Real Estate Laws & Customs By State - Fidelity National Title Insurance Company

- 14 - REAL ESTATE LAWS & CUSTOMS BY STATE HAWAII Title Insurance Rates Customarily filed, but not a legal requirement Form of Conveyance Warranty Deed; Limited Warranty Deed; Quitclaim Deed; Apartment Deed (for condos) State Encumbrance Forms Mortgage Customary Closing Entity Title or escrow company; others (must be licensed escrow depository) Commitment Issued? Duration? Yes (Preliminary Report). 90 days. When is Invoice Issued? At closing Deed Transfer Tax? Yes, State Conveyance Tax Mortgage Tax? No Leasehold Tax? Yes, leases over 5 years subject to Conveyance Tax CUSTOMARY FEE SPLITS Owner’s Policy Premium Residential: 60/40 Seller/Buyer split; Commercial: 50/50 split Buyer also pays beyond standard coverage fees (extended coverage policy and endorsements, etc.) Loan Policy Premium Buyer pays Title Search & Examination Included in premium Survey Charges Negotiable Deed Transfer Tax Seller pays Mortgage Tax Not applicable Closing Fees Divided equally Recording Fees Buyer pays to record Deed and Mortgage Seller pays for recordings required to clear title