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Old 05-22-2007, 11:24 AM
Senior Member
 
Join Date: Nov 2006
107 posts, read 92,701 times
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Steve40th is on a distinguished road
Default What are the actual costs in selling a home in Oahu?

I feel there are some shady real estate companies out here. I just learned of the General excise tax, and on top of this fee that fee etc etc, what the heck does it cost to sell here?
Can someone tell me what will be left if I sell a home here in Oahu with a agent fee of 5%. What other costs will I be hit with?
Lets use a sale price of 550,000.
My agent said here company doesn't charge the GET tax. But according to the state it is required?
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Old 05-25-2007, 05:43 PM
Real Estate Agent
 
Join Date: May 2007
Location: Big Island of Hawaii
1,147 posts, read 1,341,582 times
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cynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the rough
The GET should be addressed when you sign a listing agreement with your brokerage. It is part of the negotiation of what you will pay to the brokerage at the close of the salr and it is becoming common to see it included... Other fees that are standard should be covered by your agent when you are preparing a listing agreement or reviewing a purchase contract. Escrow fees, recording fees, etc... (In some cases, the seller offers to pay more of the closing costs than are "standard" as an incentive to attract buyers.)
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Old 05-25-2007, 06:01 PM
Real Estate Agent
 
Join Date: May 2007
Location: Big Island of Hawaii
1,147 posts, read 1,341,582 times
Reputation: 295
cynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the roughcynmkolohe is a jewel in the rough
www.hawaii.gov/tax/taxfacts/tf96-01.pdf

If you are interested in a detailed description of the GET and how it differs from sales tax, this publication will be helpful for background. Hawaii businesses generally pass on the tax to customers...this explains how and why.
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