Hawaii Revised Statutes 171-77 – Transfers of title by bequest, devise, intestate succession, or by operation of law, and upon foreclosure
Terms Used In Hawaii Revised Statutes 171-77
- Bequest: Property gifted by will.
- Board: means the board of land and natural resources. See Hawaii Revised Statutes 171-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Intestate: Dying without leaving a will.
- Land: includes all interests therein and natural resources including water, minerals, and all such things connected with land, unless otherwise expressly provided. See Hawaii Revised Statutes 171-1
- lease: means a residential lease made by the board of land and natural resources under this part. See Hawaii Revised Statutes 171-71
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessee: means the lessee under a residential lease and the successors in interest of the lessee. See Hawaii Revised Statutes 171-71
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means one or more individuals and does not include any partnership, firm, or corporation. See Hawaii Revised Statutes 171-71
Notwithstanding the prohibitions contained in section 171-73, title to a residential lease or to the fee of the premises if purchased by the lessee, and to the improvements upon the premises, may be transferred only by testamentary bequest or devise, intestate succession, or otherwise by operation of law. No person, corporation, or agency of government, disqualified under § 171-74 or 171-75 to take a residential lease, may succeed to and take title to a residential lease and improvements, except by such transfer or by purchasing at or after a sale upon a foreclosure of a mortgage permitted by this part.
If the lessee purchases the fee as provided in § 171-79, no person, corporation, or agency of government, disqualified under §§ 171-74 and 171-75, may, without the express written consent of the board of land and natural resources, within the ten-year period following the issuance to the lessee of a patent or deed in fee simple to the premises, succeed to and take the fee title to the premises formerly leased, and improvements, except by testamentary bequest or devise, intestate succession, or otherwise by operation of law, or by purchasing at or after a sale upon the foreclosure of a mortgage permitted by this part.