Oahu Real Estate Closing
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Closing

Can I close early?

What happens if the seller does not do a good job cleaning?

What happens if the tenant does not move out before closing?

What are my rights after closing if the seller did not disclose something?

When and how do I get the keys?

Can I close late?

How long is closing? What is the difference between signing and closing?

What happens if there is an issue after closing that was not disclosed?

Home Owners Exemption Forms & Real Property Tax Rates

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Can I close early?

Yes, as long as the seller agrees to it too and your lender is ready on time.

If the home is vacant or the seller is planning on moving out early, then they probably would prefer a faster close too.

Also, the reason buyers need 45 days to close is because the lender needs this time, so the first person to check with if you want to close early is the lender.

Assuming the lender can do it then we need to check with the listing agent to verify if it is OK with the seller.

Keep in mind if you change the closing date and then don't close on time, you might be breaching the contract, so be 100% sure your lender can close early before requesting an early closing.

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What happens if the seller does not do a good job cleaning?

Unfortunately, there is not much you can do. Different people have different expectations for cleaning, and many times the buyers are not satisfied even though the seller has cleaned. The best solution is to hire your own professional cleaners to take care of the areas you are concerned with before you move in. You could also ask for escrow to hold some money back for cleaning but the seller has to agree to that.

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What happens if the tenant does not move out before closing?

One option is to delay the closing until the tenant is out. Otherwise you might find you have a tenant who won't move out and now you are the new landlord. Another option is to close with the tenant and have them leave after closing.

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What are my rights after closing if the seller did not disclose something?

After closing it is complicated to get things done and will most likely require an attorney. You do not have any further rights from the contract after closing, so if something was not disclosed we can bring it up with the seller and see if they will do something about it, but if not, the only option is to hire an attorney to represent you and mediate, or file a lawsuit as needed. To litigate something after closing would cost around $40,000 to $60,000 so it would have to be a major issue to make it worthwhile. Mediation is less expensive but it is also non-binding so there is a chance you could leave without reaching an agreement.

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When and how do I get the keys?

You get the keys on the day you close. Normally we are informed by 9am and then we can give you the keys.

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Can I close late?

Not really. You can only extend the closing date if it is due to a situation beyond your control. If you applied for your loan late that would not be a reason beyond your control, so it would not trigger an extension. If you have to extend for a reason that is not beyond your control, the seller has to agree to this extension. If they do not agree, they could cancel escrow and ask to keep your deposits.

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How long is closing? What is the difference between signing and closing?

The typical escrow period is 45 days when a loan is being used, and 30 days or less when it is a cash purchase.

Signing is done 3 to 5 days before closing, and it requires signing by hand, not through electronic signatures like your offer. Both the loan documents and the documents escrow generates are signed.

After the signing, the lender will fund the loan 2 days before closing. You start paying mortgage interest as soon as the lender wires the funds.

You also need to put the rest of your down payment into escrow. For acceptable methods to make this final deposit into escrow, please see this PDF.

On closing day we hear from escrow by 9am that you have recorded and at that point the home is yours.

Congratulations!

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What happens if there is an issue after closing that was not disclosed?

Unfortunately because you are no longer in escrow, you do not have a lot of leverage for this situation. We can ask the seller if they knew about the issue prior to closing, but most sellers are going to say no, otherwise they would have disclosed it. You can then decide if it is worth hiring an attorney to pursue legal action. The claim should probably be over $10,000 to make it worthwhile to hire an attorney. Anything under that you will find most of the claim goes to attorney fees.

The attorney will tell you that you have to have a way to prove that the seller knew about the issue prior to closing and did not disclose it.

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Home Owners Exemption Forms & Real Property Tax Rates

Everyone should file for the home exemption once they close.

You can learn more about how the home exemption works from the link below, and then view which form is right for you and fill it out and submit it.

How the exemption works. 

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