No matter where you are, buying or selling a home is a challenge! Hawaii Beach and Golf Properties agents are here to help you. This collection of questions is designed to provide you with a little information about some of the more common questions. If you need further information, don't hesitate to CONTACT US - we're delighted to have the opportunity to assist!
How Much Are Property Taxes?
The Real Property Tax Division assesses all real property in a uniform and equitable basis for purposes of real property taxation. All real property is assessed based on fair market value. The tax year for real property tax billing purposes runs July 1 to June 30. Tax bills are mailed on July 20. The 1st half taxes are due on or before August 20 and the 2nd half taxes are due on or before February 20. The current residential rate is $10.05 per $1,000 per assessed value. Hawaii residents receive homeowner’s exception and the current rate is $6.15 per $1,000 assessed value. For details, please refer to Hawaii County Property Tax Office.
What Is Title?
In real estate transactions, almost everything is negotiable and so are closing costs. The standard Hawaii Purchase Contract lists customary closing costs as follows:
|CHARGE TO BUYER, IF APPLICABLE
||CHARGE TO SELLER, IF APPLICABLE
|40% of the premium for standard coverage title insurance and any additional costs relating to the issuance of extended coverage policy (including a lender’s policy)
||60% of the premium for standard coverage title insurance
|Cost of drafting mortgage and note or agreement of sale
||Cost of drafting of conveyance documents and bills of sale
|Cost of obtaining Buyer’s consents
||Cost of obtaining Seller’s consents
|Buyer’s notary fees
||50% of Escrow fee
|All recording fees except documents to clear Seller’s title
||Seller’s notary fees
|50% of Escrow fee
||Cost of required staking or survey
|Condominium and Association ownership transfer fees
||Recording fees to clear Seller’s title
|FHA or VA discount points and any mortgage fees
||FHA or VA mandatory closing fees
||FIRPTA (Federal withholding tax)/HARPTA (State withholding tax)
||Seller customarily pays for the termite inspection and address issues at their cost if any.
* A higher conveyance tax must be paid if Buyer is ineligible to file a county real property tax homeowner’s exemption on the Property. If the selection changes from Buyer’s “principal residence” to “other than Buyer’s principal residence”, Buyer shall provide written notification to Seller and Escrow no later than fifteen (15) days prior to the Scheduled Closing Date and Buyer shall be charged at closing an amount equal to the difference in the conveyance tax.
What are the differences between the standard title insurance policy and ALTA extended owner's policy?
What is FIRPTA & HARPTA?
How can I learn real estate terminologies?
What is required to bring a pet to Hawaii?
What is VOG?
Vog is volcanic air pollution. It results when sulfur dioxide and other gases and particles emitted by an erupting volcano react with oxygen and moisture in the presence of sunlight. The vog forecast is found here. Read more about the vog here.
What are Coqui Frogs?
The coqui frog was accidentally introduced into Hawaii from Puerto Rico in about 1988. Aside from being a major noise nuisance, the frogs pose a threat to Hawaii’s ecosystem. Read more about coqui frogs here.
What Is The Weather Like?
What options are there for schools?