How do I get funds into my escrow account on Maui?
You just got an accepted offer for a home on Maui! Yippee. Now what? What kind of funds are required, and how do they get there? Here are some tips from Hawaii Mortgage Company to help make your Maui transaction flow without any issues.
Bank of Hawaii - Paia Maui
Initial Deposit, Earnest Money:
The initial deposit cannot be in the form of cash. It should be in the form of a personal check that comes from your account, and be prepared to provide two months of bank statements to your lender. The funds should not be from the account of your real estate agent or anyone else. Cashier’s checks and funds wired from your personal accounts are acceptable.
Additional Deposits to Escrow:
If you have sufficient time until closing, a personal check will be accepted. Escrow companies will place a hold on these funds until they clear your bank. In Hawaii this can take a long time, so be prepared to wait. It's best to either walk in a cashier’s check, or wire the funds directly to escrow. Do you really want to delay the sale because your funds are on hold waiting to clear the bank?
Final Closing Funds:
The only choices you have are to either wire your funds from your bank directly to escrow, or provide a cashier’s check. The cashier’s check has to be from a local bank. They will not accept mainland issued cashier’s checks or personal checks. When wiring funds, please be sure to communicate directly with your escrow officer by phone and email since this will probably be a lot of money and you don't want to risk it. Wire fraud happens!
As a reminder, all funds have to come from accounts whose statements you provided to your lender. You can never use funds that are not documented. And last – never bring cash to the table!
Bank of Hawaii - Pukalani Maui
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Buying or selling real estate on Maui? That's what I do. Let me help YOU.
Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers
127 Hana Hwy. #G, Paia HI 96779
E-mail or call/text: 808 283-0635