Escrow & Title
What are 'closing costs' for a Hawaii buyer and what are typical components?
AA. Only the real estate commission paid by the buyer
BB. All expenses the buyer pays at closing beyond the down payment, including loan origination fees, appraisal, title insurance, escrow fees, prepaid interest, and property tax impounds✓ Correct
CC. Closing costs are always equal to 3% of the purchase price in Hawaii
DD. Closing costs in Hawaii are legally required to be paid by the seller
Explanation
Hawaii buyer's closing costs typically include: loan origination fees, appraisal fee, title insurance (owner's and lender's policies), escrow/closing fees, prepaid interest, property tax impounds, homeowner's insurance prepayment, recording fees, and possibly transfer taxes (conveyance tax). Total closing costs in Hawaii often range from 2-5% of the purchase price.
Related Hawaii Escrow & Title Questions
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