Refinancing Your Home?
Thinking about refinancing your home? It's no secret that the historically low interest rates we're experiencing right now are helping to maintain affordable pricing and refinance options for homeowners. If you're planning to refinance your home and had your last refinance or purchase transaction insured through First Hawaii Title within the last five years, tell your lender or mortgage broker to check with us first! We have short term/refinance rates for the title insurance policy that your lender will require at substantial cost savings. In some cases, the rates can mean as much as 30% off our already-low title premiums if your last purchase or refinance transaction recorded between six months to one year ago and was insured through First Hawaii Title. Receive 25% off if we insured between one to two years ago or 20% off if we insured between two to five years ago.
Important Notice to Out-of-State Escrow/Closing/Settlement Companies
The 2010 Hawaii State Legislature recently passed a new law (Act 49) that may impact your ability to act as escrow for property in Hawaii. The law becomes effective as of July 1, 2010.
The new Section 449-5, Hawaii Revised Statutes, states, in part:
"(b) No person shall act as an escrow depository from an out-of-state location for property located in this state unless licensed to act as a Hawaii escrow depository by the commissioner." [emphasis added]
The definition of what an "escrow depository" is stated in:
Section 449-1, Definitions.
"Escrow depository" means the corporation which, in an escrow, and for compensation, receives, holds, and delivers the money, other consideration, or instrument affecting title to real property. [emphasis added]
"Escrow" means any transaction affecting the title to real property, including leaseholds, proprietary leaseholds, and condominiums, in which a person not a party to the transaction and neither having nor acquiring any interest in the title receives from one party to the transaction, holds until the happening of an event or performance of a condition and then delivers to another party to the transaction, any money or other consideration or any instrument affecting the title to that real property, all in accordance with the terms of the agreement between the parties to the transaction. [emphasis added]
