Hawaii Real Estate Contract & Forms for Selling Your Home
Selling a home in Hawaii
You’ve gotten tired of palm trees, pineapples, the perfect wave and hula skirts thus, the decision to put your Hawaiian property up for sale and move up to cooler climates. What do you do now?
First things first
Before you commission an artist to make an eye-catching “For Sale by Owner” sign which you intend to put right beside the hibiscus shrub in your front lawn, make sure that you’ve got all your bases covered. Consult with a real estate lawyer and find out how to go about selling properties in the tropical island of Hawaii. Although Hawaii follows standard real estate procedures, there may be some rules or procedures that apply specifically to this island state. After you’ve consulted with your real estate lawyer, and now know the procedure, you can go ahead and start preparing for the sale.
You may have to get in touch with an evaluator so he can give you the real deal with regards to the true status of your house. He will point out the problem areas and may give his recommendations. Following his advice (to renovate or to just make little face lifts) will depend on you: your preference, and of course, your budget. Remember that any capital expenditure you make will have to be recovered through the sale proceeds. If you spend too much on your property, you may end up with less than what you should have earned.
Real Estate Forms
Before your house can be “officially” put in the market, you need to make sure that all the documents needed for the transaction are with you. You will need to secure a copy of the land title (if the original is not with you) and mortgage papers. In addition, you will need to prepare disclosure forms, which you have to present to all potential buyers. One such disclosure statement is in compliance with the federal Residential Lead-Based Paint Hazard Reduction Act of 1992. Failure to provide this document could lead to legal action later on. You don’t have to worry about any document yet, but don’t worry, once you’ve been contacted by a serious buyer, you will encounter other kinds of forms and paperwork.
The first legal document you will receive is an Offer to Purchase, which will be prepared by your buyer (or your buyer’s agent). This document will indicate the buyer’s proposed purchase price (seldom will you find a buyer who will purchase a property at the requested selling price), the requested down payment, terms of payment and who will shoulder the balance (if it will be paid by a bank, etc). If there are some conditions you do not like, you will have to document these and present these to your buyer through a counter offer. The process of presenting each party with counter offers until both are satisfied with each other’s terms and conditions.
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