Selling land in Wyoming: the disclosure, minerals and more
Houses in Wyoming are "buyer beware." Land is not. If you sell vacant land, the law says you must tell the buyer certain things in writing. Here is the list, in plain words.
Do I need a disclosure to sell land in Wyoming?
Yes, if it is vacant land. Wyoming law (W.S. 34-1-151) says the seller must give buyers a written disclosure. Vacant land means land with no home permanently on it that is outside a platted subdivision, city or town.
What do I have to tell the buyer?
- Minerals. Whether the mineral rights were ever split off from the surface.
- Wind. Outside towns, whether the wind rights were split off.
- Pore space. Whether rights to the space underground (used to store carbon) were split off.
- Unified estate. Whether you are selling the surface and everything under it together.
- Roads. Who keeps up the roads, and how much.
- Utilities, water and sewer. What is there, and where.
- Fire protection. Whether it is available.
- Easements. Any you know of or that are recorded with the county clerk.
Do I even own the minerals?
Many Wyoming landowners do not. The federal government kept the minerals under many old homesteads. Railroads and ranch families often kept them when they sold the surface, sometimes 100 years ago. Those rights then passed down through wills and deeds the surface owner never saw.
A buyer may assume the oil, gas or coal comes with the land. In Wyoming that is a costly guess, which is why the law makes you say so in writing. Ask your title company for a mineral search before you list. If you do own the minerals, decide whether to sell them, keep them, or keep part.
What does it cost to sell land in Wyoming?
Like a house, there is no transfer tax. You pay the owner's title policy by custom, half the title company's fee, and $12 for the first page and $3 for each page after to record. Land often needs a survey. The commission on land is often higher than on a house, because land takes longer to sell.
Our Wyoming net sheet works for land too. Set the loan payoff to zero if you own it free and clear.
Do I pay tax on a land sale in Wyoming?
Not to the state. Wyoming has no income tax. Federal capital gains tax does apply to land, and the home sale exclusion does not, since you do not live on vacant land. Ask a tax pro about a 1031 exchange if you plan to buy other land or rental property.
Quick answers
Do I need a disclosure to sell land in Wyoming?
Yes, for vacant land. Wyoming law requires the seller of vacant land to give buyers a written disclosure. It covers severed minerals, utilities, roads, water and sewer, fire protection and easements.
What counts as vacant land in Wyoming?
Land with no home permanently on it that is outside a platted subdivision, city or town. A lot in a subdivision is not covered by this rule.
Do I own the mineral rights to my land in Wyoming?
Not always. In Wyoming the minerals are often split off from the surface in an old deed. A title search or a mineral search shows whether you own them. If you do, you can sell them with the land or keep them.
Is there a transfer tax on land in Wyoming?
No. Wyoming has no transfer tax on land or homes. You pay the county recording fee and title costs.
Run a Wyoming land net sheet.
Free. Works for land, houses and ranches.