Hawaii Revised Statutes 516-35 – Restrictions on sale and use of residential lots
The notice shall specify the purchaser’s address and upon receipt of the notice, the corporation shall have the first option to purchase the land at the original purchase price of the leased fee from the corporation plus ten per cent a year from the date of said original purchase up to the time of repurchase or the fair market value at the time of repurchase, whichever is lower, plus the fair market value of the improvements; provided that title to a dwelling unit and the property or lease may pass to a family member by devise or through the laws of descent, notwithstanding any qualifications set forth in § 516-33 or the rules and regulations established by the corporation.
At the time of the repurchase, the fair market value of the land and the improvements shall be determined by a qualified appraiser, selected by the purchaser from a list of three appraisers provided by the corporation, whose services shall be paid for by the corporation; provided that the appraisal is subject to review by the corporation prior to acceptance. If the purchaser disagrees with the value, the purchaser may appoint the purchaser’s own appraiser at the purchaser’s own cost and any further disagreement on the value may be resolved by negotiation or otherwise.
Terms Used In Hawaii Revised Statutes 516-35
- Appraisal: A determination of property value.
- 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.
- Corporation: means the Hawaii housing finance and development corporation created by chapter 201H. See Hawaii Revised Statutes 516-1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fair market value: means that amount of money that a purchaser willing, but not obliged, to buy an interest in land would pay an owner willing, but not obliged, to sell it, taking into consideration all uses to which the land is adapted or might in reason be applied. See Hawaii Revised Statutes 516-1
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Lease: means a conveyance of land or an interest in land, by a fee simple owner as lessor, or by a lessee or sublessee as sublessor, to any person, in consideration of a return of rent or other recompense, for a term, measured from the initial date of the conveyance, twenty years or more (including any periods for which the lease may be extended or renewed at the option of the lessee). See Hawaii Revised Statutes 516-1
- 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
- leased fee interest: means all of the interests of the fee owner, lessor, and all legal and equitable owners of the land which is leased, other than the lessee's interest as defined by this chapter. See Hawaii Revised Statutes 516-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.