Selling a home in Wyoming

Wyoming in the western part of the U.S. is surrounded by numerous mountain ranges and rangelands. It is the 10th largest state with 23 counties but is also the least populous state with a population of only more than 500,000 as of 2005. Being an arid state, Wyoming supports ranching activities notably near the mountains.

The real estate market in Wyoming is strong and growing. Many homes are being put up for sale each year as visitors become residents of the state. The latest median price for housing units is pegged at $142,500. In the capital Cheyenne, homes have been appreciating while in Casper, a housing shortage is being experienced.

Selling on your own

Many people sell houses by themselves every year. However, real estate experts strongly suggest to get a lawyer to represent your interests during the selling process.

In selling your home, the primary important document is the sales contract also referred to as a “binder”. The document states the address of the property, the names of the parties involved (seller and buyer), the purchase price and proposed financing scheme, as well as conditions in case the buyer fails to get a mortgage or if the house inspection reveals serious problems.

Accompanying the contract is usually a deposit from the buyer amounting to $500 or one percent of the purchase price. The deposit is considered a show of good faith between the buyer and the seller. From there, a formal written purchase agreement containing all terms and conditions of the purchase is made by both parties.

Apart from the contract, disclosure statements are also required by law in Wyoming – lead paint disclosure and property condition disclosure report. The lead paint disclosure document should inform a potential buyer of the use of lead paint in the home built prior to 1978. The property disclosure form, meanwhile, should specify all the facts about the home being sold including its defects and hazards (seismic, geological and environmental).

An escrow agreement may also be made for a full down payment or a deposit of an earnest money. The escrow agent can either be the seller’s lawyer, the buyer’s agent, title company or anybody agreed by the seller and buyer.

The closing

The meeting between the buyer and the seller is called the closing or settlement. During this time, all remaining documents pertaining to the sale of the home are signed and the closing costs are paid. The deed to the property is then transferred from the seller to the buyer, the title insurance is paid, the buyer signs the mortgage documents and transfer taxes are paid to the state. The buyer then pays the extra expenses to the seller which may include appliances or furniture previously agreed upon or any real estate taxes paid by the seller beforehand. The closing costs may be split between the parties involved but most are normally shouldered by the seller. Closing costs may include origination fees and attorney’s fees, taxes, a certain amount placed in escrow and fees for securing title insurance and a survey.

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