Hawaii Revised Statutes 502-112 – Prohibition of transfer fees
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Terms Used In Hawaii Revised Statutes 502-112
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- recording: means the act of entering into the public records the written instruments affecting title to real property. See Hawaii Revised Statutes 502-7
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
As used in this paragraph, “qualified real property interest”, “qualified organization”, and “conservation purpose” have the same meaning as in section 170(h)(2), (3), and (4), respectively, of the Internal Revenue Code.
to the extent that it purports to secure the payment of a transfer fee prohibited by this section, and that is created or recorded on or after [June 22, 2010], shall be void and shall not be binding on or enforceable against the subject real property or any subsequent owner, purchaser, or mortgagee of any interest in the real property. This subsection shall not imply that any particular deed restriction, covenant running with the land, or lien that is created or recorded prior to [June 22, 2010], is valid per se.