Years/days Flashcards
Escheat
15 years
Adverse possession
20 years
Initial earnest money deposit
Deposit with escrow next business day after the acceptance
J1 inspection
Within 15 days after initial offer accepted
Cancel contract
Cooling off period. 3 days
HARPTA
7.25%
FIRPTA
15%
HRS508D
SRPDS
Seller has 10 days
Buyer then has 15 days from then to rescind
Closing costs
Escrow 50/50
Title insurance 60/40 seller/buyer
Conveyance tax - seller
Real Property Taxes not paid
3 years foreclose
Auction - if you get it, 1 year to redeem property
FHA discrimination
Complaints
Federal To HUD - within 1 year
- file suit within 2 years
State - to Civil Rights Commission
- 180 days
Usury
No cap in Hawaii unless friends/private loans?
Then, 12% per year
Mechanics lien
(If notice in paper)
45 days after completion to file claim
90 days to start collection process
If no notice
1 year plus 45 days
Who gets paid first
- Real property tax & assessments
- Mortgage
- IRS
- Others
RICO
14 days to respond to complaint
Disclosure for dual agency
- Listing
- Buyers contract
- Make offer
Legal standards
HRS467
Legal standards clarified
HAR16-99
All licenses
HRS436B
Landlord tenant code
HRS521
Condo law
HRS514B
Discrimination law
HRS515
Disclosure (SRPDS)
HRS508D
Condo conversion
120 days notice
Recovery fund
Suit must start within 2 years
Not more than $25000
Limited to $50000 for one licensee
Good funds act
Escrow can’t close until checks have cleared
$ must be given to escrow 2 days before closing
Leasehold disclosure act
10 days after acceptance must give copy of lease
Buyer has 10 days to cancel
