Land Transfer

[emorata]

the hawaiian real estate contract is fairly straight forward and comprises of 12 pages that are understandable to the layman....i can't remember where i purchased online but you can google it...

[missydog1]

As I recall my Business Law class and Real Estate Law class, and other experience with contracts, a properly written contract is binding as long as all the elements of a binding contract are met.

It can be written on a cocktail napkin IF all the elements are met.
IF
IF any of the elements are not met, it may be invalid or voidable.
A contract for the sale of real property must be substantially in writing.
It is an oral contract that is no good; the form of writing (handwritten or typed) is not what counts although it sure makes an impression if it looks like a legal document.

So unless you are 100% clear on the elements of a contract, why not use a contract that an attorney has reviewed which you KNOW has all the binding elements? One reason a contract may be invalid is if there was not a "meeting of the minds" on the terms. There is a reason for having all the terms spelled out carefully, to avoid ambiguity.

And although a contract may be a legal binding contract, in the case of real estate the contract should also specify remedies, recourse, rights to recission, and who pays legal fees in the event of a dispute, whether arbitration is mandatory, etc..

In general, attorneys fees are not recoverable as part of your damages if you sue for breach of contract unless it is specified in the contract.

The wonderful thing about escrow for the buyer is that your purchase money is still yours until the sale records. And for the seller, you retain title until you get your money. As far as I'm concerned, any other way of buying real estate is too risky, even from family and friends.

*not an attorney. This is what I was taught by attorneys in law classes. YMMV*

[StillHope]

I am not a lawyer,not a reach person either.But saving on the real estate agent without the appropriate knowledge might be not such a good idea after all...

[John S. Rabi]

quote:

---

Originally posted by Buzz

John, I agree about the handwritten contract especially in this age of computers, but my attorney told me a handwritten contract was still legally binding in hawaii. Was I misinformed?

---

Sorry Buzz, I guess I wasn't very clear with my posting. Yes, a handwritten contract is legal and binding. I meant to say that the deed to be recorded at Land Court has to conform to regulations. (BTW, we do not have a DROA anymore, it's called Purchase Contract now.)

Aloha,
John S. Rabi, GM,ARB,BFT,CM,CBR,FHS,PB,RB
808.989.1314
http://www.JohnRabi.com
Typically Tropical Properties
"The Next Level of Service!"

[cynmkolohe]

You do want to have someone who is very familiar with the process walk you through it--I've had a closing delayed because the Oahu seller signed their documents without the proper " . " after their middle initial. They signed two different ways during the escrow period and paperwork had to be sent back to them by escrow. Land Court does have very specific requirements.

Also, for general info, if you inherit land court property and plan to sell it, be sure you ask a lot of questions about the required paperwork. The requirements have changed recently.

Karen Blue at First American Title in Hilo just assisted me with a closing on a land court property that was part of an estate. She was wonderful in helping us all navigate the ins and outs of the transaction!

Cynthia

Cynthia Hoskins, R(S)
Cell: 808 443-6564

Clark Realty Corporation
99 Aupuni St Hilo, HI
Office: 808 961-6015

[pslamont]

Thank You Everyone...

[missydog1]

Thanks for the good topic, Pam. I learned stuff ...[]

buy I'm still confused. I asked you if this piece of property was actually recorded as land court property rather than regular, and you never said. I asked because it kind of sounded like you had heard of Land Court and assumed this property would have to meet the specifics. But land court properties are not that common. I've yet to buy a property that was recorded with it.

Maybe Cynthia can explain what type of property is typically land court. ?
Thanks Cynthia for your information!

[cynmkolohe]

http://hawaii.gov/jud/ctrules/rlc.htm

If you really want to explore the land court system, the link above will give you more information than you ever want to know...

You can also check out the TG website, just scroll down to the "L" section and there are several more simple definitions: http://www.tghawaii.com/learning/glossary.html

I believe all Orchidland properties are Land Court, but I'm not sure which other subdivisions are like that...

If you have a TMK number, you can also use the Public Records data ( http://www.hawaiipropertytax.com/Home.asp?mnu=Home ) to determine whether or not the property is a Land Court property. If it is, there will be a Land Court Doc # and a Transfer Certificate of Title #. If not, just an Instrument # .

Hope that helps!

Cynthia

Cynthia Hoskins, R(S)
Cell: 808 443-6564

Clark Realty Corporation
99 Aupuni St Hilo, HI
Office: 808 961-6015