In
Hawaii, real estate agents have what's called a "fiduciary
duty" to the home seller, which means they legally represent
the seller, not the buyer. In Hawaii, this means that the
agents are held by law to owe specific duties to the person
who they are representing, in this case the seller.
You may want to hire a buyer's agent, which
is someone that will act on your behalf. The sales commission
is then split between the seller's and buyer's agent.
When selling a house, disclosure of all pertinent
facts actually known to the seller is critical, even though
it may impact on the ability to complete the sales transaction
or on the ultimate sales price of the house.
A seller should disclose the following potential
house defects:
# Plumbing and sewage problems
# Water leakage of any type, including in basements
# Termites or other infestations
# Roof defects
# Heating or air conditioning system problems
# Property drainage problems
# Foundation instabilities or cracks
# Problems with title to the property
When you find a house you'd like to buy, you'll
put together and sign a purchase and sale agreement, which
contains all of the terms of the transaction, including the
following:
* The names and addresses of the sellers
and purchasers
* The purchase price and down payment
* Arrangements for financing
* The legal description of the property
* A provision that title to the property shall be good and
marketable of record, subject to reasonable easements
* The condition of the property at the time of sale
* Closing date and possession
* Statement of the closing costs
* Provision as to who bears the risk of loss if the property
should be damaged prior to settlement
* Any liens on the property
An important thing to remember is that you
should consult your Hawaii real estate attorney before you
sign the contract. The real estate transactions involved in
purchasing a home give rise to a number of legal questions
that a lawyer with a real estate background and experience
is best equipped to answer.
It's always a good idea to hire an independent
professional home inspection service before you buy a house.
A home inspection is a visual examination of some combination
of the structural, mechanical, electrical and plumbing systems
that is designed to identify material defects in those systems
and components. You can make your offer contingent on inspection.
Every inspection should include an evaluation
of at least the following:
# Foundation
# Plumbing and electrical systems
# Doors
# Ceilings, walls and floors
# Roof
# Hazardous materials concerns
# Heating and air conditioning systems
# Common areas (in condominiums)
# Insulation
# Ventilation
Most inspectors will charge extra for services
such as radon testing, termite inspections and well or septic
inspections.
When a home is purchased, title insurance
is also purchased. Based upon a search of public records,
a title search brings attention to any known property title
problems before the closing takes place. It also insures against
loss due to certain title defects. Your real estate lawyer
or title company will investigate the legal title of the property
you want to buy, and may find issues you'll need to understand.
In Hawaii, an implied easement exists where
a person grants lands to which there is no accessible right-of-way
except over her or his land or retains land that is inaccessible
except over the land which the person conveys. In such instances
a right-of-way is presumed to have been granted or reserved.
Such an implied grant or easement in lands
or estates exists where there is no other reasonable and practicable
way of egress or ingress and it is reasonably necessary for
the beneficial use or enjoyment of the part granted or reserved.
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