Homebuyer Guide
Who We Are
Aloha and welcome to the Hawaii Lux Living Team at Century 21 iProperties Hawaii, where your dream of paradise living becomes a reality! Our team is dedicated to providing exceptional real estate services in the beautiful islands of Hawaii. Whether you're looking to buy, sell, or invest in a home, we are here to guide you every step of the way The Hawaii Lux Living Team is a group of experienced, passionate, and dedicated real estate professionals committed to excellence.
With years of combined expertise in the Hawaii real estate market, we have the knowledge and resources to help you navigate the unique challenges and opportunities of island living.
Our mission is to deliver unparalleled service to our clients, making the process of buying or selling a home in Hawaii as smooth and enjoyable as possible. We believe in building lasting relationships based on trust, integrity, and mutual respect. Your satisfaction is our top priority.
Our goal is to make your real estate experience in buying or selling not just successful, but also enjoyable and rewarding with the Hawaii Lux Living Team We don’t just sell homes; we build lasting relationships.
Broker compensation is not set by law nor fixed, controlled, or recommended by the Association of REALTORS® or MLS. Broker compensation is fully negotiable.
Our team members live and work in the communities we serve, giving us a deep understanding of the local market trends, neighborhoods, and lifestyle opportunities that Hawaii offers. We are not just real estate professionals; we are active members of the community. Our involvement in local events, organizations, and charities reflects our commitment to giving back and making Hawaii a better place to live
We guide you through the entire home buying/selling process, from finding the perfect property to negotiating the best deal and closing the sale Our marketing strategies and local market knowledge ensure your home is sold quickly and at the best possible price. We provide expert advice and support for investors looking to capitalize on the lucrative Hawaii real estate market. If you are moving to Hawaii, we offer comprehensive relocation services to make your transition as smooth as possible.
Ready to start your Hawaii real estate journey? Contact the Hawaii Lux Living Team today to schedule a consultation. We look forward to helping you make your Hawaii dreams come true!
Mahalo nui loa for choosing Hawaii Lux Living Team We are excited to work with you and welcome you to our ohana (family)!
Our Promise to You
Hawaii Lux Living Team with Century 21 iProperties Hawaii is committed to delivering exceptional service Here’s what you can expect from us as Our Promise to You:
Personalized Service: We focus on understanding your unique needs, preferences, and goals to tailor our services to best serve you.
Active Listening: We listen carefully to your requirements and concerns, ensuring we fully understand your vision for your new home.
Expert Guidance Our deep knowledge of both Texas & Hawaii real estate markets allows us to provide insightful advice and strategies
Comprehensive Market Analysis: We conduct thorough market research to help you make informed decisions about property values and potential investments.
Proactive Communication: We keep you informed at every step of the buying process, ensuring transparency and clarity
Effective Negotiation: We leverage our negotiation skills to secure the best possible terms and price for your new home.
Stress-Free Experience: We manage the details and complexities of the transaction, making the home buying process smooth and hassle-free for you
Professional Network: We connect you with trusted professionals, including lenders, inspectors, and contractors, to support your home buying journey
Integrity and Trust: We uphold the highest standards of honesty and integrity, building a relationship based on trust and mutual respect.
Post-Sale Support: Our commitment doesn’t end at closing We continue to offer support and resources to ensure your satisfaction with your new home
Representation for All Buyers: We believe every buyer deserves representation. We are dedicated to advocating for your best interests throughout the entire process.
Our goal is to make your home buying experience not just successful, but also enjoyable and rewarding At HI TX Realty, we don’t just sell homes; we build lasting relationships
Broker compensation is not set by law nor fixed, controlled, or recommended by the Association of REALTORS® or MLS. Broker compensation is fully negotiable.
Your Hawaii Lux Living Team with Century 21 iProperties Hawaii, Alecia Tomoko Smith
Janice Whittaker
Lani May Villanueva
1. Prepare the buyer for executing a buyer representation agreement
2. Explain agency relationships to the buyer and get state required legal consent to represent, if needed
3. Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
4. Learn the buyer’s wants and non-negotiable needs
5. Understand the buyer’s budget and what will be needed financially
6. Help the buyer understand what property their chosen budget will buy
7. Consider having the buyer fill out a homebuyer’s checklist
8. Assist the buyer in examining how much they can afford to spend
9. Provide quality lender resources
10. Partner with the buyer to locate suitable properties for consideration
11. Match the buyer’s needs with available property
12. Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
13. After ensuring the buyer understands what is done for them, how it is done, and the benefit to them, obtain signatures on the buyer representation agreement
14. Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
15. Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
16. Explain Federal and State Fair Housing laws
17. Explain what to look for in applicable property disclosures
18. Reassure the buyer that their personal information will remain confidential
19. Inform the buyer that you will always disclose all known material defects
20. In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
21. Discuss available resources that the buyer can check to learn more about prospective neighborhoods 22. Explain the timeline for house hunting, mortgage approval, and closing
23. Explain the local market and how it impacts the buyer
24. Show statistics on what percentage of list price sellers in the area are currently receiving
25. Inform the buyer on what home features are popular
26. Identify current average days on market
27. Share the dangers of using the price per square foot to figure home values
28. Explain the concept of absorption rate and how it impacts the buying process
29. Indicate current listing months of market inventory
30. Share estimated potential out-of-pocket costs to complete the transaction
31. Assist the buyer in analyzing the loan estimates
32. Qualify the buyer for financial ability to purchase
33. Help the buyer account for the complete costs of homeownership
34. Prepare lender for listing agent calls
35. Assist in comparing different financing options
36. Help the buyer select for viewing only those homes that fit their needs
37. Proceed in showing homes that fit the buyer’s must-haves
38. Caution the buyer on posting information to social media
39. Review the sample sales contract so the buyer is prepared when it comes time to make an offer
40. Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
41. Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
42. Collaborate with the buyer on properties they may have learned about through their sphere contacts
43. Research and assist on all unlisted properties the buyer wishes to see 44. Preview properties prior to showing if needed
45. Network with other agents to source properties not yet in their local MLS broker marketplaces
46. Contact homeowners in focus areas to see if they are considering selling
47. Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements 48. Arrange a tour of areas, schools, and key points of interest 49. Provide resources containing neighborhood information on municipal services, schools, etc.
50. Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
51. Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
52. Check applicable zoning and building restrictions
53. Help the buyer decipher public property and tax information
54. Collect and share pertinent data on values, taxes, utility costs, etc.
55. Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
56. Help the buyer narrow the search until the buyer identifies top choices
57. Assist the buyer in getting the best property at the best price
58. Suggest that the buyer learn more about the neighborhood prior to making an offer
59. Prepare a comparative market analysis (CMA) in advance of making an offer
60. Prepare the buyer to have the most attractive offer in the current marketplace
61. Explain common contract contingencies and include approved protective clauses in the purchase offer
62. Ensure that the buyer receives and understands all state and federally- required disclosure forms
63. Prioritize contract negotiation goals with the buyer
64. Help create a negotiating strategy
65. Use strategies such as an escalation clause to maintain a competitive offer
66. Prepare the buyer for a multiple offer situation and develop negotiation strategies
67. Write an offer that has a reasonable chance of being accepted
68. Recommend optional contingencies and explain the pros and cons of using them
69. Provide information on purchasing incentives that may be available
70. Discuss financing alternatives
71. Negotiate the buyer’s offers to arrive at the best price and terms
72. Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer
73. Advocate for the buyer throughout the entire process
74. Encourage the buyer to fully investigate their options in terms of a home inspector, title company, appraiser, mortgage lender, and other services
75. Present a list of the types of required and optional inspections such as environmental, roofing, and mold
76. Review and discuss home inspection concerns
77. Negotiate repair requests from home inspection
78. Guide the buyer on meeting all contract deadlines
79. Assist in coordinating communications
80. Advise the buyer to review the settlement statement
81. Inform clients that they need to transfer utilities to the new residence
82. Schedule final walkthrough
83. Accompany the buyer on the walkthrough
84. Assist the buyer in questioning the appraisal report if it affects the financing
85. Confirm clear-to-close with the lender
86. Ensure all parties have all forms and information needed to close the sale
87. Remind the buyer of the location where the closing will be held
88. Confirm the closing date and time, and notify parties if there are changes
89. Gather all required forms and documents for closing
90. Explain flood insurance to the buyer
91. Explain title insurance to the buyer and refer to qualified insurance broker
92. Order any surveys needed
93. Order the appraisal
94. Order the title search
95. Confirm the status of the loan funding
96. Check addendums and alterations for agreed terms
97. Review the buyer’s closing statement to ensure accuracy
98. Explain wire fraud risks and remind clients to verify all wiring instructions before transferring funds
99. Double-check all tax, homeowners’ association dues, utility, and applicable prorations, if relevant
100. Request final closing figures from the closing agent (often an attorney or title company)
101. Receive and carefully review closing figures to ensure accuracy
102. Receive and carefully review title insurance commitment with the buyer
103. Advise the buyer to re-key their locks and to consider a one-time cleaning service or landscaping before moving day
104. Review documents with the closing agent
105. Support the buyer in any final closing activities
Homes For Heroes
Steps to a Home Purchase
Hawii
HIRE A REALTOR
When hiring a Realtor, buyers should know that everything in real estate, including commissions, is negotiable. Prioritize finding someone knowledgeable, experienced, and attentive to your specific needs. Choose a Realtor with a deep understanding of the local market and a proven track record of successful transactions. Effective communication, integrity, and a commitment to client satisfaction are crucial. Additionally, feel comfortable discussing financial terms and commissions. A good Realtor will be transparent about their fees and willing to work with you to create a fair and mutually beneficial agreement.
PREVIEW HOMES & WRITE OFFER
After touring homes in your price range, a good Realtor will help you write an offer, but you make the final decision. The offer should reflect comparable home values and market conditions. We may need to negotiate with the sellers. Once accepted, the clock starts ticking.
GET PREQUALIFIED AND PREAPPROVED
Initially you'll provide some financial information to your lender - such as your income and amount of savings.
For preapproval, your lender will need W-2 statements, paystubs, bank account statements and to run a credit check.
OPEN ESCROW & DEPOSIT EARNEST MONEY
Opening escrow and depositing earnest money when buying a home involves a neutral third party holding funds and documents on behalf of the buyer and seller until all conditions of the sale are met. The buyer deposits earnest money, a good faith payment, into the escrow account to demonstrate their serious intent to purchase the property.
HOME & TERMITE INSPECTION
In the homebuying process, home and termite inspections are crucial. The home inspection identifies issues with structural elements, plumbing, electrical systems, HVAC, etc., while the termite inspection checks for infestations. If problems are found, buyers can negotiate repairs or credits. Once resolved, buyers remove contingencies, moving closer to finalizing the purchase.
ADDITIONAL ESCROW DEPOSITS
In the Hawaii homebuying process, an additional escrow deposit is often recommended after inspections and issue resolution. This deposit shows the buyer's commitment and secures the agreement, reassuring the seller and ensuring a smooth path to closing.
TITLE SEARCH
Title is the right to own, possess, use, control and dispose of property. When purchasing a home, you are actually buying the seller's title to the home.
Before the closing, a title search will be conducted for any problems that might prevent you from a clear title to the home.
You will also want to determine how you wish to hold title to the propertyespecially if you ' re buying with a spouse, a partner, family member, or colleague.
LOAN PROCESSING & APPRAISAL
After the appraisal has been ordered, the loan processing phase continues with the lender awaiting the appraisal report. During this time, the buyer should be getting homeowners insurance quotes or during step 2 to ensure the insurance is within their approval amount. If the buyer plans to purchase a home warranty they should also research companies and plans. The lender verifies all other aspects of the borrower's application, such as income, employment, and credit history. Once the appraisal report is received, the lender reviews it to ensure the property's value supports the loan amount.
FINAL COMMITMENT
After the lender approves your loan, you will get a commitment letter that stipulates the loan term and terms to the mortgage agreement. This final commitment letter will include the annual percentage rate and the monthly costs to repay the loan. It will also include any loan conditions prior to closing.
FINAL COMMITMENT LETTER
A formal letter is issued by a mortgage lender to a homebuyer. This letter signifies that the lender has completed its thorough review of the borrower's financial status and creditworthiness, and is officially committing to provide the loan under specified terms. It outlines the loan amount, interest rate, loan term, and any conditions that need to be met before closing. Essentially, this letter reassures the seller that the buyer has secured financing, thus facilitating the progression towards finalizing the home purchase.
FINAL AMOUNT NEEDED FOR CLOSING
The final amount needed to close on a home, or "closing costs," includes various fees and expenses in addition to the down payment. These costs typically cover loan origination, appraisal, title insurance, escrow, property taxes, homeowner's insurance, and sometimes prepaid interest. A Closing Disclosure is provided before closing, detailing all these costs.
FINAL WALK-THRU OF PROPERTY
A final walk-through is a last inspection of the property by the buyer, usually conducted shortly before closing. Its purpose is to ensure that the property is in the agreedupon condition, any required repairs have been made, and no new issues have arisen since the last viewing. It allows the buyer to confirm that everything is as expected and that the home is ready for move-in. This step helps prevent any surprises after the purchase is finalized.
CLOSE ESCROW
“Close of Escrow” is the point when all conditions of the escrow agreement are satisfied, but before funding and recording, it is not fully completed. Before funding and recording, During Close of Escrow all the necessary documents have been signed by both parties (buyer and seller), and all required conditions, such as inspections, appraisals, and title searches, have been met.
LOAN FUNDING / RECORD TITLE
"Loan Funding" is the process where the lender releases mortgage funds to the escrow company after all loan conditions are met, enabling payment to the seller and covering closing costs.
"Record Title" is the final step where the new ownership is officially registered with the Bureau of Conveyances, confirming the buyer's legal ownership of the property and completing the real estate transaction.
GET THE KEYS
Once the deed has been recorded with the Hawaii Bureau of Conveyance you are officially an homeowner. Arrangements to pick up keys will be coordinated with your agents and the seller.
Congratulations on becoming a Homeowner!!!
WHAT ARE GOOD FUNDS?
Good Funds are funds that are immediately available to the title/escrow company upon deposit. Depending on the type of funds deposited, a waiting period may apply before they can be disbursed or transaction can be closed. The Good Fund Law is intended to protect the consumers. When a party makes a deposit into escrow, there must be verification that the amount deposited is fully available to be disbursed at the time of closing. Hawaii’s standard purchase contract states that closing occurs and the proceeds are to be disbursed to seller when the recording occurs. The escrow company has a fiduciary responsibility to the parties to an escrow transaction to confirm that they have “good funds” in escrow from the buyer’s initial deposit, additional deposit(s) and lender’s closing funds.
Always verify with the title company that will be handling your closing in advance on what type of funds are required. It could take up to 10 days for checks to clear from the mainland.
Bank wires are typically encouraged. These funds are available for immediate credit and can be disbursed most quickly, to ensure a timely closing.
PRIOR TO CLOSING
P R I O R T O C L O S I N G ,
Y O U S H O U L D C H A N G E
A L L U T I L I T I E S I N T O
Y O U R N A M E , A N D
C O M P L E T E A F I N A L
W A L K T H R O U G H T O
C H E C K F O R A N Y
O U T S T A N D I N G I T E M S
A FEW THINGS TO BRING TO
CLOSING
A valid government issued photo ID
Cashier's check for the total amount due. You may also choose to wire your funds to the title company
Outstanding documents for the title company or mortgage loan officer
WHAT TO EXPECT
The escrow officer will look over the purchase contract to: identify what payments are owed and by whom; prepare documents for the closing; conduct the closing; make sure taxes, title searches, real estate commissions and other closing costs are paid; ensure that the buyer's title is recorded; and ensure the seller receives any money due
YOUR COST
Some of the most common fees include:
Escrow fees
Recording and notary fees, if applicable
Title search and title insurance
Origination, application and underwriting fees from lender
Appraisal fees
Local transfer taxes
Homeowners Insurance
Home Owners Association fees, if applicable
Additional fees may apply
AFTER CLOSING
Make sure to keep copies of all closing documents for tax purposes.
MORTGAGE FINANCING tips for:
Always check with your lender before doing any of the following prior to closing on your home:
Making a big purchase:
Avoid making major purchases, like buying a new car or furniture, until after you close on the home. Big purchases can change your debt-to-income ratio that the lender used to approve your home loan and could throw the approval into jeopardy
Opening new credit:
Do not open any new credit cards or get a loan without speaking to your lender first
Missing any payments:
Pay your bills on time to keep your credit score from dropping.
Cashing out:
Avoid any transfers of large sums of money between your bank accounts or making any undocumented deposits - both of which could send "red flags" to your lender.
Keep the same job:
Be kind to your boss and keep your job. Don't begin looking for new work right now, unless it's a second job to make extra money.
tips for:
USINGANATTORNEY
WHY?
Realtors do not provide legal advise so buyers may choose to consult with an attorney who practices real estate law and will provide the buyer with experienced insight and expertise, giving them peace of mind during the closing process.
An attorney may provide the following:
DOCUMENT REVIEW
Contacts the Seller's attorney to ensure the Title Commitment (which discloses all liens and titles existing on the property) is reviewed.
Reviews all documents prepared by Seller's attorney for closing, including the Deed (which conveys the title to the Buyer.)
CLOSING FIGURES REVIEW
Verifiesclosingfiguresfromthe Seller'sattorney.Thesefigures includeallexpensesconcerning thesaleandsatisfactionof liens andencumbrancesonthe property.
Contacts applicablesewer tax entitytoobtainaproration throughtheclosingdate.
Obtainsthemostrecenttax informationandtaxassessment forthepropertytoprepareclosing figures.
LEGAL ADVICE
Provideslegaladviceinany negotiationspostcontract, includinginspectionissues
Remainsavailablethroughthe closingprocessandattendsthe closingtoreviewalldocuments presentedtothebuyer.
C S O O
A S Y O U R R E A L E S T A T E T E A M , W E W I L L G O A B O V E A N D
B E Y O N D T O H E L Pconsistently providing you with the expert guidance you deserve throughout the home buying process.
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Tomoko Smith (808) 666-8207
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H a w a i i B o a r d o f R E A L T O R S ®
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R E A L
T O R ® R E S U M E
I N D U S T R Y A N D C O M M U N I T Y I N V O L V M E N T
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A s s o c i a t i o n o f R E A L T O R S H o m e s f o r H e r o e s T e a m
A f f i l i a t e A s i a n R e a l E s t a t e A s s o c i a t i o n o f A m e r i c a
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P R O F E S S I O N A L D E V E L O P M E N T
A b e L e e R e a l E s t a t e S c h o o l
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S t r a t e g i e s f o r E x c l u s i v e R i g h t t o S e l l L i s t i n g C o n t r a c t s
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D e d i c a t e d a n d t a s k - d r i v e n
S t r o n g l e a d e r s h i p a n d f o l l o w - u p s k i l l s
E m b r a c e s c h a l l e n g e s a n d n e g o t i a t i o n s
C o l l a b o r a t i v e t e a m w o r k
A d a p t a b l e t o c l i e n t n e e d s a n d m a r k e t c h a n g e s
E X P E R I E N C E
R e a l t o r A s s o c i a t e w i t h C e n t u r y 2 1 i P r o p e r t i e s H a w a i i
H a w a i i L u x L i v i n g T e a m M e m b e r
1 2 + y e a r s o f e x p e r i e n c e i n c l i e n t r e l a t i o n s a n d o f f i c e
a d m i n i s t r a t i v e s u p p o r t , s e a m l e s s l y t r a n s i t i o n i n g s k i l l s
t o t h e r e a l e s t a t e i n d u s t r y
E x c e l l e n t C u s t o m e r S e r v i c e
Hawaii Lux Living Team “Personalized Service • Exceptional Results” Lani May Villanueva RS-86248 (808) 223-8308 arlani villanueva@yahoo com HawaiiLuxLiving com
R E A L T O R ® R E S U M E
KELVIN & MILLIE JACKSON
Working with Alecia as our realtor for the purchase of our new construction home was an absolute delight Over the span of two years, Alecia demonstrated an unwavering commitment to providing us with exceptional service Her unparalleled patience and prompt responsiveness stood out, making the entire home-buying process not only smooth but genuinely enjoyable Alecia's expertise and guidance were invaluable, especially in navigating the intricacies of new construction She displayed a keen attention to detail and ensured that our needs and preferences were always prioritized Despite the inevitable challenges that can arise in such a lengthy process, Alecia's professionalism and dedication shone through What truly set Alecia apart was her ability to go above and beyond, consistently exceeding our expectations Her thorough understanding of the real estate market, coupled with her excellent communication skills, kept us wellinformed and confident at every step Alecia's proactive approach and timely responses showcased her commitment to our satisfaction In the end, thanks to Alecia's efforts, we found not just a house, but a home that perfectly aligns with our vision Without hesitation, we wholeheartedly recommend Alecia as a realtor who not only gets the job done but does so with unparalleled expertise, patience, and a genuine passion for her clients' happiness
RANDLE BISHOP
We are finally in our home I highly recommend Alecia! If you want a home buying experience that is seamless then you need to consider Alecia for your next purchase, enough said
CARMEN CARPENTER
Alecia is simply amazing! She showed up from day one completely engaged with our needs, wants, price point and did everything to meet our expectations We closed within a month of finding our beautiful home and it was one of the top experiences I ever had buying a house! Do you and your family a favor! If you want an agent that will find, guide and fight for everything you ask for, don’t look any further!!!
experienced negotiation tips on staging
constant
NANCY MESTA
Alecia was a very hands-on, responsive She kept the seller's agent and ourselves apprised of every step of the negotiation up until the signing I was immensely grateful for her dedication and invaluable advice throughout the stressful process She was our best advocate Her honesty, affability and professionalism was the best I had seen in any real estate agent If you select Alecia to work for you, you can be assured that you will get one of the most prepared, helpful, honest individuals to support your homeownership goals
Alecia is the best agent to have in your corner when buying a home She is very caring, attentive,friendly and works to make sure you get everything you want and need in a home She is very knowledgeable about the NACA program I would definitely recommend her if you are going through the NACA program and even if you aren't she is a wonderful realtor and I'm glad that we had the chance to work with her We love you Alecia Thank you so much!!
DERRICK MORGAN
Alecia is an awesome Realtor I gave her the requirements of what I was looking for, and in one day, she found my beautiful home with everything I wanted She’s very professional, but you also feel like you’re working with a friend And her generosity is amazing! I will definitely recommend her to family and friends, and should I want to buy or sell a home I would definitely use her again!
T WYATT
Alecia was awesome throughout the process with selling my home! She answered every question and continuously kept me updated I couldn’t ask for a better realtor! Thank you!
BUYER REPRESENTATION CONTRACT
(Exclusive Right to Represent) ® Hawai‘i Association of REALTORS Standard Form Revised 6/24 For Release 8/24
COPYRIGHT AND TRADEMARK NOTICE: THIS COPYRIGHTED HAWAI‘I ASSOCIATION OF REALTORS® STANDARD FORM IS LICENSED FOR USE UNDER TERMS OF THE HAWAI‘I ASSOCIATION OF REALTORS® STANDARD FORM LICENSE AGREEMENT LOCATED AT http://wwwhawaiirealtorscom/standard-formpolicy The use of this form is not intended to identify the real estate licensee as a REALTOR® REALTOR® is a registered collective membership mark which may be used only by real estate licensees who are members of the National Association of REALTORS® and who subscribe to its Code of Ethics
THIS CONTRACT is between (“Buyer’s Brokerage Firm”), and (“Buyer”)
1 AGENCY:
The Buyer and/or Seller in a real estate transaction in Hawai‘i may retain a real estate brokerage firm as their agent In such case, the Buyer and/or Seller is represented by the brokerage firm and all of its licensees. Hawai‘i law requires real estate licensees to disclose orally or in writing to Seller and/or Buyer whom the licensee represents The form of representation may be one of the following:
(a) Seller’s Agent. Listing Brokerage Firm represents Seller only unless a disclosed dual agency exists. Seller’s Agent owes the highest duties to Seller, including confidentiality, loyalty, and due care and diligence
(b) Buyer’s Agent Buyer’s Brokerage Firm represents Buyer only unless a disclosed dual agency exists Buyer’s Agent owesthe highest duties to Buyer, including confidentiality, loyalty, and due care and diligence
(c) Dual Agent Brokerage firm represents both Buyer and Seller This commonly occurs when licensees in the brokerage firm representing Seller have Buyer clients looking for types of property similar to Seller’s property. In such event, the brokerage firm and all of its licensees represent both Buyer and Seller and are dual agents Dual agents must remain neutral in negotiations and must not advance the interest of one party over the other A separate Dual Agency Agreement is required under Hawai‘i law prior to the Purchase Contract
2 APPOINTMENT OF EXCLUSIVE AGENT:
Buyer’s Brokerage Firm will assist Buyer in negotiating the purchase of a property Buyer will conduct all negotiations for a property through Buyer’s Brokerage Firm and refer all letters and inquiries to Buyer’s Brokerage Firm concerning purchase of the property received from real estate licensees, prospective sellers, and other sources during the term of this Contract. Buyer will inform Buyer’s BrokerageFirm of any properties that may be of interest to Buyer from all sources, including but not limited to the Internet, newspaper, real estate magazines, For SaleBy Owner, etc
Type of Property:
[ ] Residential [ ] Condo/Co-op [ ] Land [ ] Commercial/Industrial [ ] Any Real Estate
Location of Property:
[ ] All Hawaiian Islands [ ] Other:
3 TERM OF AGREEMENT:
Buyer grants to Buyer’s Brokerage Firm the exclusive right to represent Buyer as Buyer’s Agent from (Date) , to midnight on (Date) Either party may end this Contract with daysadvance written notice to the other Neither party may end this Contract before midnight, (Date) , unless both parties agree in writing to an earlier date.
4 DUAL AGENCY:
SAMPLE
Buyer acknowledges that, from time to time, a brokerage firm may represent both Seller and Buyer in the same transaction If such a dual agency situation arises, Seller and Buyer will be asked to sign a separate dual agency consent agreement prior to entering into a Purchase Contract Buyer further acknowledges that, in a dual agency situation, there is a limitation on the brokerage firm’s ability to represent either party exclusively and fully, and that the brokerage firm may not act for one party to the detriment of the other Buyer hereby gives approval to the concept of disclosed dual agency and limited representation Buyer’s Brokerage Firm may represent other buyers, whether such representation arises prior to, during, or after the termination of this Contract. In such a situation, Buyer’s Brokerage Firm will not disclose to any Buyer the terms of any other Buyer’s offer.
5 BUYER’S BROKERAGE FIRM OBLIGATIONS:
Buyer’s Brokerage Firm will exercise reasonable skill and care for Buyer, and make reasonable efforts to locate properties in which Buyer may be interested. Buyer’s Brokerage Firm will promote the interestsof Buyer with good faith, loyalty, and fidelity, including but not limited to: (a) Seeking a property at price and terms which are acceptable to Buyer with the exception that Buyer’s Brokerage Firm will not be obligated to seek other properties while Buyer is a party to a contract to purchase a property; (b) Procuring acceptance of any offer to purchase a property and to assist in the completion of the transaction; (c) Presenting all offers to and from Buyer in a timely manner; (d) Disclosing to Buyer any material facts known to Buyer’s Brokerage Firm which would measurably affect the Property’s value Buyer’s Brokerage Firm will not be obligated to make an independent investigation or evaluation of the Property, independently verify statements of Seller or any expert, or verify any information or statements made by Buyer
6 BUYER’S OBLIGATIONS:
Buyer is obligated to act in good faith to cooperate with Buyer’s Brokerage Firm by furnishing it with all relevant personal, financial, or other information that may be necessary to facilitate the purchase of a property This includes keeping appointments, attending inspections, returning messages, and advising all other real estate agents that Buyer has executed this exclusive Contract with Buyer’s Brokerage Firm.
Buyer understands and accepts thatneither Buyer’s Brokerage Firm nor Licensee can render tax advice, tax planning, tax-deferred exchange information, and the like, or any other technical or legal advice in connection with this Contract Whenever specialized advice is deemed necessary, Buyer is strongly advised to seek the services of an appropriate professional Buyer acknowledges that the decision to retain any particular specialist is wholly the decision of the Buyer. Buyer will notify Buyer’s Brokerage Firm in writing of any areas of particular concern.
Buyer will consider properties selected by Buyer’s Brokerage Firm Buyer will act in good faith toward the completion of any property contract entered into in furtherance of this Contract Buyer has an affirmative duty to protect him/herself, including discovery of the legal, practical
BUYER’S INITIALS & DATE
Hawai‘i Association of REALTORS®
Buyer Representation Contract
Exclusive Right To Represent RR104 Rev 6/24
Page 1 of 3
BROKER’S INITIALS & DATE
and technical implications of discovered or disclosed facts, and investigation of information and facts which are known or made known to Buyer or are within the diligent attention and observation of Buyer
7 NONDISCRIMINATION:
Buyer’s Brokerage Firm complies with all Federal and State fair housing and anti-discrimination law that prohibits discrimination based upon Buyer’s race; color; national origin; ancestry; religion; sex, including gender identity or expression; sexual orientation; handicap; disability; familial status; marital status; age; or human immunodeficiency virus infection
8 MEGAN’S LAW:
If the presence of a registered sex offender is a matter of concern to Buyer, Buyer understands that Buyer must contact local law enforcement officials regarding obtaining such information Buyer’s Brokerage Firm makes no representation that any such information is available for public access
9 MEDIATION AND ARBITRATION: If any dispute or claim in law or equity arises out of this Contract, and Buyer and Buyer’s Brokerage Firm are unable to resolve the dispute, Buyer attempt in good faith to settle such dispute or claim by non-binding mediation through the Local Board of REALTORS® or, in the event the Local Board of REALTORS® does not provide mediation services, then through a mutually agreed upon mediator. If the mediation is not successful, then Buyer will consider arbitration and may seek legal counsel to make this determination It is understood that if the parties are involuntarily named as defendants in a lawsuit by a third party in any matter arising out of this Contract, this paragraph will no longer be binding
COMPENSATION:
Total Compensation
BROKER COMMISSIONS ARE NOT SET BY LAW AND ARE FULLY NEGOTIABLE
(a) Buyer guarantees Buyer’s Brokerage Firm a total compensation of upon any real property that:
Buyer contracts to purchase during the term of this agreement that closes or that fails to close due to Buyer’s breach or default, regardless of Buyer’s Brokerage Firm’s involvement in that transaction, or Buyer, Buyer’s Brokerage Firm, or other party presented or identified during the term of this agreement that Buyer contracts to purchase within days (30 days if left blank) of the expiration or termination of this agreement, and that closes or that fails to close due to Buyer’s breach or default
This guaranteed compensation may be satisfied, in whole or in part, by listing brokerage firm or seller, as received by Buyer’s Brokerage Firm through escrow at the closing of the Property purchased by Buyer In the event that the compensation received by Buyer’s Brokerage Firm from any source other than Buyer at closing is insufficient to satisfy Buyer’s Brokerage Firm’s guaranteed compensation, Buyer will pay at closing through escrow, the difference between the amount received and the guaranteed compensation amount Buyer’s Brokerage Firm will be owed no compensation under this agreement when a property Buyer contracts to purchase fails to close without Buyer breaching or defaulting under the contract to purchase a property
(b) Initial Consultation and Research Fee. Buyer will pay Buyer’s Brokerage Firm a non-refundable fee in the amount of $ upon execution of this agreement for initial consultation and research real estate services. Services provided under this section 10(b) are real estate services and not in any way a professional opinion regarding the value of real estate The fee for services rendered under this section 10(b) [ ] will [ ] will not be credited in full against the compensation Buyer guarantees Buyer’s Brokerage Firm under section 10(a) of this agreement.
(c) Buyer’s Brokerage Firm represents and warrants to Buyer that Buyer’s Brokerage Firm will not receive c services to Buyer from any source that exceeds the amount or rate agreedtounder this agreement
11 BUYER’S REPRESENTATIONS AND WARRANTIES: Buyer represents and warrants to Buyer’s Brokerage Firm that:
(a) Buyer did not tour any property after August 17, 2024 while working with any agent of Buyer’s Brokerage Firm before signing this agreement
(b) Buyer is not a party to any other exclusive buyer real estate services agreement that conflicts with this Buyer Representation Contract
12 OTHER SPECIAL TERMS:
SAMPLE
[Signature page follows ]
BROKER’S INITIALS & DATE
14 ACCEPTANCE: Buyer hereby agrees to all of the terms and conditions above and acknowledges receipt of a copy of this agreement
By signing below, Buyer acknowledges that Buyer’s Brokerage Firm has advised Buyer that this document has important legal consequences and has recommended consultation with legal, tax, or other counsel, before signing this Contract
Buyer’s Name (Print)
Buyer’s Signature
Buyer’s Address
Phones Fax
Buyer’s Name (Print)
Buyer’s Signature
Buyer’s Address
Phones Fax
Buyer’s Brokerage Firm
Buyer’s Brokerage Firm Address
Phones
Broker’s Signature
Real Estate Licensee
Phones Fax
Buyer’s Brokerage Firm acknowledges receipt of non-refundable fee of $ in the form of
Broker’s Signature
NOTE: THERE IS NO WARRANTY ON PLAIN LANGUAGE An effort has been made to put this agreement into plain language But there is no promise that it is in plain
language In legal terms, THERE IS NO WARRANTY, EXPRESSED OR IMPLIED, THAT THIS AGREEMENT COMPLIESWITH CHAPTER 487A OF THE HAWAI‘I REVISED STATUTES This means that the Hawai‘i Association of REALTORS® is not liable to any Buyer, Seller, or other person who uses this form for any damages or penalty because of any violation of Chapter 487A People are cautioned to consult with their own attorneys about Chapter 487A (and other laws that may apply)
PURCHASE CONTRACT
® Hawai‘i Association of REALTORS Standard Form Revised 6/24 For Release 8/24
®
COPYRIGHT AND TRADEMARK NOTICE: THIS COPYRIGHTED HAWAI‘I ASSOCIATION OF REALTORS STANDARD FORM IS LICENSED FOR USE UNDER TERMS OF THE HAWAI‘I ASSOCIATION OF REALTORS® STANDARD FORM LICENSE AGREEMENT LOCATED AT http://www hawaiirealtors com/standard-formpolicy The use of this form is not intended to identify the real estate licensee as a REALTOR® REALTOR® is a registered collective membership mark which may be used only by real estate licensees who are members of the National Association of REALTORS and who subscribe to its Code of Ethics
Reviewed by:
Name of Principal Broker/Broker-in-Charge Signature
Brokerage Firm Reference Date:
Property Reference or Address:
Tax Map Key: Div /Zone /Sec /Plat /Parcel(s) /CPR(s) (if applicable)
THIS PURCHASE CONTRACT BECOMES A LEGALLY BINDING CONTRACT FOR THE PURCHASE OF REAL STAT UPON EXECUTION BY THE PARTIES READ IT CAREFULLY HANDWRITTEN OR TYPED PROVISIONS IN THIS PURCHAS CONTRACT WILL SUPERSEDE ANY PRINTED PROVISIONS IF THERE IS A CONFLICT FILL IN ALL BLANKS PARAGRAPHS PRECEDED BY CHECK-OFF BOXES ARE OPTIONAL AND MUST BE CHECKED TO BE MADE A PART OF THIS PURCHASE CONTRACT WRITE “NA” IF NOT APPLICABLE
SECTION A: AGENCY DISCLOSURE Agency.
SAMPLE
A-1 Buyer and Seller in a real estate transaction in Hawai‘i may retain a real estate Brokerage Firm as their agent. In such case, Buyer and Seller is represented by the Brokerage Firm and all of its licensees. Hawai‘i law requires real estate licensees to disclose orally or in writing to Seller and Buyer whom the licensee represents The form of representation may be one of the following:
(a) Seller’s Agent Brokerage Firm represents Seller only unless a disclosed dual agencyexists Seller’s Agent owes the highest duties to Seller, including confidentiality, loyalty, and due care and diligence
(b) Buyer’s Agent Brokerage Firm represents Buyer only unless a disclosed dual agency exists Buyer’s Agent owes the highest duties to Buyer, including confidentiality, loyalty, and due care and diligence
(c) Dual Agent Brokerage Firm represents both Buyer and Seller This commonly occurs when licensees in the Brokerage Firm representing Seller have Buyer clients looking for types of property similar to Seller’s property In such event, the Brokerage Firm and all of its licensees represent both Buyer and Seller and are dual agents. Dual agents must remain neutral in negotiations and must not advance the interest of one party over the other Agency Disclosure and Consent.
(d)
No Agency Representation: Buyer or Seller is a Customer Disclosure
[ ] (a)
Seller Representation:
Written consent is required under Hawai‘i law See RR221 Dual
(See Paragraph A-2 (d) below).
NAR CODE OF ETHICS: Buyer and Seller are aware that the National Association of REALTORS® holds its members accountable for their actions through a strict Professional Code of Ethics, which includes a grievance system to address complaints Non-members are not held to the same standards as members, nor are they required to participate in the grievance system.
Seller is represented by the Brokerage Firm and all its licensees. Brokerage Firm [ ] is [ ] is not a member of the National Association of REALTORS®
Buyer Representation:
[ ] (b) Buyer is represented by the Brokerage Firm and all its licensees. Brokerage Firm [ ] is [ ] is not a member of the National Association of REALTORS®
[ ] (c)
Dual Agency Representation:
Seller and Buyer are represented by the Brokerage Firm and all itslicensees Brokerage Firm [ ] is [ ] is not a member of the National Association of REALTORS®
[ ] (d)
B-1
[ [ ] ] is not represented by a Brokerage Firm (for example “For Sale By Owner”). is not represented by a Brokerage Firm ®
A separate Dual Agency Disclosure and Consent is required.
Customer: No Agency Representation
Seller
Buyer
Buyer and Seller acknowledge that oral or written disclosure relative to agency representation was provided to them before the signing of this Purchase Contract.
It is recommended that Buyers and Sellers consult with legal counsel before signing a Purchase Contract.
Initials below are for Agency Disclosure acknowledgement and Page 1 review.
Initial Earnest Money Deposit
SECTION B: INITIAL EARNEST MONEY DEPOSIT
Buyer will deliver the Initial Earnest Money Deposit to Escrow within ( ) business days after the Acceptance Date
BUYER’S INITIALS & DATE
Hawai‘i Association of REALTORS®
SELLER’S INITIALS & DATE
SECTION C: OFFER TO BUY, PURCHASE PRICE, AND FINANCIAL CONSIDERATIONS
C-1 Offer to Buy. Buyer offers to buy the Property described below on the terms and conditions contained in this Purchase Contract. This Purchase Contract will be binding if accepted by Seller on or before:
Date Time AM [ ] PM [ ].
C-2 Purchase Price. The Purchase Price for the Property in U.S. dollars will be paid as follows:
$ Initial Earnest Money Deposit
$ Additional Deposit paid into Escrow by
$ Balance of Down Payment (or balance of purchase price if all cash) paid into Escrow before closing
$ TOTAL CASH FUNDS FROM BUYER (exclusive of closing costs)
$ By way of
$
$ $
[ ] C-3
[ ] C-4
TOTAL PURCHASE PRICE
Should Buyer fail to make the Initial Earnest Money Deposit, Additional Deposit, or Balance of Down Payment when due, Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-1
Seller Concessions to Buyer.
Seller will credit Buyer through escrow at Closing towards Buyer’s closing costs and prepaid expenses.
Seller Compensation to Buyer’s Brokerage Firm
Seller will pay Buyer’s Brokerage Firm, through escrow at Closing an amount of
The parties hereby designate Buyer’s Brokerage Firm as an intended third-party beneficiary of this Paragraph C-4, having the right to enforce this Paragraph C-4
SECTION D: ADDENDA
D-1 Addenda The following addenda, if checked, are attached to and made a part of this Purchase Contract Fill in all blanks Write “NA” if not applicable Each attached addendum must be properly signed and initialed (asapplicable)
[ [ [ [ [ [ [ [ [ [ ] 1031 Exchange ] Agreement of Sale
] “As Is” Condition
] Back Up Offer
] Designated Agency Disclosure and Agreement
] Distressed Property
] Dual Agency Disclosure and Consent
] Early Occupancy Agreement
] FHA Financing/Real Estate Certification
] Lead Based Paint Disclosure
[ [ ] Oceanfront Property
] Plain Language
E-1 Description.
SAMPLE
] Post Closing Occupancy Contract ] Purchase Money Mortgage ] Residential Leasehold Property ] Sight Unseen ] Short Sale ] VA Financing ] Other ]Other ] Other ] Other ] Other
SECTION E: PROPERTY
Tax Map Key: Div. /Zone /Sec. /Plat /Parcel(s) /CPR(s) (if applicable)
All of that certain [ ] fee simple [ ] leasehold property, described as follows:
The full legal description will be provided in the title report.
[ ] E-2 Inclusions Unless otherwise excluded below in Paragraph E-4, sale includes all built-in furniture; attached existing fixtures; built-in appliances; electrical, gas and plumbing fixtures/systems; attached flooring materials; and the following indicated items. Seller will not substitute any Inclusions. Fill in all blanks. Write “NA” if not applicable:
[ [ [ [ [ [ [ [ [ [ ] Air Conditioner – Central ] Air Conditioner – Split
] Air Conditioner – Window
] Cable TV Outlet
] Ceiling Fan
] Cooktop
] Dishwasher
] Disposal
] Other: ] Other: [ [ [ [ [ [ [ [ ] Dryer
] Existing Window Coverings [
] Irrigation System
] Microwave
] Microwave Hood
] Oven
[ [ [ [ [ ] Range w/Oven ] Refrigerator
] Pool Equipment (All)
] Range Hood
BUYER’S INITIALS & DATE
] Smoke Detector
] Solar Water Heating System
] Washer
] Water Heater
[ [ ] Other:
] Other:
SELLER’S INITIALS & DATE
[ ] E-3 Inclusion of Furnishings. Inventory of furnishings is:
(a) [ ] attached (b) [ ] to be provided to Buyer by (date)
. If Seller does not provide the inventory list to Buyer within the specified time period, Buyer may elect to terminate this Purchase Contract pursuant to ) days after receipt Paragraph O-3. (c) If Buyer is not satisfied with the inventory list, Buyer may elect, within ( of the inventory list, to terminate this Purchase Contract pursuant to Paragraph O-2
[ ] E-4 Exclusions The following items are specifically excluded:
[ ] E-5 Inclusion of Photovoltaic Systems
(a) The sale includes a photovoltaic system(s) which is (select all that apply):
[ [ ] Owned ] Energy Purchase Agreement [ ] Leased [ [ ] Pre-paid Lease ] Other
(b) No later than ( ) days after the Acceptance Date, Seller will provide Buyer all applicable and available documents, contracts, agreements, leases, amendments, and supplements thereto, including but not limited to:
• Approved Permits
• Association Approvals
• Other:
• Interconnection Agreement (ex net metering)
• Maintenance and Service Agreements
• User Manuals
• Warranties
(c) Upon receipt of the documents Buyer will have ( terminate the Purchase Contract pursuant to Paragraph O-2 ) days (or fifteen (15) days if left blank) to rescind and
[ ] E-6 Inclusion of Security Alarm Systems
As part of the Seller’s Disclosure Statement, Seller will provide all applicable and available documents related to the Alarm System including but not limited to Contracts, Leases, Warranties, Owner’s Manual, Approved Permit(s), Association Approval(s) Other:
SECTION F: CLOSING
F-1 Closing For purposes of this Purchase Contract, “Closing” will be the date when all appropriate conveyance documents are recorded in the Bureau of Conveyances of the State of Hawai‘i (the “Bureau of Conveyances”) Should either party fail to sign and deliver to Escrow all the required documents to record within the timeframe required by escrow to record on the Closing Date, then the other party may elect to terminate this Purchase Contract pursuant to Paragraph O-1.
F-2 Closing Date The “Closing Date” will be If the Closing Date falls on a day the Bureau of Conveyances is closed, the Closing Date will be the next day when conveyance documents can be recorded.
F-3 Change to the Closing Date [Choose Paragraph F-3(a) OR F-3(b) ]
[ ] (a) Unilateral Right to Extend Either party may extend the Closing Date up to ( ) days (“Extension Period”) by delivery of written notice to the other party prior to the Closing Date If one party exercises the unilateral right to extend for a portion of the Extension Period, then either party has the unilateralright to extend the Closing Date for any unused portion Once the full Extension Period is used by one or both parties then time will be of the essence, and there will be no further unilateral right to extend by either party and the Closing Date may not be further extended unless Buyer and Seller agree in writing Time frames measured from the Closing Date will be measured from the extended Closing Date
[ ] (b) Time is of the Essence. Time is of the essence and the Closing Date may not be extended unless Buyer and Seller agree in writing.
F-4 Escrow This transaction will be escrowed by Escrow Company:
Branch Office:
Email address:
Escrow Officer: Phone number:
The parties will provide to Escrow fully executed copies of this Purchase Contract and any addenda, amendments, and documents which are required by Escrow by thenext business day The parties further agree to promptly execute appropriate or customary documents when requested by Escrow
F-5 Prorations and Closing Adjustments. Based on a thirty (30) day proration, Escrow will prorate the following, if applicable, as of the date of closing: real property tax, lease rents, interest on assumed obligations, mortgage and other insurance premiums, tenant rents, private sewer, marina, association billed utilities, maintenance and association fees, and
. When applicable, Escrow will charge to Seller and credit to Buyer the amount of any tenant’s security deposit.
Charge to Buyer, if applicable:
Charge to Seller, if applicable:
F-6 Closing Costs. The following is a list of customary closing costs (including Hawai‘i General Excise Tax where applicable), and is not intended to be all-inclusive. If Closing Disclosure requirements apply, Buyer and Seller are aware that customary closing costs may be reflected differently on the Closing Disclosure statement, but the net result will be the same Escrow may charge the appropriate party other closing costs as directed by the parties BUYER’S INITIALS & DATE
• 40% of the premium for standard coverage title insurance and any additional costs relating to the issuance of extended coverage policy (including a lender’s policy)
• Cost of drafting mortgage and note or agreement of sale
• Cost of obtaining Buyer’s consents
• 60% of the premium for standard coverage title insurance
• Cost of drafting of conveyance documents and bills of sale
SAMPLE
• Cost of obtaining Seller’s consents
• 50% of Escrow fee
• Seller’s notary fees
INITIALS & DATE
Charge to Buyer, if applicable (cont ):
• Buyer’s notary fees
• All recording fees except documents to clear Seller’s title
• 50% of Escrow fee
• Condominium and Association ownership transfer fees
• Discount points and any mortgage fees
Charge to Seller, if applicable (cont ):
• Cost of required staking or survey
• Recording fees to clear Seller’s title
• FHA or VA mandatory closing fees
• Conveyance tax (subject to Paragraph F-7)
• FIRPTA (Federal withholding)/HARPTA (State withholding)
F-7 Notice on Conveyance Tax Pursuant to Conveyance Tax Law, Chapter 247, Hawai‘i Revised Statutes, a higher conveyance tax must be paid if Buyer is ineligible to file a county real property tax homeowner’s exemption on the Property [Choose (a) OR (b) ] [ ] (a) Buyer declares that Buyer is purchasing the Property as Buyer’s principal residence If the selection changes from Buyer’s “principal residence” to “other than Buyer’s principal residence”, Buyer will provide written notification to Seller and Escrow no later than ( ) days (or fifteen (15) days if left blank) after Acceptance Date Should Buyer make such change, Buyer will be charged at closing an amount equal to the increase in the conveyance tax
. [ ] (b) Buyer declares that Buyer is purchasing the Property as other than Buyer’s principal residence.
F-8 Assessments. An assessment is defined as any obligation or loan (not including prorations and closing adjustments in Paragraph F-5) levied against the Property by a homeowner’s association, governmental body, or any other entity with a legal right to assess Assessments, if any, will be charged as follows:
(a) Any lump sum assessments levied against the Property before the Acceptance Date will be [ ] paid in full by Seller or [ ] assumed by Buyer. Exceptions, if any:
(b) Any assessments levied against the Property before the Acceptance Date which are being paid in installments and have either a known end date or known lump sum payment option, will be [ ] paid in full by Seller or [ ] pro-rated by Escrow as of the date of Closing Exceptions, if any:
(c) Assessments which are paid in installments that do not have a known end date or lump sum payment option, will be prorated as of the date of Closing in accordance with Paragraph F-5.
(d) If a new assessment is authorized against the Property between the Acceptance Date and the Closing Date, Seller will make appropriate disclosure under Paragraph I-2 and such assessment will be paid as Buyer andSeller will agree If Buyer and Seller cannot reach an agreement within five (5) days of both parties being aware of the new assessment (unless Buyer has agreed to pay or assume the assessment), either party may elect to terminate this Purchase Contract pursuant to Paragraph O-3.
F-9 Consents. Buyer and Seller may be required to obtain consents of lessors, homeowner or condominium associations, co-op boards, existing lenders, vendors, or other entities Buyer or Seller will cooperate and take all reasonable action to obtain such consents
F-10 Risk of Loss. Risk of loss passes to Buyer upon closing or Buyer’s possession of the Property, whichever occurs sooner.
F-11 Possession. Seller will give Buyer possession of the Property at Closing.
SAMPLE
F-12 Keys to the Property. Notwithstanding any other written agreement, Seller, at Seller’s sole cost and expense, will provide Buyer at Closing with all existing, but at least one (1) set of functioning keys/controls (entry, interior, mailbox, pool, security, parking area, and all garage door openers) Buyer will pay all fees and deposits which may be required for any of these items Unless Buyer and Seller agree otherwise, all keys/controls and garage door openers will be released to Buyer only after Escrow has notified the parties and their Brokerage Firms that Closing has occurred It is strongly recommended that Buyer re-key entry door lock(s) and re-program garage door openers upon change of ownership
SECTION G: TITLE
G-1 Preliminary Title Report Escrow is instructed to promptly order a Preliminary Title Report or Commitment (herein after “Preliminary Title Report”) on the Property for delivery to Seller, Buyer, and their respective Brokerage Firms The Preliminary Title Report will provide a legal description of the Property and a listing of the encumbrances on the Property that will remain after closing.
G-2 (a) Title Seller warrants that Seller is the owner of the Property Seller agrees to convey the Property free and clear of all liens and encumbrances at closing with warranties vesting marketable and insurable title in Buyer.
(i) Exceptions Include But Are Not Limited To: Easements, covenants, conditions, reservations, and restrictions now of record, and any documents relating to a condominium, cooperative, PUD, subdivision, homeowner’s/community association, or cluster development
(ii)EncumbrancesToBeReleasedAtClosingIncludeButAreNotLimitedTo:Anyliens,mortgages,agreementsof sale, financing statements, judgments, child support, alimony, mechanic’s liens, notices of pendency of action (lis pendens), subsidy agreements, equity sharing agreements, buy-back provisions, repurchase rights, and options to purchase will be cleared by Seller beforeclosing, paid off and either released or arranged for release by Escrow
(b) Buyer’s Review of Preliminary Title Report If Buyer is not satisfied with the Preliminary Title Report, Buyer may elect, within ( pursuant to Paragraph O-2.
(c) Title Defect(s). If Buyer elects not to terminate under Paragraph G-2(b) and if the Preliminary Title Report or any other report or any updates to such reports reveal that title cannot be delivered by Seller in accordance with Paragraph G-2(a), then Seller will make appropriate disclosures under Paragraph I-2, and Seller will use reasonable efforts to cure any title defect(s). If, within ) days of Buyer’s receipt of the Preliminary Title Report, to terminate this Purchase Contract ( ) days following receipt of any reported title defect(s) Seller is unable to cure such title defect(s), Buyer
BUYER’S INITIALS & DATE
Hawai‘i Association of REALTORS®
SELLER’S INITIALS & DATE
G-3
may elect to purchase the Property with such title defect(s) and Seller will not be liable for such title defect(s) If Buyer elects not to accept the Property with such title defect(s), either Buyer or Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-3.
Vesting and Tenancy The Buyer is the person(s) or entity(ies) which have signed this Purchase Contract on Page 14 Buyer will provide Escrow with Buyer’s full legal names and marital status for individuals, trust documents, name and type of business entity, etc., and the tenancy by which Buyer will take title within ( Acceptance Date ) days (fifteen (15) days if left blank) after the
SECTION H: CASH FUNDS AND FINANCING CONTINGENCY
[Choose Paragraph H-1 OR Paragraph H-2 ]
No Contingency on Obtaining Cash Funds. Buyer represents that there are no contingencies on Buyer’s obtaining the necessary cash, including all deposits, down payment, and closing (including loan) costs to buy the Property (total “Cash Funds”). Failure by Buyer to make the Balance of Down Payment as required by the Purchase Contract will constitute a default pursuant to Paragraph O-1 The evidence of Buyer’s cash funds [Choose (a) OR (b) ]
(a) [ (b) [ ( ] Is attached with this Purchase Contract.
] Buyer will provide the item(s) indicated below as evidence that Buyer has the total Cash Funds within (i) ) days after the Acceptance Date. If Seller is not satisfied with such evidence of cash funds Seller may elect, within (ii) ( ) days of receipt of such evidence, to terminate this Purchase Contract pursuant to Paragraph O2 If Buyer fails to provide such evidence within the specified time period, Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-3.
[ [ ] Current Bank Statement [ ] Depository Financial Institution Verification [ ] Lender Verification ] Other
Contingency on Obtaining Cash Funds In reference to the balance of down payment or balance of purchase price, if all cash, Buyer’s obligation to purchase the Property is contingent upon the following (check all that apply):
[ [ ] Sale of Buyer’s Property located at ] Obtaining Gift Funds [ ] Withdrawal From Investment [ ] WithdrawalFrom Home Equity Line of Credit
[ ] Obtaining Hard Money/Private Loan [ ] Other
(a) Buyer will provide evidence that is satisfactory to Seller of Buyer’s ability to obtain balance of down payment (or balance of purchase price if all cash) within ( ) days after the Acceptance Date.
(b) If Buyer fails to provide Seller with such satisfactory evidence within the specified time period in Paragraph H-2(a), Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-3
(c) If Seller is satisfied with evidence timely provided by Buyer in Paragraph H-2(a), but Buyer is unable to ultimately deposit the balance of down payment (or balance of purchase price if all cash) into Escrow in accordance with Paragraph C-2, then:
(i) Buyer may elect to terminate this Purchase Contract pursuanttoParagraph O-2; or (ii) if Buyer elects not to terminate this Purchase Contract under Paragraph H-2(c)(i), then Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-3.
Financing Contingency. Buyer’s obligation to purchase the Property is contingent upon Buyer obtaining the loan described in Paragraph C-2 (“Mortgage Loan”)
(a) If Buyer does not obtain a conditional loan approval letter or is unable to satisfy all conditions of the loan approval letter, within the time periods specified in Paragraph H-4, then Buyer may elect to terminate this Purchase Contract pursuant to Paragraph O-2
(b) If Buyer has met all conditions of the loan approval letter but lender fails to fund before closing, then Buyer may elect to terminate this Purchase Contract pursuant to Paragraph O-3.
(c) Buyer may: (i) waive this Financing Contingency and purchase the Property on an all-cash basis, or (ii) increase the amount of Cash Funds in order to satisfy all of Lender’s requirements for funding the loan
If Buyer elects either of these two options, Buyer will promptly provide written notice of such election to Seller, together with evidence of Buyer’s ability to perform before expiration of the time periods stated in Paragraph H-4
Buyer’s Obligations Buyer must deliver to Seller:
(a) a prequalification letter that states that Buyer is credit-worthy based on a credit report and is qualified for a mortgage loan, [ Date, or [
SAMPLE
(b) no later than ( ] with or [ ] without review of income supporting documentation, no later than ( ) days after Acceptance ] is attached.
) days before Closing Date (separately or together):
(i) a conditional loan approval letter based upon underwriter approval that states that the loan has been approved and that Lender will make the loan under specified conditions; and (ii) evidence that an appraisal or property valuation method satisfactory to Lender has been received; and
(c) no later than ( ) days before Closing Date, written evidence that Buyer has satisfied all conditions specified by Lender, except conditions that cannot be satisfied by Buyer until Closing Date
BUYER’S INITIALS & DATE
INITIALS & DATE
Buyer authorizes Seller and Seller’s Brokerage Firm to contact Buyer’s Lender regarding the status of Buyer’s Mortgage Loan
H-5 Seller’s Right to Cancel. Should Buyer fail to satisfy any obligation under Paragraphs H-2, H-3, or H-4 within the specified time period, Seller may elect to terminate this Purchase Contract pursuant to Paragraph O-3
SECTION I: MANDATORY SELLER DISCLOSURES IN REAL ESTATE TRANSACTIONS
I-1 Seller’s Obligation to Disclose
SAMPLE
(a) Disclosure of Material Facts. Pursuant to Hawai‘i Revised Statutes Chapter 508D, for the sale of residential real property (which means fee simple or leasehold real property on which currently is situated: (1) from one to four dwelling units, or (2) a residential condominium or cooperative apartment, the primary use of which is occupancy as a residence), and under common law, Seller is obligated to fully and accurately disclose in writing to Buyer any fact, defect, or condition, past or present, that would be expected to measurably affect the value of the Property to a reasonable person (a “material fact”). Seller acknowledges and agrees that the disclosure requirements under Chapter 508D are in addition to all other disclosure obligations of Seller required by law relating to the sale of real property.
(b) Mandatory Provision of Disclosure Statement. Unless exempt in Hawai‘i Revised Statutes Chapter 508D, no later than ( ) days (ten (10) days if left blank) after the Acceptance Date, Seller will provide Buyer with a Disclosure Statement (a written statement prepared by Seller or at Seller’s direction) signed and dated by Seller within six (6) months before or ten (10) days after the Acceptance Date. If Seller does not provide the Disclosure Statement within the time period above, unless exempt in Hawaiʻi Revised Statues Chapter 508D, Buyer may elect to terminate this Purchase Contract in accordance with Paragraph O-3 Such Disclosure Statement will be prepared in good faith and with due care and will discloseall material facts relating to the Property that: (i) are within the knowledge or control of Seller; (ii) can be observed from visible, accessible areas; or, (iii) are required to be disclosed under Section 508D-4.5 and Section 508D-15 of the Hawai‘i Revised Statutes. Pursuant to Section 508D-9, "In good faith and with due care" includes honesty in fact in the investigation, research, and preparation of the Disclosure Statement and may include information on the following:
(1) Facts based on only Seller's personal knowledge;
(2) Facts provided to Seller by governmental agencies and departments;
(3) Existing reports prepared for Seller by third-party consultants, including without limitation a: (i) licensed engineer; (ii) land surveyor; (iii) geologist; (iv) wood-destroying insect control expert; or (v) contractor, or other home inspection expert; dealing with matters within the scope of the professional’s license or expertise for the purpose of the Disclosure Statement; and
(4) Facts provided to Seller by a managing agent of a homeowner’s association, including without limitation, a condominium, cooperative, or community association.
Buyer acknowledges that the Disclosure Statement is NOT a warranty of any kind Pursuant to Chapter 508D, the Disclosure Statement will not be construed as a substitute for any expert inspection, professional advice, or warranty that Buyer may wish to obtain
Amended Disclosure Statement
Pursuant to Chapter 508D, Seller is obligated to provide an Amended Disclosure Statement upon Later Discovered Information. If, after Seller delivers a Disclosure Statement to Buyer and before closing, Seller becomes aware of information that was not previously disclosed or that makes any statement in the Disclosure Statement inaccurate, and said information directly, substantially, and adversely affects the value of the Property, then Seller will provide an Amended Disclosure Statement to Buyer
I-2 within ( ) days (or ten (10) days if left blank) after the Seller’s discovery of the non-disclosure or inaccuracy, and in any event, by no later than twelve noon of the last business day before the recorded sale of the Property Buyer’s Rights and Obligations Upon Receipt of Disclosure Statement, Upon Receipt of Amended Disclosure Statement, or Buyers Later Discovery of Inaccurate Information.
(a) Upon receipt of the Disclosure Statement, orAmended Disclosure Statement, provided pursuant to Paragraphs I-1 or I-2, Buyer will provide Seller with a written acknowledgment for each within ( ) days after receipt
(b) Upon receipt of the Disclosure Statement, Amended Disclosure Statement, or from the time Buyer discovers that the Disclosure Statement or Amended Disclosure Statement fails to disclose a material fact or contains an inaccurate assertion that directly, substantially, and adversely affects the value of the Property, and if Buyer was not aware of the foregoing failure or inaccuracy, Buyer will have ( ) days (or fifteen (15) days if left blank) to rescind this Purchase Contract.
(c) Should Buyer elect to rescind this Purchase Contract pursuant to subparagraphs (a) or (b), Buyer must give Seller or Seller’s Agent written notice of such rescission within the specified time period and the termination provisions of Paragraph O-2 will apply. Buyer’s Remedies Regarding Mandatory Seller’s Disclosure Statement. If Seller fails to comply with Paragraphs I-1 or I-2, Buyer may elect to completethe purchase of the Property. When Buyer is provided a Disclosure Statement, Documents, or Amended Disclosure Statement and Buyer decides to rescind this Purchase Contract, Buyer will not be entitled to any damages but will be entitled to the return of all deposits, and in such case, Buyer’s deposits will be returned immediately If Seller negligently fails to provide the required Disclosure Statement, Documents, or Amended Disclosure Statement, Seller will be liable to Buyer for the amount of actual damages suffered as a result of Seller’s negligence A court may also award the prevailing party attorneys’ fees, court costs, and administrative fees Buyer’s right to rescind this Purchase Contract under Paragraphs I-3 and I-4 will not apply after the Closing Date. Any action to rescind this Purchase Contract under Paragraphs I-3 and I-4 will commence before the Closing Date
General Disclosures Paragraphs I-6(a) through I-6(m) describe general issues which could affect the Property Buyer should make appropriate inquiry regarding these issues as part of Buyer’s inspection right under Paragraph J-1
SAMPLE
(a) Governmental and Private Restrictions Disclosure. The Property is subject to all applicable federal, state and county laws, statutes, regulations, codes, ordinances, rules, procedures, restrictions, and requirements, including, but not limited to, those concerning land use, zoning, building permits and requirements, rebuilding requirements, setbacks, height limitations, lot coverage restrictions, and allowable uses The Property may also be subject to private restrictions, which include the encumbrances described in Paragraph G-2(a)(i) Private restrictions can cover a wide range of issues, including, but not limited to: design standards and requirements for permits/approvals; setbacks, height limitations, lot coverage restrictions, and allowable uses; licenses and easements; encroachment, common wall, private road, common driveway, and similar agreements; and condominium, cooperative, PUD, subdivision, homeowner's/community association, or cluster development related matters, including maintenance fees, assessments, and other charges
(b) Building Permits Disclosure Buyer is aware that many residential properties do not have all building permits as required by county ordinances or may not have been built according to the plans or building permits issued. Buyer understands there are potential risks in purchasing any property on which unpermitted or non-complying work has been done The risks may include but are not limited to the Buyer becoming responsible for the following items upon conveyance of the Property: (i) fines, (ii) discontinued use of the property, (iii) inability to rebuild, and (iv) requirement to remove or rebuild the affected area. All of the above could affect the appraised value and insurability of the property.
(c) Asbestos Disclosure Asbestos materials are hazardous to one’s health, particularly if asbestos fibers arereleased into the air and inhaled In the past (before 1979, but possibly since) asbestos was a commonly used insulation material in heating facilities and in certain types of floor, wall and ceiling materials, shingles, plaster products, cement and other building materials Buyer is aware that Buyer should make appropriate inquiry into the possible existence of asbestos in, on, or at the Property. Structures having “popcorn” or “cottage cheese” type ceilings may contain asbestos fibers or asbestos-containing material Such ceilings should not be disturbed since it could release asbestos fibers in the air Any disturbance should be done only by licensed abatement contractors.
(d) Hazardous Waste and Toxic Substances Disclosure. Federal and state laws place strict liability on property owners for dangers caused by hazardous waste management and may require that such owners payfor the cost of the cleanup of hazardous
substances and other toxic substances Buyer is aware that Buyer should make appropriateinquiries into the current and past use of the Property and should seek an environmental assessment to ascertain the possible existence of such hazardous substances or materials on or under the Property. Buyer is aware Buyer may have liability for hazardous substances located on or under the Property even if Buyer did not cause such substances to be on or under the Property
(e) Wastewater Disposal Disclosure The State of Hawai‘i Department of Health and the individual counties may require upgrades from cesspools to septic tanks or connection of new systems in certain situations Additionally, the Federal Environmental Protection Agency (“EPA”) has issued regulations requiring that all “large capacity cesspools” be closed and converted to EPA approved systems by April 5, 2005 or face substantial penalties Buyer should contact the State of Hawai‘i Department of Health, the EPA, and the individual counties for additionalinformation
(f) Mold Disclosure Mold and other microscopic organisms may exist in, on, or at the Property Molds are simple, microscopic organisms, present everywhere. Mold spores may cause health problems. Mold will grow and multiply whenever sufficient moisture, temperature and organic material are present Brokerage Firms, brokers, and agents are not qualified to inspect the Property for mold or to make recommendations or determinations concerning possible health or safety issues More information is available at the EPA’s website.
(g) Sex Offender Registration (“Megan’s Law”). Hawai‘i law requires sex offenders to register with the State Attorney General’s office. Buyer may contact the Department of the Attorney General or visit its website for information regarding sex offenders who have registered with the State of Hawai‘i
(h) Flood Zone The Property may be located in an area which is a Flood Hazard Zone Lenders may require Buyer to purchase flood insurance in order to obtain any loan secured by the Property. Buyer is advised that flood insurance premiums may increase significantly based upon FEMA flood zone designations, changes to flood zone maps, or FEMA requirements. Buyer is further advised to consult with Buyer’s insurance agent and contact the National Flood Insurance Office for more information In addition, various governmental agencies have special requirements for obtaining building permits for properties located in Flood Hazard Districts.
(i) Lead-Based Paint. Federal Law requires that the seller of any interest in residential real property must provide the buyer with any information on lead-based paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards Residential dwellings built before 1978 may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning also poses a particular risk to pregnant women. More information isavailable at the EPA website.
(j) Lead-Based Paint Renovation, Repair, and Painting. In residential real property, the EPA under the Toxic Substance Control Act issued a rule to address lead-based paint hazards created by renovation, repair, and painting activities that disturb lead based paint. These rules establish requirements for training renovators, other renovation workers, dust sampling technicians, and renovation firms; for accrediting providers of renovation and dust sampling technician training to meet the new Federal requirements effective as of April 22, 2010, or substantial penalties may apply The rule applies to paid contractors working in pre1978 housing (residential, public or commercial buildings and all rental housing), child care facilities and schools with lead-based paint. Contractors include home improvement contractors, maintenance workers in multi-family housing, painters, and other
specialty trades Federal law may require that Buyer be provided with The Lead-Safe Certified Guide to Renovate Right: Important Lead Hazard Information for Families, Child Care Providers, and Schools pamphlet More information is available at the EPA website (k) Climate Changes and Natural Hazards Climate changes (including sea level rise) could affect properties in Hawai‘i, particularly those at the shoreline and in coastal areas. All properties in Hawai‘i are also subject to natural hazards such as: hurricanes, storms, earthquakes, tsunami, wildfires, floods, landslides, etc Buyer is advised to consult experts of Buyer’s choice regarding any questions concerning the effects of climate changes and natural hazards that may affect the Property For more information, visit the Hawai‘i Climate Adaptation Portal.
(l) Wired Funds and Sensitive Personal Information Warning. Criminals/hackers are targeting email accounts of various parties involved in a real estate transaction (for example, lawyers, escrow representatives, mortgage brokers, Brokerage Firms, real estate licensees) to divert funds to the criminal's/hacker’s bank account If you receive an email containing wiring instructions or a request for sensitive personal information from someone appearing to be involved in this transaction, you should call them at a telephone number that you obtain from a source other than from the email (for example, the Purchase Contract, their website, etc ) to be sure that you are contacting a legitimate party
(m) Abandoned Wells If the Property includes a ground water well that Seller knows has been declared abandoned by its owner or operator or that Seller knows has been determined to be abandoned by the State of Hawai‘i’s Water Resource and Management Commission, Seller will notify the State of Hawai‘i’s Water Resource and Management Commission upon opening escrow of Seller’s intent to transfer the Property
SECTION J: INSPECTION, MAINTENANCE AND WARRANTIES
J-1 General Inspection of Property Contingency At Buyer’s sole cost and expense Buyer will have the right to (personally or by any expert, professional, or other representatives of Buyer’s choice): (a) inspect the Property or any portion thereof; (b) inspect all major appliances and fixtures (plumbing, electric, and gas) included in the sale; (c) inspect all public records relating to the Property and its use; and (d) review all matters concerning the Property including those described in Paragraph I-6 Seller will provide Buyer and Buyer’s representative(s) access to the Property for inspection(s), during reasonable hours with reasonable prior notice to Seller. The obligation of Buyer to purchase the Property is contingent upon Buyer’s approval of inspections and review of all matters described in Paragraph I-6 within ( ) days afterthe Acceptance Date. All inspections and reviews must be completed within this time period Seller agrees that the property inspection requires that the utilities be turned on, including propane, if applicable, at Seller’s expense If Buyer disapproves of the inspection or review results within the specified time period, Buyer may elect to terminate this Purchase Contract pursuant to Paragraph O-2. The Buyer’s rights under this Paragraph do not affect Buyer’s rights and timelines under Section I Deletion of Paragraph J-1 affects rights and obligations in other Paragraphs including but not limited to J-3 and J-4 If Buyer fails to make an election in writing to terminate this Purchase Contract within the specified time period, then Buyer will have waived this contingency.
Recommendation Regarding Home Inspection
It is strongly recommended that Buyer obtain a home inspection as well as inspections in specialized areas beyond the scope of the standard homeinspection service
Property Condition Maintenance and Final Walk Through.
Seller will maintain the interior and exterior of the Property, including all Inclusions, in the same condition as when Buyer inspected the Property pursuant to Paragraph J-1, or as otherwise repaired or corrected as agreed to in writing between Buyer and Seller. Buyer and Buyer’s representative will have the right to conduct a Final Walk Through of the Property no later than ( ) days before closing: (a) to confirm that the Property is in the same condition on the date that Buyer inspected the Property pursuant to Paragraph J-1, and (b) to inspect any repairs or corrections made by Seller, as agreed to in writing between Buyer and Seller Seller understands that the Final Walk Through requires that the utilities be on, including propane, if applicable, at Seller’s expense. If the Property has not been maintained, or repaired and corrected as agreed to in writing between Buyer and Seller, then the provisions of Paragraph J-4 will apply, and Buyer will have the right to repeat the Final Walk Through of the Property after the repairs are completed and before closing If Buyer and Buyer’s representative failsto conduct the Final Walk Through within the specified time period, Buyer will have waived this right.
Withheld/Collected Funds for Repairs/Maintenance. If Seller has failed to maintain the Property pursuant to Paragraph J-3, or has not completed any agreed upon repairs and corrections no later than the time period specified in Paragraph J-3, the parties agree that 150% of the estimated cost will be withheld from Seller’s proceeds and retained in Escrow until completion The parties will immediately sign Escrow’s formal withholding and disbursement instructions confirming the withholding agreement set forth in this paragraph All bills for maintenance, repairs, and corrections will be paid through Escrow Any balance remaining after completion of all maintenance, repairs, and corrections will be returned to Seller; provided, however, that if maintenance, repairs, and corrections are not completed by (a) [ funds will be disbursed to Buyer.
] Closing Date or (b) [ ] within ( ) days after closing, said
No Continuing Warranty. Buyer understands that there is no continuing warranty, expressed or implied, after closing regarding the interior or exterior of the Property
Home Warranty Programs Buyer understands that Buyer may obtain from a third party for a fee, home warranties covering appliances, electrical and gas and plumbing fixtures and equipment and other items included with the Property
SAMPLE
Existing Warranties, Plans, etc Seller will provide to Buyer at closing, if such items are in Seller’s possession: (a) any warranty documents covering the improvements and all other property being sold; (b) instruction booklets covering the appliances being sold; and (c) blueprints, specifications, architectural and engineering drawings relating to the Property (which may not reflect
INITIALS & DATE
improvements as built) Buyer understands that: (a) any warranties delivered by Seller to Buyer represent obligations of other persons or entities, not Seller; (b) the warranties and other documents are provided for informational purposes only; (c) Seller does not promise that any such warranties are transferable to Buyer; and (d) Buyer must contact the providers of such warranties to determine whether the warranties are transferable to Buyer
Removal of Items from Property No later than (
[ ] J-8 ) days before closing, Seller at Seller’s expense, will remove all trash and junk both inside and outside the Property Seller will remove all remaining personal belongings from the Property, however Seller may inhabit the Property until Closing Date. No items may be left in trash bins or for Bulky Item Pickup. Should Seller not comply within the specified time period, the provisions of Paragraph J-4 will apply After the specified time period in J-4, Buyer will have the right to keep or dispose of all items
[ ] J-9
Cleaning [Choose Paragraph J-9(a) OR J-9(b) ]
[ ] (a) Cleaning Before Closing No later than ( ) days before closing, Seller will, at Seller’s expense, have the interior of the improvements on the Property cleaned Cleaning will include all appliances, cupboards, drawers, floors, jalousies, screens, and windows. Seller will also have the interior carpets professionally shampooed. Should Seller not comply ] The Seller will have the interior of the Property within the specified time period, the provisions of Paragraph J-4 will apply [ professionally cleaned with receipts provided.
[ ] (b) Cleaning Credit In lieu of cleaning, Seller will credit Buyer an amount of $ through Escrow at Closing to be applied towards closing costs and/or prepaid expenses only
[ ] J-10 Animal Related Treatment. No later than ( ) days before Closing, Seller will, at Seller’sexpense, (i) remove all animals from the Property, then (ii) have the carpets professionally shampooed, and then (iii) have the interior of the Property treated for fleas and ticks by a licensed pest control operator Once cleaning and animal treatment have occurred, animals, other than assistance animals, will not be returned to the Property Should Seller not comply with the terms of this Paragraph the provisions of Paragraph J-4 will apply.
SECTION K: STAKING AND SURVEY
(This may or may not apply to condominiums or cooperatives.)
[Choose Paragraph K-1 OR Paragraph K-2 ]
[ ] K-1
SAMPLE
Staking (Boundary Points) Within ( ) days after the Acceptance Date, Seller will, at Seller’s sole cost and expense, have a land surveyor licensed in the State of Hawai‘i stake the Property and ensure that all boundary points are visible Buyer may have a land surveyor licensed in the State of Hawai‘i verify the accuracy of the location of the boundary points before closing. Seller will reimburse Buyer for the cost of this verification at closing ONLY if the location of the original stakes proves to be inaccurate Buyer understands that staking is not the same type of survey as described in Paragraph K-2, and does not confirm the accuracy of the description or the land area of the Property, or the existence or absence of encroachments onto the Property or onto a neighboring property. A survey map and report will not be provided.
Survey Within ( ) days after the Acceptance Date, Seller will, at Seller’s sole cost and expense, have a land surveyor licensed in the State of Hawai‘i: (a) survey the Propertyand ensure that all boundary points are visible and; (b) provide Buyer with a map (with surveyor’s stamp) and accompanying report to show the perimeters of the Property and the location of any improvements in the vicinity of the perimeter Property lines The survey and map may not address whether improvements on the Property are in compliance with State and County requirements, subdivision covenants, conditions, and restrictions, and condominium property regime requirements
Boundary Encroachment (a) If encroachment(s) onto an adjoining property or onto the Property by an adjoining property is revealed or discov Buyer may elect to terminate this Purchase Contract within ( ) days of discovery pursuant to Paragraph O-2. (b) If the encroachment(s) is remedied by being partially or totally removed, then Seller will be responsible for the correction of the survey (if Paragraph K-2 was checked) to reflect any changes in the revealed encroachment(s) no later than ( ) days before Closing Date Under Chapter 669 Hawai'i Revised Statutes, certain tolerances for discrepancies involving improvements built along the boundary line of the Property for specificzonings are established, and such improvements may be considered de minimis If Buyer fails to make an election in writing toterminate this Purchase Contract within the specified time period, then Buyer will have waived this contingency.
Staking/Survey Disclosure Requirements In the event the staking or survey report reveals a material fact which directly, substantially, and adversely affects the value of the Property, then Seller will make appropriate disclosures pursuant to Paragraph I-2, and Buyer may exercise rights under Paragraph I-3
SECTION L: TERMITE PROVISIONS
Termite Inspection Buyer is aware that termite infestation may affect the condition and value of real property in Hawai‘i It is strongly recommended that Buyer obtain a termite inspection and receive a report to identify the extent of infestation or damage to the Property, if any. The report may only address visible evidence of termite infestation and damage in accessible areas. The report may not address whether the evidence indicates active (“live”) termite infestation Seller agrees to disclose in writing in the Seller’s Real Property Disclosure Statement, any prior and current termite infestation and damage of which Seller is aware.
Termite Inspection Contingency (a) Within (
) days after the Acceptance Date, [ ] Buyer or ] Seller will select a licensed pest control operator (Operator) to conduct an inspection and issue a termite inspection report on
[ Form PC-9 (Termite Inspection Report) Should the party who has to choose the Operator fail to provide the other party with the name of the selected Operator within the specified time, then the other party will select an Operator within five (5) days thereafter In either event, eller will order the inspection and Termite Inspection Report from the selected Operator. (b) The Termite
BUYER’S INITIALS & DATE
INITIALS & DATE
Inspection Report will be delivered to Buyer no later than (Date)
(c) [ ] Buyer [ ] Seller will pay for the inspection and the issuance of the Termite Inspection Report at a cost not to exceed $ , and the other party will pay the difference If Buyer’s lender requires an updated Termite Inspection Report before funding Buyer’s loan, then Buyer will pay for the cost of the updated Termite Inspection Report If the Termite Inspection Report indicates visible evidence of termite infestation, Seller will order and pay for the recommended treatment which will not include preventive measures Buyer and Seller understand that such treatment may cause damage to plants and improvements Seller will deliver to Buyer a Certificate of Treatment no later than five (5) days before the Closing Date, or at any date mutually agreed to in writing between Buyer and Seller.
L-3 Termite Damage. In the event the inspection report indicates there is visible damage to the improvements caused by termite infestation, and said damage directly, substantially and adversely affects the value of the Property, then Seller will make appropriate disclosures under Paragraph I-2
L-4 Latent or Hidden Termite Infestation and Damage. Buyer acknowledges that there may be latent or hidden termite infestation or damage of which Seller and Seller’s Brokerage Firm are not aware and for which Seller and Seller’s Brokerage Firm will not be held liable. Seller, Seller’s Brokerage Firm, Buyer’s Brokerage Firm, and their respective licensees make no representations or warranties that the Property is free from latent or hidden termite infestation or damage Buyer and Seller release Brokerage Firms and their respective licensees from any and all liability with regard to any latent or hidden termite infestation or damage
SECTION M: ADDITIONAL SELLER OBLIGATIONS REGARDING DOCUMENTS
M-1 Mandatory Provision of Documents
(a) In accordance with Hawai‘i Revised Statutes Section 508D-3 5, if the residential real property being offered for sale is subject to a recorded declaration, the Seller will provide Buyer with the following documents and any amendments or supplements thereto, to the extent applicable:
(1) Articles of Incorporation or other document, if any, creating the corporation or association whereby the corporation or association has the power to enforce the Declaration;
(2) Bylaws of the corporation or association;
(3) Declaration or similar organizational documents, and any exhibits thereto;
SAMPLE
(4) Any rules relating to the use of common areas, architectural control, maintenanceof units, or payment of money as a regular assessment or otherwise in connection with the provisions, maintenance, or service for the benefit of the Property or other real property common areas;
(b) If the residential real property is otherwise subject to restrictions or conditions on use, either because of covenants contained in the deed for the property or because of another recorded document, the disclosure will also include all documentation relating to any restrictions or conditions, including but not limited to any unrecorded rules or guidelines that may have been issued by any entity responsible for enforcing those restrictions or guidelines in a manner consistent with and subject to the seller's duty of good faith as provided for under Section 508D-9. Examples of “restrictions or conditions on use” may include, yet are not limited to: Easements; Encroachment Agreements; Covenants, Conditions and Restrictions (CC&Rs); and any other encumbrances that will remain on title after closing as described Paragraph G-2
(c) Seller will provide Buyer the following documents to the extent that they exist and are obtainable:
Approved Minutes of the last three (3) Board of Directors Meetings
Articles of Incorporation/Association and Amendments
Bylaws and Amendments
Copy of any and all pending litigation complaints filed by or against the Owner’s Association or its directors that are currently unresolved
Covenants, Conditions, and Restrictions (CC&Rs)
Current and Proposed Budget.
Current Financial Statement.
Current House Rules
Declaration and Amendments Design Standards and Guidelines. Insurance Summary Lender’s Disclosures Minutes of the last Annual Meeting Planned Community Documents. Project Information Form RR105c Reserve Study or Summary Subdivision and title documents. Other(s), be specific:
(d) Seller, at Seller’s expense, will provide the above documents along with an itemized list of those documents, to Buyer no later than ( a written acknowledgement within (
(e) Upon receipt of the documents provided pursuant to HRS 508D Buyer will have ( days if left blank) to rescind and terminate the Purchase Contract pursuant to Paragraph O-2
(f) In the event that the Purchase Contract is rescinded or terminated, Buyer agrees to promptly return to Seller or Seller’s agent any hard copy documents provided to Buyer. Buyer will reimburse Seller for the cost of the documents if they are not returned ) days after the Acceptance Date. Upon receipt of the above documents, Buyer will provide Seller with ) days of receipt ) days (or fifteen (15) within ( ) days of electing rescission or termination of this Purchase Contract, unless Seller is in default
BUYER’S INITIALS & DATE
INITIALS & DATE
M-2 Delivery of Documents.
Buyer agrees to the delivery of the documents in any of the following formats: (a) [ ] Printed Hard copies, (b) [ ] Electronically formatted documents on a storage device, (c) [ documents ] Electronically formatted documents via email, (d) [ ] Hyperlink to specific
M-3 Documents Issued During Escrow Period.
SAMPLE
Seller will provide Buyer no later than ( ) days (3 days if left blank) of discovery with any additions, supplements, modifications and amendments to the documents described in M-1 (a), (b), and (c) above which are issued during the escrow period. If there is any information in these documents that directly, substantially, and adversely affect the value of the Property, then Seller will provide an Amended Disclosure Statement pursuant to Paragraph I-2
M-4 Review of Documents.
Buyer is advised that Brokerage Firm(s)’ scope of service does not include the interpretation of documents provided. Brokerage Firm(s) recommends that Buyer consult with a licensed attorney and CPA with expertise in real estate, condominium, cooperative, subdivision, PUD, and homeowner’s/planned community documents to review and explain such documents to Buyer Buyer acknowledges that the maintenance fee, homeowner’s or community association fees, or any other fees or charges reflected in the documents provided to Buyer for review and approval may be increased in the future
SECTION N: RENTAL PROPERTY MATTERS
[Choose Paragraph N-1 OR Paragraph N-2 ]
Delivery of Possession of the Property Free of Tenants and Occupants. Seller will deliver possession ofthe Property at closing vacant and free of occupants, tenants, possessions, leases, property management contracts, short term rental reservations, or any other rental or service commitments
Rental Documents Seller will deliver all Rental Documents executed and binding between Seller and Tenant Seller will also deliver any executed Property Management Contract. Rental Documents may include the following:
• Rental Agreement
• Security Deposit Statement
• Property Condition Form
• Lead-Based Paint Disclosure – Lessor/Lessee
• Pet and Animal Addenda
• Vacating Instructions
• Renewal Energy Act Addendum
• Short Term/VacationRental Reservation(s)
Seller will also provide copies of the following documents and information, if obtainable:
(a) Seller will provide copies of such documents, and any amendments or addenda, to Buyer within ( ) days after the Acceptance Date. (b) If within ( ) days of receipt of such documents, Buyer does not accept the Property based upon information contained in the selected documents, Buyer may elect to terminate this Purchase Contract pursuant to Paragraph O-2 Any security deposits or vacation rental deposits will be transferred to Buyer at closing
Seller and
Brokerage Firms highly recommend that Buyer hire a Licensed Property Management Company and may want to do so before closing
Rental Agreement Changes During the Escrow Period. During the escrow period, Seller will not, without the prior written consent of Buyer, make any changes to the documents described in Paragraph N-2, or enter into any new Rental Agreement(s) or Vacation Rental Reservation(s), which extend beyond the Closing Date
SECTION O: TERMINATION, MEDIATION, ARBITRATION, AND OTHER MATTERS
Termination Due to Default This paragraph will not apply to a particular obligation or contingency if Paragraphs O-2 or O-3 have been specifically designated as a termination provision
In the event that Buyer is in default for failure to perform Buyer’s obligations under this Purchase Contract (Seller not being in default), Seller may terminate this Purchase Contract, and (a) bring an action for damages for breach of contract, or (b) retain the Initial Earnest Money deposit and the Additional Deposit provided for in this Purchase Contract However, if the Buyer has performed the obligation before Seller deliveringwritten notice terminating this Purchase Contract, then this termination provision will not apply to such obligation.
In the event Seller is in default for failure to perform Seller’s obligations under this Purchase Contract (Buyer not being in default), Buyer may (a) terminate this Purchase Contract and bring an action for damages for breach of contract, or (b) seek specific performance of this Purchase Contract However, if the Seller has performed the obligation before Buyer delivering written notice terminating this Purchase Contract, then this termination provision will not apply to such obligation. The foregoing will not exclude any other remedies available under the law to either Seller or Buyer due to the other party’s default.
O-2 Termination Within Contingency Time Period Should this Purchase Contract specifically designate this paragraph to govern the termination process forany term of this Purchase Contract, any party given the right to terminate this Purchase Contract pursuant to such term, andwho elects to do so, must deliver to the other party a written notice of termination before the expiration of the time period or the date specified in such term. If the party given the right to terminate fails to deliver the written notice to the other party within such time period or by such date, the termination right will be deemed to be waived (as to that party) and can no longer be used by that party as a reason to terminate this Purchase Contract If the terminating party so terminates this Purchase Contract, Buyer and Seller will promptly execute all cancellation documents requested by Escrow, and Escrow will, unless otherwise agreed to in this Purchase Contract, return to Buyer all deposits previously made, less the amount of any escrow expenses or fees chargeable to Buyer Thereafter, neither Buyer nor Seller will have any further rights or obligations under this Purchase Contract.
O-3 Termination After a Specified Contingency/Condition Time Period. Should this Purchase Contract specifically designate this paragraph to govern the termination process for any term of this Purchase Contract, any party given the right to terminate this Purchase Contract pursuant to such term, and who elects to do so, must deliver to the other party a written notice of termination within ( ) days (seven (7) days if left blank) of the expiration of the time period or the date specified in such term If the party given the right to terminate fails to deliver the written notice to the other party within the time period specified in this paragraph, the termination right will be deemed to be waived (as to that party) and can no longer be used by that party as a reason to terminate this Purchase Contract. If the terminating party so terminates this Purchase Contract, Buyer and Seller will promptly execute all cancellation documents requested by Escrow, and Escrow will, unless otherwise agreed to in this Purchase Contract, return to Buyer all deposits previously made, less the amount of any escrow expenses or fees chargeable to Buyer Thereafter, neither Buyer nor Seller will have any further rights or obligations under this Purchase Contract.
O-4 Mediation. If any dispute or claim arises out of this Purchase Contract before or after closing between Buyer and Seller, or between Buyer and/or Seller and a Brokerage Firm and all its licensees assisting in this transaction, and the parties to such dispute or claim are unable to resolve the dispute, Buyer and Seller agree in good faith to attempt to settle such dispute or claim by non-binding mediation. This paragraph will not apply to any complaint of unethical conduct against a Brokerage Firm and all its licensees who are obligated to comply with the Code of Ethics of the National Association of REALTORS®. Such complaints against a Brokerage Firm(s) or its licensees assisting in this transaction must be brought before the Local Board of RALTORS® of which the Brokerage Firm and all its licensees are members
O-5 Arbitration. If any dispute or claim arises out of this Purchase Contract during this transaction or at any time after closing, between Buyer and Seller, or between Buyer and/or Seller and a Brokerage Firm and all its licensees assistingin this transaction, and if such dispute cannot be resolved through mediation, then the parties are encouraged to consider arbitration as an alternative to litigation It is recommended that the parties seek legal counsel to make this determination
O-6 Third Party Claims It is understood that if a dispute or claim is made by or against a third party who is not obligated or willing to mediate or arbitrate such dispute or claim, then Buyer and Seller will not be required to mediate or arbitrate such dispute or claim
O-7 Choice of Law and Forum. The Property is located in the State of Hawai‘i. This Purchase Contract will be governed by and construed according to the laws of the State of Hawai‘i. All legal actions or proceedings concerning this Purchase Contract and/or the Property will be filed and conducted in the appropriate state or federal court located inthe State of Hawai‘i Any mediation, arbitration, and/or litigation in the state court, will be filed and conducted in the county wherethe Property is located.
O-8 Attorney’s Fees In the event of default by a party and/or a legal action or arbitration (including a claim by a Brokerage Firm for commission), the prevailing party will be entitled to recover all costs incurred including reasonable attorneys’ fees
SECTION P: FOREIGN OR NON-RESIDENT BUYER OR SELLER
P-1 Hawai‘i Real Property Tax Act (“HARPTA”) Withholding Required if Seller is a Non-Resident of the State of Hawai‘i. Pursuant to Hawai‘i Revised Statutes Section 235-68, if Seller is a non-resident person or entity (corporation, partnership, LLC, trust, or estate) of the State of Hawai‘i, Buyer must withhold a specified percentage of the “amount realized” by Seller on the sale of the Property and forward the amount with the appropriate form to the State Department of Taxation. Such withholding may not be required if Seller obtains and provides Buyer with the certification forexemption (FORM N-289) or approved waiver from HARPTA withholding If Seller does not provide Buyer with the certification for exemption (FORM N-289) or approved waiver from HARPTA no later than fourteen (14) days before Closing Date, Escrow is hereby authorized and instructed to withhold/collect from Seller the required amount at closing and forward it to the State Department of Taxation
P-2 Foreign Investment in Real Property Tax Act (“FIRPTA”) Withholding Required if Seller is a Foreign Person. Pursuant to 26 U S Code Section 1445, if Seller is a foreign person or entity (non-resident alien, corporation, partnership, LLC, trust, or estate), Buyer must generally withhold a specified percentage of the “amount realized” by Seller on the sale of the Property and forward the amount with the appropriate form to the Internal Revenue Service (“IRS”). Such withholding may not be required if Seller obtains and provides Buyer with a certification for exemption or approved waiver from FIRPTA withholding. If Seller does not provide Buyer with a certification for exemption or approved waiver from FIRPTA no later than fourteen (14) days before Closing Date, Escrow is hereby authorized andinstructed to withhold/collect from Seller the required amount at closing and forward it to the IRS.
P-3 Additional Disclosures Required by Foreign Buyers and Sellers Buyer and Seller understand that under statutes and ordinances such as the Agricultural Foreign Investment Disclosure Act of 1978 (7 CFR Part 781), the International Investment and Trade in Services Survey Act (22 U.S. Code Section 3101), and the Ordinances of the various Counties of the State of Hawai‘i, among others, disclosures are required by foreign Buyers and Sellers under certain conditions
SECTION Q: SPECIAL TERMS
[ ] Q SPECIAL TERMS (Please number Q-1, Q-2, Q-3, etc ) BUYER’S INITIALS & DATE
SAMPLE
SECTION R: BROKERAGE FIRMS SERVICES AND DISCLAIMERS
R-1 Scope of Services and Disclaimer by Brokerage Firms Brokerage Firms assisting in this transaction, including their owners, licensees, salespersons, agents, and employees, strongly recommend that Buyer and Seller each consult their own attorney, estate planner, accountant, appraiser, architect, pest control expert, home inspector, insurance advisor, contractor, land surveyor, electrical engineer, civil engineer, structural engineer, soils engineer, land use professional, zoning expert, environmental expert, designer, title insurer, other professionals, and subject matter experts should they have any questions within those fields about this transaction.
Buyer and Seller understand that Brokerage Firms have not made any representations or warranties, and have not rendered any opinions about: (a) the legal or tax consequences of this transaction; (b) the legality, validity, correctness, status, existence, or lack of any building permits which may have been required for the Property; (c) the land area of the Property,the location of the boundaries, or the size of any improvements on the Property; or (d) any of the matters set forth in ParagraphI-6, General Disclosures.
Buyer and Seller understand and acknowledge the parties are not relying upon Brokerage Firms for any of the foregoing services or advice.
R-2 Rental Property. Buyer understands that Seller and Brokerage Firms are not offering to sell or selling the Property together with any existing or future rental pool or other rental arrangement. Seller and the Brokerage Firms make no representations or guarantees about future rents. Buyer understands that should Buyer rent the Property after closing, Buyer is assuming all risks relative to all of the foregoing This sale includes real property only, and the intent is not toconvey a security or investment security as defined by the U S Securities and Exchange Commission or other governmental agency
R-3 Future Resale Value Seller and Brokerage Firms make no representations or guarantees about future resale values
R-4 Obligations Brokerage Firms will not be held liable to either Buyer or Seller for the failure of either Buyer or Seller to perform their obligations under this Purchase Contract
SAMPLE
R-5 Permission The parties grant Brokerage Firms permission to supply data to the Multiple Listing Service regarding the sales price, terms, and listing status of this transaction for use by other brokers and real estate professionals in making market studies, providing service to the public, and advising their clients
R-6 Disclosure of Real Estate Licensing Status. Hawai‘i law provides thata licensee will not acquire, rent, lease, sell, or exchange an interest in or buy, rent, lease, sell, or exchange for one’s self, any member of the licensee’s immediate family or Brokerage Firm, or any entity in which the licensee has any ownership interest, property listed with the licensee, licensee’s Brokerage Firm, or listed with any other Brokerage Firm or licensee without making the true position known in writing.
[ ] (a) Disclosure The licensee(s) in this transaction disclose the following:
SECTION S: GENERAL PROVISIONS
S-1 Acceptance Date As used in this Purchase Contract, the term “Acceptance Date” means the date on which this Purchase Contract becomes binding upon the parties
S-2 Dates and Times As used in this Purchase Contract, the term “day” means a calendar day, unless otherwise specified in writing, and all dates and times are based on Hawai‘i Standard Time (UTC-10). For purposes of counting days within this Purchase Contract, day one commences the day after the event. For example, if the event is Acceptance Date on May 1, day one is May 2, and ten (10) days after Acceptance Date is May 11 Unless otherwise specified in writing in this Purchase Contract, contingencies and all other dates in this Purchase Contract will expire at 11:59 PM HST on the day stated
S-3 Time is of the Essence. Except as otherwise provided in this Purchase Contract, time is of the essence in the performance by all parties of their respective obligations under this Purchase Contract This includes compliance with all contingency and other time periods stated in this Purchase Contract.
S-4 Fair Housing Seller will not discriminate against Buyer in the real estate transaction contemplated by this Purchase Contract based on Buyer’s race; color;national origin; ancestry; religion; sex, including gender identity or expression; sexual orientation; handicap; disability; familial status; marital status; age; or human immunodeficiency virus infection Seller could become aware of Buyer’s inclusion in any of the above classes through various methods, including but not limited to personal meetings; open houses and showings; social media posts, cover letters, photographs, or other documents.
S-5 Electronic (Digital or Fax) Signatures Electronically executed copies of this Purchase Contract and any related documents will be fully binding and effective for all purposes, whether or not originally executed documents are transmitted to Escrow Electronic signatures on documents will be treated the same as original signatures; however, each party agrees to promptly forward original
BUYER’S INITIALS & DATE
executed documents to Escrow if requested The parties understand that conveyance, mortgage and other recordable documents must be executed, acknowledged, and delivered in original form and will not be acceptable if signed only electronically
S-6 Counterparts. This Purchase Contract and any addenda, amendments, and related documents may be executed in any number of counterparts and by different parties in separate counterparts Each of these when so signed will be deemed to be an original, and all of which taken together will constitute one and the same document. This will be binding upon all of the parties, notwithstanding that all of the parties do not sign the original or the same counterpart
SAMPLE
S-7 Complete Agreement. This Purchase Contract constitutes the entire agreement between Buyer and Seller and supersedes and cancels any and all prior negotiations, representations, warranties, understandings, or agreements (both written and oral) of Buyer and Seller No variation or amendment of this Purchase Contract will be valid or enforceable unless it is in writing and signed by both Buyer and Seller. All agreements and representations about the Property must be set forth in writing, and the parties agree that to be effective, any representation or warranty made by a Brokerage Firm or any party to this Purchase Contract must be set forth in writing in this Purchase Contract, or an amendment to this Purchase Contract, or in any required Disclosure Statement Buyer and Seller will each hold harmless and release the Brokerage Firms from any claims based upon any alleged representation which is not set forth in writing as stated in this paragraph.
Buyer agrees to buy the Property at the price and terms offered in this Purchase Contract and acknowledges receipt of a copy of this Purchase Contract
Date , AM [
Buyer’s Name Signature Title ] PM [ ]
Buyer’s Name Signature Title
Name of Buyer’s Agent A le c i a T o m o k o S m i t h State License No.
Brokerage Firm State License No
Brokerage Firm Address
SECTION T: ACCEPTANCE, COUNTER OFFER, OR NOTIFICATION OFREJECTION
(Choose Paragraph T-1, Paragraph T-2, OR Paragraph T-3 )
[ ] T-1 Acceptance of Purchase Contract Seller accepts this Purchase Contract, agrees to sell the Property at the price and terms offered in this Purchase Contract, and acknowledges receipt of a copy of this Purchase Contract
[ ] T-2 Counter Offer. Seller agrees to sell the Property at the price and terms offered in this Purchase Contract, as amended by the attached Counter Offer, and acknowledges receipt of a copy of this Purchase Contract and the Counter Offer.
[ Date , AM [
Seller’s Name Signature Title
[ ] T-3 Notification of Rejection Hawai‘i Administrative Rules 16-99-3(j) ] PM [ ]
Seller’sName Signature Title
Seller is a [ ] Foreign Person [ ] Non-Hawai‘i Resident ] Owner/Occupant [ ] Other
Name of Seller’s Agent State License No Brokerage Firm State License No. Brokerage Firm Address Bus Fax Cell E-mail
Reviewed by:
Name of Seller’s Principal Broker/Broker-in-Charge
NOTE: THERE IS NO WARRANTY ON PLAIN LANGUAGE An effort has been made to put this agreement into plain language But there is no promise that it is in plain language In legal terms, THERE IS NO WARRANTY, EXPRESSED OR IMPLIED, THAT THIS AGREEMENT COMPLIES WITH CHAPTER 487A OF THE HAWAI‘I REVISED STATUTES This means that the Hawai‘i Association of REALTORS® is not liable to any Buyer, Seller, or other person who uses this form for any damages or penalty because of any violation of Chapter 487A People are cautioned to consult with their own attorneys about Chapter 487A (and other laws that may apply)
INITIALS & DATE
INITIALS & DATE
Aloha Valued Homebuyer,
We want to extend our deepest gratitude for choosing the Hawaii Lux Living Team to guide you through your homebuying journey. We understand that purchasing a home is one of the most significant decisions you'll ever make, and we're honored to be a part of this important chapter in your life.
With over 25 years of experience in the real estate industry, our team of experts is dedicated to making your homebuying experience as smooth and enjoyable as possible. We know that the process can sometimes feel overwhelming, but rest assured, we're here to walk beside you every step of the way.
Your dreams and goals are at the heart of everything we do. From the moment you started this journey with us, we’ve been committed to understanding your unique needs and aspirations. Whether you’re looking for a tranquil retreat in the lush landscapes of Hawaii or a vibrant home close to the ocean, our team is focused on helping you find the perfect place that you can call your own.
We pride ourselves on providing not just expertise, but also empathy and personalized care. Your satisfaction is our top priority, and we strive to exceed your expectations by offering insights, answering all your questions, and ensuring that you feel confident in every decision you make.
Thank you for placing your trust in the Hawaii Lux Living Team. We are excited to help you achieve your homeownership dreams and to continue building a relationship that goes beyond just a transaction. Your new home in paradise is not just a place; it’s the start of a new adventure, and we’re thrilled to help you get there.
Aloha and Mahalo,
Alecia Tomoko, Janice & Lani May