Q: When buying my home what fees will I be expected to pay?
Q: What should I do before I buy?
Q: What is escrow?
Q: What are the steps of a Hawaii Real Estate transaction?
Q: How long does it take to complete the purchase?
Q: When buying my home what fees will I be expected to pay?
A: The list below is standard fees, not all inclusive:
Escrow fee – Buyer pays 50%, calculated from the sale price by escrow company
Title fee – Buyer pays 40%, calculated from the sale price by escrow company
Management Company transfer fee – Buyer portion, price based on property management company
Maintenance fee – (if applicable, home is condominium) Buyer portion, % based on closing date
Appraisal – Buyer pays 100%, Price varies with company used, required by lending institution to secure the loan
Home Inspection – Buyer pays 100%, price varies with company used and size of home
Discount points – Buyer pays 100%, based on loan, determined by Financial Institution
VA Loan – VA loan requires the seller to pay some of the buyers fees.
Q: What should I do before I buy?
A: Recommendations:
Paying off credit cards
Close excessive credit card accounts
Look for financial institutions
Bottom line show the best credit rating you can
Get pre-qualified
Q: What is escrow?
A: Escrow is a neutral party, who collects / distributes all monies of the real estate transaction. Escrow searches property titles, to ensure a clear title. Additionally Escrow prepares the transaction documents.
Q: What are the steps of a Hawaii Real Estate transaction?
A: Each situation is unique however the basic are listed below.
The transaction starts with a signed contract between the buyer and seller
Both seller / buyer agents open escrow
Home inspection
Termite inspection
Appraisal
Closing
Q: How long does it take to complete the purchase?
A: Normally it takes 30-45 days to close a real estate transaction.