Hawaii Revised Statutes 206-10 – Restrictions on sale and use of residential lots by purchaser
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Terms Used In Hawaii Revised Statutes 206-10
- Board: means the board of land and natural resources as provided in chapter 26. See Hawaii Revised Statutes 206-1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Development project: means a specific unit for development within a designated area for which a program of acquisition and development is established. See Hawaii Revised Statutes 206-1
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Residence lot: means a lot not exceeding one-half acre in size, obtained by subdivision of lands acquired pursuant to this chapter and used for one or two family residential use only, except as may otherwise be provided herein. See Hawaii Revised Statutes 206-1
Within thirty days after the receipt of the notice, the board in writing shall notify the original purchaser at the specified address whether it elects to exercise the option. If the board refuses, or fails within the thirty-day period, to reply to the offer, the original purchaser may sell the property to any other person free from any price restrictions; provided that if the board elects to purchase, the board shall use its best efforts to redispose of the property as soon as practicable subject to the lien of any mortgage, to a qualified and responsible person who will assume the obligation of mortgage and debt secured thereby.