okay to perform this inspection before selling the house.
11. Home Improvements/Cleaning/Staging/Landscaping. These are pre-listing expenses that could involve system repairs, enhancing curb appeal, staging the home, carpet cleaning, and other ways to increase the value of your home. The total estimated cost could run like $5000 to $800, or less if you know how to do it your own.
12. Recording Fee. To legally document the sale and transfer of your property to the public record, you have to pay a fee that could vary depending on the county you’re currently at. Typically, $10 for the first page, and $8.50 for additional pages.
13. Other fees. You also need to expect other fees like flood certification ($10), flood or hazard insurance (varies), courier fee ($50-$100), deed of trust fee ($35), settlement fee, origination fee, etc.
How Should I Prepare for My Wyoming Home Closing?
- Review Your Closing Documents in Advance. Don’t forget to prepare your closing documents before the closing day. Make sure you examine and read the papers thoroughly—and understand the provisions and decrees stated. To help you prepare and get familiar, here are the important documents that you’ll probably sign at the closing date.
- The HUD-1 or Closing Disclosure. If the transaction is all cash, you need to get the HUD-1 (although less common). However, if your property is purchased with a mortgage, you’ll need to get the Closing Disclosure. These are key documents that detail the total amount you’re being charged for, your loan payoff, and the net proceeds you will take to the bank. Note that it usually varies upon how much equity you have in the property; you might also be asked to bring a check or just send a wire on the closing day.
Check the paper closely. Be sure there are no typos in your info—your name, address, property address, bank info, etc. After that, review every amount and the total cost to ensure there are no inadvertent costs. You’ll be surprised how many times these documents have errors—one of the reasons our founder launched Houzeo
- The Deed. It’s a legal document that enables the transfer of title from the seller to the buyer. Review the deed carefully, back to back. Check the information including the legal description of the property, the deed book page, and the Property Identification Number (PIN) if there is any. We know of a case where a Seller sold a $94,000 property, but the deed also legally transferred over the Seller’s five other homes worth $680,000 over to the Buyer. There was a huge scramble post-closing to correct this mistake. It could have been a nightmare for the Seller if the Buyer didn’t honestly transfer the rest of the properties back to the Seller.
- Statement of Closing Costs. One of the most essential closing costs documents. The statement consists of a summary of all expenses involved in the real estate transaction. This kind of document is easier to grasp and understand than the HUD-1/Closing Disclosure.
- Certificate of Title: This allows you to state that you have the legal right to sell the property.
2. Ask Questions When in Doubt. If something or anything is troubling you that needs to be clarified, seek help from your closing agent immediately. For newbies, selling a property can be pretty confusing. So, you need all the help you can get. Before the scheduled closing date, you can set an appointment with your agent or attorney to ask about the closing documents.
3. Bring Two Forms of Official Identification. During the closing day, a licensed notary official will be present to confirm your identification. You should bring your valid IDs—together with your driver’s license or passport. As for extra precaution, you can bring a secondary ID as well. Also, remember to bring the keys, key codes, garage remotes, and also the final water meter reading.
Now you’re ready to close your home. Although you might’ve heard stories of people being taken advantage of with high seller closing costs in Wyoming, it’s not always the case. It’s often the case of people who are no knowledge of how to handle or prepare the closing process. If you’re a Houzeo For Sale By Owner Seller in Wyoming, we are eager to help you and provide you with the needed information to be the best home seller out there. Next step, log on to Houzeo.com and list your home for sale by owner. You’ll be in full control of your listing, and save thousands in the process!
Did you know Houzeo’s Gold Plan provides relevant Federal and State Seller Disclosures?
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