Anyone with the required funds to pay the asking price may buy property in Hawaii, although ownership of the land that a structure sits upon is a complicated issue, according to RealEstate.com. Much of the land in Hawaii is actually leased rather than sold under a "fee simple" title, as is customary with land sold in other parts of the United States.Know More
A large majority of the land once owned by the Hawaiian royal family is now held in several trusts, with much of the land designated to the welfare of the Hawaiian people. Property that is not used for the common good, such as for schools or cultural centers, is sold under a leasehold agreement for a specified number of years. Jason Van Steenwyk of RealEstate.com notes that this means the property returns to the original owner or trust after the period of time left in the lease, typically anywhere from five to 30 years. David Nash, a real estate agent specializing in the island of Oahu, explains in the article that under this system "you only own the box above ground."
Steenwyk points out that there are advantages to this system, namely the relatively inexpensive price of purchasing under a leasehold rather than a fee simple deed. However, the disadvantages include the insecurity of not knowing if the lease price will go up over the years or even if the lease will be extended upon expiration.Learn More
An easement agreement is a simple way to give someone the right to use land without transferring ownership. This could be either private easement or public easement. The agreement also can be long-term or short-term.Full Answer >
The price of Hawaiian real estate is determined by the law of supply and demand, size, location and the amount of land belonging to the property. Housing prices in Hawaii were driven primarily by U.S. mainland buyers during the period between the mid-1970s until around 2008, according to a 2011 economic letter from the Federal Reserve Bank of San Francisco.Full Answer >
You can buy a HUD foreclosure by finding a home you want on the HUD Home Store website and making an offer on the property through a HUD-registered real estate agent. The HUD Home Store lists one- to four-unit residential properties that were purchased with an FHA home loan and then went into foreclosure. There are rules regarding who is eligible to purchase a HUD home.Full Answer >
A gift of deed is a legally binding contract that transfers the ownership of a real estate property from one person to another, according to the Real Estate Lawyers. The donor, the person that gives the gift of deed, hires a real estate attorney to draft, review and file the necessary legal paperwork required to transfer the property to the donee, the person who receives the gift.Full Answer >