Hawaii SB2878 mandates fee transparency for residential unit transfers, limiting fees to actual costs and requiring detailed disclosures.

Hawaii SB2878 aims to enhance transparency and fairness in transfer fees for residential unit sales or ownership transfers. It restricts associations and managing agents to charging fees that cover the actual costs of administrative services directly related to the sale or transfer. Flat transfer fees are only allowed if they are reasonable estimates based on historical data. Fees exceeding $350 must be supported by documentation showing the actual costs. The bill prohibits charging fees that result in profit, cover unrelated costs, or are for services not provided.

Hawaii SB2878 mandates fee transparency for residential unit transfers, limiting fees to actual costs and requiring detailed disclosures.

Hawaii SB2878 aims to enhance transparency and fairness in transfer fees for residential unit sales or ownership transfers. It restricts associations and managing agents to charging fees that cover the actual costs of administrative services directly related to the sale or transfer. Flat transfer fees are only allowed if they are reasonable estimates based on historical data. Fees exceeding $350 must be supported by documentation showing the actual costs. The bill prohibits charging fees that result in profit, cover unrelated costs, or are for services not provided.