Commercial Real Estate

Commercial Real Estate Countries How to find an estate sale in Hawaii

How to find an estate sale in Hawaii

With the end of the year approaching, estate sales are in full swing.

Here’s how to find a sale in your area.


Do you need to contact the seller to get an agent?

If you are not already a member of an estate planning association, you should be contacting your local agent to get their opinion about your situation.

You may need to get a lawyer’s opinion, as well.

If you can’t find an agent within 30 days of the end date of the sale, you can get a copy of the deed and a copy from the seller’s agent.

If they can’t send a copy to you, you may be able to get the deed from a property management company or broker.


Can I get a foreclosure notice if I have a non-profit group that owns property?

No. If a non‐profit group owns a property, it can’t receive a foreclosure order unless there is a court order.

The association does not have to send a foreclosure report to the bank.


Will the buyer have to pay taxes?

The sale must be at least $1 million in total value and must be the result of a voluntary foreclosure sale.

The buyer must pay taxes and an attorney fee.

The sale will be taxed at 15% on the value of the property and 30% on each of the following: the value and location of the building; any improvements or improvements made to the property; the value or location of any improvements made or improvements to be made; the amount of improvements made on the property, including the value paid for the improvements and any improvements that were made elsewhere; and any improvement made on a building or improvements, such as a parking lot.

The value of any improvement will be determined by the court.

The property will not be included in the sale unless it is sold to a nonprofit group or a corporation.


Is there a way to make the purchase tax-free?

Yes, but only for a limited time.

If the property is sold with no proceeds to pay for the taxes, the buyer must also pay the seller a 10% security interest.

If there are any proceeds from the sale but the buyer does not make a payment, the sale will go to the seller.


Will I be able use the proceeds from my sale to pay my property taxes?


The proceeds from a sale that is tax free will be used to pay property taxes.

For example, if the buyer is a family member and the sale is tax-exempt, the family member will be entitled to the proceeds of the estate sale.


Is the sale taxable?

If the buyer’s estate is exempt, the purchase will be considered a voluntary sale, which means the buyer will have to be taxed for the purchase of the home.


Will my property tax bill be paid?

No, but you will still owe property taxes if the property was sold to the nonprofit association.

If your home was sold for more than $1,000,000 but was exempt, you will owe property tax if you paid the tax on the proceeds.

If, on the other hand, you paid a tax on less than $200,000 in taxes, you might owe property or sales taxes.


What happens if I am not eligible for the sale?

If your property was exempt and the buyer sold to you for less than the required minimum, you are eligible to receive a tax refund.


What if I live in a small town or rural area?

If a buyer purchased property in a town or community where property tax is less than 1%, the seller is responsible for paying property taxes on the purchase.

The town or county will collect the difference between the purchase price and the tax rate.

The owner will need to pay the taxes on behalf of the town or the county.

If more than one seller purchased the same property in the same town or in the county, the tax collector must determine the tax rates for each.

The seller must pay the sales tax and the county will pay any additional taxes.


What does the law say about tax deductions?

The law states that if the purchase was voluntary, you do not need to file a return with the IRS.

The law also says that if you are a member, or the association is a member in good standing, you don’t need to report your property tax income or sales.

However, you must report your personal tax and estate taxes on a Form 1040-S or 1040EZ.


How do I file a claim?

To file a tax return for the property tax, you need the following information: the date of sale

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