Honolulu

Judicial

In a judicial foreclosure state, the lender must go through the court system in order to foreclose on a property. This process can be longer and more expensive for the lender compared to a non-judicial foreclosure.

By law, only attorneys may prepare property transfer documents, but there are title and escrow companies available to handle escrows and escrow instructions. Conveyance of fee-simple property is by warranty deed; conveyance of leasehold property, which is common throughout the state, is by assignment of lease. Condominiums are everywhere in Hawaii and may be fee simple or leasehold. Sales of some properties, whether fee simple or leasehold, are by agreement of sale. Mortgages are the security instruments. Hawaiians use judicial foreclosures rather than powers of sale for both mortgages and agreements of sale. These foreclosures take 6-12 months and sometimes more, depending upon court schedules. Title companies issue ALTA owner’s and lender’s policies and make numerous endorsements available. Buyers and sellers split escrow fees. Sellers pay the title search costs and the conveyance tax. Buyers pay title insurance premiums for the owner’s and lender’s policies. Property taxes come due twice a year, on February 20th and again on August 20th.

Due twice a year; February 20th and August 20th

YES. Key components of property management (renting and leasing) are considered real estate activities under existing Hawaii real estate licensing laws. A real estate broker's license is required for any person or company that, for compensation, rents, or offers, attempts or agrees to he rental of any real property or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of leasing or renting business enterprises or business opportunities or the real property of another, or leases, or who directs or assisting in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a leasing of real property; and all persons who advertise rental property information or lists. A salesperson working under a broker may engage in such activities.

YES. For example, there are limited exceptions for onsite residential managers (there are the custodial and care taker exemptions). For more information about these and other Hawaii property management requirements and exceptions, please contact the Real Estate Branch of the Department of Commerce and Consumer Affairs. Before hiring a property manager to manage your Hawaii rental property, you should always check that he or she is licensed appropriately. You can check the license status of Hawaii property managers at the Hawaii Department of Commerce and Consumer Affairs licensee search webpage.

NO. A broker's license is not required to manage community associations in Hawaii; however, condominium association managers must register with the state.

Hawaii real estate broker licensing requirements include: - Age: Be at least 18 years of age by the examination date - Citizenship: Be a United States citizen, a United States national, or an alien authorized to work in the United States by the examination date. - Trustworthiness: Possess a reputation for or record of competency, honesty, truthfulness, financial integrity and fair dealing. - Application: Within two years of passing the broker's exam, submit a complete application for licensure. - Experience: Have practical real estate experience as a full-time Hawaii-licensed real estate salesperson with a Hawaii-licensed real estate broker for at least three years of the five-year period immediately prior to submission of the application. A candidate may request a determination of equivalency. - Education: Satisfy the prelicensing education requirement. - Examination: Pass the broker's license examination.