FHA or VA closing costs (if applicable).Ĭommonly in the past that FHA and VA loans could not pay for certain closing costs. This is typically a seller’s expense however it can be negotiated in the purchase contract. The same thing goes for staking or surveying the property. However, this can be negotiated in the purchase contract. Traditionally, the seller pays for a termite report and has the responsibility to treat the termites if any are found. There are a few drafting costs for the bill of sale and conveyance documents. However when the seller is off-island many times a mobile notary is used. The escrow company being used is also a notary. Seller Notary FeesĪ notary is needed to sign the final closing documents. Overall this tax is not too high in my opinion. And it’s also dependent on the sale price. It is calculated differently depending on if the property was owner-occupied or investment property. This tax is imposed on the seller with any type of sale. Most importantly escrow holds on to the buyer’s funds and delivers the funds at closing to the seller. This company helps with the title insurance, drafting costs, notary and most importantly being a mutual party for our transaction. The escrow fee is to pay the escrow company involved in the transaction. Therefore, it costs more for the seller to show their ownership. This title report proves that the seller owns the property with a clear title. The seller pays for 60% of the title insurance or the title report while the buyers pay for 40%. Another reason why it pays to work with a licensed company is that we hold a license. Your real estate agent is supposed to be there every step of the way from getting your property ready to list to closing. From that 3% a portion goes to the agent’s Brokerage and the remaining will go to the agent. 3% for the listing brokerage and 3% for the buyer’s agent/broker who represents the buyer. In Hawaii, real estate sales commission is usually 6% of the sales price. This is the biggest expense and it’s worth it to hire a licensed professional. Learn the main sellers closing costs Hawaii to expect when selling a property.īe sure to read the bottom where I have actual examples Real Estate Comission However, most of these are not too large and they are necessary to have a secure stress-free transaction. That way there are no surprises!ĭon’t worry this list may seem intimidating. This blog will give you a general idea of closing costs when selling a property. Luckily in a quickly appreciating market on Kauai the seller can usually easily cover their closing costs. There are costs that get accrued when selling a property. Thinking about selling your Kauai home? This blog goes over seller closing costs in Hawaii.
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