Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

The follwing are Hawaii customary closing costs (including Hawaii General Excise Tax where applicable) and are not intended to be an all-inclusive list. Escrow may charge the appropriate party other closing costs as directed by the parties.

Charge to Buyer, if applicable:

• 40% of the premium for standard coverage title insurance and any additional costs relating to the issuance of extended policy (including a lender's policy).
• Cost of drafting mortgage note and or agreement of sale.
• Cost of obtaining Buyer's consents.
• Buyer's notary fees.
• All recording fees except documents to clear Seller's title.
• 50% of Escrow fee.
•  Condominium and Associattion ownership transfer fees.
• FHA or VA discount points and any mortgage fees.

Charge to Seller, if applicable:

• 60% of the premium for standard coverage title insurance.
• Cost of drafting conveyance documents and bills of sale.
• Cost of obtaining Seller's consents.
• 50% Escrow fee.
• Seller's notary fee.
• Cost of required staking or survey.
• Recording fees to clear title.
• FHA or VA mandatory closing fees.
• Conveyance tax.
• FIRPTA (Fedral withholding tax).
• HARPTA (State withholding tax).

As I negotiate the sales contract for you, I will not only work to get the sales price you want, I will also work to limit the number of closing costs for which you will be responsible.

I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

For samples of some Escrow company fees and costs go to www.stchawaii.com or www.tghawaii.com or www.ortc.com or check with the Yellow Pages for a directory of other Escrow companies and call them for closing costs estimates.

Lender's Good Faith Estimate

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.