Contracts
What is an 'as-built survey' and when is it required in Hawaii real estate transactions?
AA. A survey required for all Hawaii property sales to confirm boundaries
BB. A survey showing improvements as actually constructed on the property, used to verify buildings are within lot lines and setbacks; required in some commercial transactions or by lenders for ALTA policies✓ Correct
CC. A survey showing the property's boundaries as originally drawn on historical maps
DD. A federal requirement for all Hawaiian properties near federal land
Explanation
An as-built survey maps improvements as actually constructed—showing the location of buildings, fences, and other structures relative to lot boundaries. It reveals encroachments, setback violations, or improvements not matching permitted plans.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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