How To Sign Hawaii Travel Agency Agreement

Document type sign travel agency agreement hawaii computer

[Music] one of the things that I said make sure you're doing a bios console because 9 out of 10 agents don't do it and your client will love you if you do a bios console and not only that but you're educating them on what to expect so if you do a buyer's console they feel better you feel better and then when it comes time to write offers they'll be a lot smoother throughout the process outside of that the other thing that you want to do is always review the purchase contract with your client whether it's over the phone on zoom' in person if hit the fan and you got sued and you ended up at court and that judge is gonna say hey Sam did you walk your client through that purchase contract if you say no you're done you just lost you know you just literally are guilty and that's where it's like a doctor and taking notes you as a legal professional of an agent have to explain this to the clients and again like most clients don't do this even though it's freaking crazy that they want is the ability to literally sit down in front of a client and walk them through the contract in a smooth way so hey Sam here's a purchase contract it's reviewed by Rhian sand who's our broker in charge to make sure it's good to go reference date of March 7th address of 1721 Palolo Avenue oh why nine six eight one six the tmk is just a more legal legal description of the property so we all know we're talking about the right one to the state it is 133 4737 2 is the tmk number so agency I am your buyer's agent I have a fiduciary responsibility take care of you in the highest regard I don't care about the sellers sellers agents I'm here to protect you more importantly if I were to pass away you would still have a contract as the contract is actually with exp not Sam bass the same thing goes for the seller so the sellers agent is as a fiduciary responsibility to take care of the seller at the highest regards and again they're not that certain agent they're actually paradise island Realty LLC so if they passed away there would still actually be a life contract there so I'm the buyer's agent there the sellers agent and that's how we move forward deposits so we'll actually do a wire within three days of acceptance of a thousand dollars laid out here in situ that will actually need to be wired into escrow within that three days we're putting the date that they have to get back to us as March 11th so we usually give 24 to 48 hours for them to give a response and again they have till March 11th at noon to give us a response the financing purchase price is that was in earnest deposit of thousand additional so after we satisfy the j1 inspection period we'll actually do an additional thousand dollars for a balance of the down payment being a total of 169 for the total cash funds as 171,000 and you are doing a conventional mortgage of 684 for a total purchase price of eight hundred and fifty five thousand dollars the all of the addenda included in the contract is gonna be the asses condition addendum which which again does not mean that the property conveys as is we can still negotiate it is just a disclosure that nothing else is going to be in the homes place by the time we close depends on and then this is for you if they're DEA then you have the DI VA financing addendum dual agency if it's represented by two agents in the XP so there will be a different addendum for each scenario but pretty much the basics are going to be the purchase contract and assets depends on what else we want to put in there we can and again we'll put that in the template that you have to submit but pretty much those are the two main ones again eewan description again of more legal description so we're all talking about the same property tmk number and then all that fee simple a fifty five hundred forty seven square foot home including an six hundred ninety two square foot home on top of that again just a basic brief description of the property all the inclusions so for you you want to double-check and triple-check inclusions one for your buyer one for yourself and then especially on the sale side as a mistake you might if you mess up on on this type of stuff this is where you buy presents aka a washer or a dryer I was representing the seller one time and they check marked washer M ade dryer and we were we were we were excluding the washer dryer my client for some reason wanted to take their washer dryer but the agent slipped one by on checking washer and I didn't catch it at the end of the transaction what happened I had to then buy that washer for them it's this is how learning lessons like when stuff like that comes up I'll tell you what never happened again I free triple quadruple check inclusions but again you want to just verify and this is where when you well when you submit the offer as well this goes into the template and you submit it for me to sign you're gonna have the hbr like the MLS for now you're gonna have the city County tax records the realist tax records and then everything and that way when I review the offer I can actually go through make sure it's good when you fill out the offer though you can use the pictures and there's a reason why we keep a file of the home on with pictures because there have been situations in the past not with me but you hear about it we're closing happens and the new buyers go into the home and they're all different crappy appliances than what they originally saw you know that's where you keep copies of hey these are the appliances that were promised and that's that's what happens so again inclusions are extremely important if there's a PV system it gets in there you bought your washer you ought to get a comparable washer then yeah yep the one they wanted basically if there's basically furnished most the time if it's a like a loan you're not gonna put that it's furnished lenders don't like to see that it's furnished in the contract because then it looks like you're taking a mortgage out for furniture which they don't want so and before typically we don't use it if you're going to do something it would be outside of escrow where you have an agreement hey my agrees to pay $500 for all the furniture stuff like that 'if I've exclusions so if they wanted to specifically exclude something so closing the scheduled closing date we're going to put 45 days after acceptance if there is going to be an extension or a change to the closing date there is a unilateral right of either the buyer or seller for 14 days that they can that they can actually extend if somebody needs it escrow is going to be title guarantee which escrow is basically the third party referee of the transaction they handle the fining or the finances and the recording and they're in there to make sure everything goes as smoothly as possible proration is closing the judgments none so everything is prorated according to when the date closes and then in f6 the closing cost so this is basically the layout of how closing closing costs are calculated they're right at about one and a quarter percent on the buy side and one and a quarter percent on the sale side so just as you see it the seller pays 60% of a title insurance buyers pay forty and then everything else besides that is basically split 50/50 conveyance tax so this is how you buy it if you're buying a scriptable residence or an investment property you have to check mark that and then assessment so any special assessments levied against the property need to be either disclosed or taken care of by the seller at closing so let's say somebody's walking on the sidewalk sidewalk and fell and sued the developer that might be a special assessment that would actually have to be disclosed to you in order to move forward because again if something comes up that the buyers don't want and they can cancel and move forward to another property so consent risk of lost possession and keys of the property so everything in Hawaii takes place at recording so mainland inquire a little bit different so your the way it works is you sign a day later the low loan funds two days later it will then record at the Bureau of conveyances and on recording is when it is legally your property to buyer so if a week before recording the home burns down the sellers home just burnt down if a week after recording the home burns down your home does burnt down so everything takes place on recording in Hawai title search and prelim entire report so escrow will basically pull a background check on you the buyer and the property to make sure it legally can transfer into your name if for some reason they find that something that prevents that they have to disclose it try to fix it and then you can choose if you want to move forward or not financing contingency so there's no there is no contingency on obtaining cash funds so this would be if you had to sell a home in order to buy another one this is where you would just close it right here your contingency on the take a phone so this one they're doing a refinance on the big island in order to get the down payment and then again h3 financing contingency so they're getting a loan on the property if they can't get the loan obviously they're not going to be forced to pay cash for the property and they would basically be able to terminate based on that so with getting a loan buyers have certain obligations they have the pre-approval which is attached and then they have to be able to provide conditional loan approval 15 days prior to closing or roughly 30 days after acceptance sellers right to cancel they don't have any rights to cancel if you as a but if they accept this they're legally stating that under all of these circumstances they will sell the home so as long as you follow all of these timelines they legally have to sell you the home and if they chose not to you technically be able to pursue action sellers obligation to disclose so the sellers have to disclose any material facts that would adversely affect home value somebody dying if the home flooded ten years ago and then they would actually have to take it a step further and say it flooded ten years ago and this was everything and the receipts of everything we did in order to fix the property so again what happens if you sign you receive this disclosure statement and then you'll usually have about five days to review to make sure you're comfortable moving for if for some reason you find out something later on that they did tell you you tell the sellers and then they legally have to redisclosure fact back to you and that timeline would start again yeah remedies regarding mandatory but they just have this closed this gets into the general Hawaii get-out-of-jail-free card so general disclosures government prior restrictions building permit disclosures asbestos hazardous waste wastewater mold there's mold in Hawaii if we see signs of it we you can choose to further investigate but again it happens a sex offender registration which is Megan's Law if the seller knows they have to disclose it and then you buying the home you should know the neighborhood so go online check it out make sure you're comfortable buying in that area flood zone so if it's in a flood zone there's gonna be some additional things that come down if it's not no worries let base paint if it's built before or if it's built one set 1978 or before we actually have to do the land-based paint disclosure which essentially says you promise not to lick walls and you're okay with that jae-won so this is the big hurdle of real estate so you're gonna have ten days that for any reason if you need to cancel it you want to do it within these first 10 days if you don't like the home after one week then I say hey we can't so based on j1 the home does not work for my client and you get your money back and we go find you another property after j1 it just gets a little bit more difficult um property condition so we will do a final walkthrough four days before closing to make sure the property is in the same condition that it was when you saw before if for some reason they damaged things on the way out we'd be able to instruct escrow to withhold the funds to fix that there are no continuing warranties with the home any existing warranties if they can be transferred would be transferred over to you they have to have everything out of the property six days before closing we removed cleaning we removed pet related treatment staking survey so we actually took out survey but who may for some reason kept the dates in the boundary encroachment which again will give you all the timelines of things that you know so it kind of as a template termite so they'll actually do a termite inspection to make sure there's no active termites or termite damage if they do find it the sellers basically have to take care of it in order to close the lenders will require it it's paid for by the seller's any of the documents so m1 which is condo documents this kind of goes into those disclosures legally the sellers have to provide all disclosures and condo documents that are associated with it so you guys living in Ocean point if you sold the home you actually have to provide all ocean point condo documents to the buyer and then again they'll accept they'll say they received it and then we'll have a certain amount of time to accept all those kind of documents if for some reason you have three dogs and they only allowed two we would actually be able to cancel based on that to go find a place that would allow you to have three dogs stuff like that so this next page basically says I promise to read all those kind of documents termination due to default so Oh 100 203 basically each of these paragraphs is a contingency time period if you need to cancel you cannot cancel off I changed my mind you will lose money however if you need to cancel we just need to make sure that we cancel within one of these contingency time periods whether it's a 100 200 3 again within j1 would be a perfectly fine cancellation if it was oh if it was four days after j1 expired and you tried to cancel based on j-1 you'll lose money so we shouldn't make sure that we follow the contract go through that if for some reason there is damage to you as the buyer or the seller there is mediation and arbitration in real estate so mediation is a third party mediator there's just in between buyers and sellers and tries to figure out who's at fault if that doesn't work they can go to arbitration which is basically a panel of professionals who will then evaluate figure out who is at fault and that person will basically have to write a check attorneys fees are all separate so besides suing people those are your rights with real estate part of FERC does your non-resident you have to pay a seven and a half percent state tax at closing which is a withholdings if you're a foreign investor you have to pay a was it twelve and a half or five twelve and half or fifteen percent tax at closing no exemption yeah special terms so q1 this is where you lay out any special terms appraisal clauses escalation clauses this is where you basically kind of get creative if you have to get creative as a Bic when I review I'll make sure that this stuff is good to go scope of services on the real estate professional that's all I do I'm not a contractor license phantom ologist I can give you more Trane's comparables but I can't tell you if the home has major damage so anybody that comes into the home just needs to function within their field of expertise we have home inspectors come you have termite inspectors come everybody that goes into the home to do something just needs to function within what they do when people step outside of that that's where people get sued okay can't promise any properties going to be worth a certain amount in the future unfortunately don't have crystal ball can't tell you that or I have a lot more money disclosure of real estate license status so if anyone's licensed so if you as an agent buy your own home you have to actually disclose that you're licensed professional exceptions date date sometimes everything is hawaiian standard time digital signatures which are what you're doing right now it's legally binding it's the same things if you sign it right here in person again the date of March 7th your names it's good to go seller s information and that is a complete purchase contract you can run them through again the like VA financing addendum the big one you point out there is hey there's this thing called an escape clause if the home doesn't doesn't appraise at value legally you can cancel and get your money back and go the as is condition addendum is basically just a disclosure form again it doesn't say that the property can't then we can't negotiate it's just a further disclosure that the home is a single-family home everything negotiated is wrapped up and it's actually recorded that everything is good to go after recording and as is but again we can still negotiate it so do you have any questions on the purchase contract a ton but no not really no at this time I understand what we're doing right now is is really just over viewing this stuff and trying to sink it in I know yeah okay so it's all gonna seem like a blur and then like right when it clicks it's so simple yeah and no I I got it I like the way it's all spelled out and it's all it's all put into you know steps and phases and yeah there's there's really I'm not intimidated that's what I'm saying no I don't know exactly what's going on but I can read it I can understand it and I see there's a flow yeah also I know as you being the broker in charge right you're gonna look at this anyway yeah I'm not worried about it I I can't say no I got it I know everything because I don't want to come across like that either but I got a grasp on it in order to move on I think well and that's again be it's not a script but it's you can tell I've done it a thousand times Yomi yeah and it's it's something that you'll I'm reporting this you can listen to it because when you like Dustin you have a client in the car and they say I want to submit an offer you might it's actually good you'll probably have to sit down and explain this to them and so you want to get comfortable being able to review it and the reason why it all doesn't blur together is because once you get your own client and you put them in escrow and you actually write the contract and then you see how the escrow process actually goes through then it will all click like a big time so it's and want the other issue that with training and being a new agent is like it's really hard to get an accepted offer and then track it perfectly through that is kind of difficult so a lot of times when you're training you're popping into a final walkthrough home inspection signing you're seeing all these different parts and you're trying to figure out how the actual order is I think who made it just get that offer accepted so she can kind of track with you on this is the escrow process okay yeah so reviewing the contract again I can send it to you so you can kind of hear it practice why walking Sachi through the purchase contract a lot you know make like fill it out for the five million dollar home in qahal and get you they have totally pretend like we're buying a five million dollar home absolutely yeah and then we'll be able to explain it to her because again it's a critical to be able to like go through and actually do it most agents but but at the end of it I'm gonna have to say full disclosure this was it's not real no you say it's real real you know it's real okay so that's first contract let's see so here it is again you can kind of see like when we hit when we hit the certain parts of the contract yet again you have them all here like yep real property disclosure fire there is no letter provide receipt of it you got I mean and it lays out the timeline quite nicely the coordinator will do a lot um you know you need to know how all the steps go but like CAHSEE once it once it goes in she's like going down her little system and it's going through oh yeah good thing do we all use a coordinator yes that's something that is done so that part of a fee that we need to make sure that that would take is five hundred five hundred a file and so that's a that's a standard or is that our standard pretty standard that's pretty standard I stand on that you had opted that standard because that's just the way it shouldn't be yeah so a better homes it was actually required that all agents had to use the coordinator because again it's kind of like it's kind of quality control so as far as everybody you know in the organization like with a coordinator like it'll go very smoothly and go very similar if you have like you know rogue agents that aren't using it and they're doing just stupid stuff then as a broker I asked like what are you doing you know saying so right that's where like as far as I'm concerned it's required and it's so worth it they make sure that all this stuff is is going through and then again when you have like six clients at once you don't want to be tracking all of these timelines and paperwork and stuff they do that and you're there to basically sell homes and get more accepted offers [Music] [Music]