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In a typical transaction for the sale of real estate encumbered by a private transfer fee assessment, a contract for purchase of the real property is receipted at the title company. The title company then provides the prospective purchaser with a title commitment showing all encumbrances of record, including the transfer fee assessment.
Providing water and sewer service are situations which may adapt formerly unusable land for residential or commercial use. A storm sewer or a dam or dike may mitigate flooding and therefore the sewer, dike or dam relieves a burden, flooding. [5] The term benefit most frequently means an increase in the market value of the benefited property.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
Regulatory costs comprised an average of $387,000, or 58% of the median Hawaii price, according to the report. Construction costs accounted for 41% and land 1.4%, the report said.
The cost of an impact fee can vary from state to state. Generally, areas in the Western United States charge higher fees than other places in the country. They can also vary depending on the type of need by a community with school facilities causing the greatest cost of an impact fee.
The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now $195,000) would not exceed the existing value as a residence.
A Honolulu City Council resolution wants state lawmakers to address what it deems are “drastic ” increases in property insurance premiums paid by homeowners across Oahu, particularly for those ...
Apr. 9—Total sales volume for the Hawaii investment market in 2023 declined 18.6 % to $1.93 billion from $2.37 billion in 2022. Hospitality purchases at more than 23 % were the largest share of ...