Hawaii Revised Statutes 514B-95 – Definitions
Terms Used In Hawaii Revised Statutes 514B-95
- county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
- Developer: means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project. See Hawaii Revised Statutes 514B-3
- Person: means an individual, firm, corporation, partnership, association, trust, or other legal entity, or any combination thereof. See Hawaii Revised Statutes 514B-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Unit: means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road. See Hawaii Revised Statutes 514B-3
As used in this subpart:
“Chronological system” means a system in which the residential units designated for sale to prospective owner-occupants are offered for sale to prospective owner-occupants in the chronological order in which the prospective owner-occupants deliver to the developer or the designated real estate broker completed owner-occupant affidavits, executed sales contracts or reservations, and earnest money deposits.
“Initial date of sale” means the date of the first publication of the announcement or advertisement pursuant to section 514B-95.5.
“Lottery system” means a system in which no prospective owner-occupant has an unfair advantage in the determination of the order in which residential units designated for sale to prospective owner-occupants are offered for sale because the order is determined by a lottery.
“Owner-occupant” means any individual in whose name sole or joint legal title is held in a residential unit that, simultaneous to such ownership, serves as the individual’s principal residence, as defined by the department of taxation, for a period of not less than three hundred sixty-five consecutive days; provided that the individual shall retain complete possessory control of the premises of the residential unit during this period. An individual shall not be deemed to have complete possessory control of the premises if the individual rents, leases, or assigns the premises for any period of time to any other person in whose name legal title is not held; except that an individual shall be deemed to have complete possessory control even when the individual conveys or transfers the unit into a trust for estate planning purposes and continues in the use of the premises as the individual’s principal residence during this period.
“Residential unit” means “unit” as defined in § 514B-3, but excludes:
(1) Any unit intended for commercial use;
(2) Any unit designed and constructed for hotel or resort use that is located on any parcel of real property designated and governed by a county for hotel or resort use pursuant to § 46-4; and
(3) Any other use pursuant to authority granted by law to a county.
“Thirty-day period” or “thirty days” means thirty full consecutive calendar days, including up to midnight on the thirtieth day.