Real Estate Law in Hawaii?
I tried to find a webpage providing information on the laws in Hawaii regarding real estate but couldn't find any relevant pages using main search engines.
I have heard that Hawaii has very distinct laws compared to the other states in regards to Real Estate, things like you are actually leasing the land for 99 years (from whom I wonder, the state? And what happen after 99 years. I'd like to know any details about this, if true etc. If you could answer that or if you do have a link to a page that provides such information, I would appreciate. Thanks in advance
Answers:
There are actually 2 types of ownership; fee simple (shown below) and leasehold (referenced websit below).
Fee Simple vs. Leasehold
There are two types of land ownership in Hawai'i, and these apply to both single-family homes and condominiums: fee simple and leasehold. Make certain you know which you're buying before you sign on the dotted line.
Fee simple is the most complete form of ownership, because the buyer owns the entire property — land, building and all.
Leasehold property belongs to a fee simple landowner who enters a ground lease with a lessee. If you are the buyer of residential leasehold property, you cannot own the land, and your use of the land is limited to the remaining years covered by the lease. Leasehold properties are generally much less expensive than fee simple, because the cost of the land is not a factor.
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