Page 2 - Home Buyers and Sellers Guide - Hawaii

Table of Contents

Table of Contents i
Contact Information ii
OLD REPUBLIC TITLE 1
Why Old Republic Title? 1
Services We Provide 3
Financial Ratings 4
ESCROW 5
What is Escrow? 5
How Does Escrow Work? 6
Escrow Process 7
‘Know Before You Owe’ Mortgage Disclosure Terms 8
Top 10 Things Consumers Should Know About the Closing Process 9
Avoid Escrow Pitfalls 12
Beware of Wire Fraud 13
PRELIMINARY REPORTS 14
Preliminary Report — Some Basics 14
TITLE INSURANCE 17
What is Title Insurance and How Does It Work? 17
33 Covered Risks for the Homeowner’s Policy 19
Comparison of Title Coverage 22
Frequently Asked Questions About Title Insurance 23
Common Ways to Hold Title in Hawaii 25
CLOSING COSTS 26
Usual and Customary Home Buyer’s Closing Costs in the State of Hawaii 26
Buyer vs. Seller Cost 27
Real Property Tax Rates 28
Conveyance Tax Rates 29
HARPTA 30
FIRPTA 30
OLD REPUBLIC EXCHANGE 31
What is a 1031 Exchange? 31
Seven Great Reasons to Exchange 32
REAL ESTATE DICTIONARY 33