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Become a Hawaii Real Estate Expert in Ten Minutes

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Become a Hawaii Real Estate Expert in Ten Minutes
Shared by: zulfikar
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11/17/2011
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Brief HistoryHawaii is the only state in the Union that keeps one central

location for all real estate deeds. All other states delegate this

responsibility to the county level. Hawaii's unique form of recording can

be traced back to the original land tenure system of the Hawaiian

Kingdom. All land was owned by the King, but made available to everyone

else. The concept of private property did not exist.That changed with the

Great Mahele. Westerners pressured the Hawaiian government to adopt a

private system of land ownership. Bowing to that pressure, between 1845

and 1848 King Kamehameha III divided up land among the Kingdom, high-

ranking chiefs, and the territorial government. This was called the Ka

Mahele now known as the Great Mahele. Ka Mahele translated is "the

division."There are compelling arguments the native Hawaiians did not

receive their fair share of the Great Mahele. Periodically, groups or

individuals advocating native Hawaiian rights challenge the established

land ownership system. These challenges create rumors and innuendo

resulting in confusion and uncertainty.Because of confusion determining

land ownership and similar names the Land Court was established in

1903.Original registration in Land Court is done through a lengthy

process of a judicial review. The availability of title insurance has

dramatically reduced the need for judicial determination and registration

in the Land Court.Hawaii's Recording SystemHawaii has three methods to

change title on real estate. The Regular System gives "notice" of change

in title. Deeds recorded in the Land Court system are guaranteed by the

State of Hawaii. Documents recorded in both systems are referred to as a

Double System Recording.Types of ownershipHawaiian Real Estate is owned

is fee simple, as a leasehold interest or as a

timeshare.TimesharesTimeshares are fractional vacation ownership

interests in a resort. The fractional interest is usually the right to

occupy a one or two bedroom unit for one week, every year. One unit could

have 52 owners. Purchasers are granted ownership as either as a "Time-

share Estate" or as a "Time-share Use." Time-share Estate ownerships are

granted by deed and are actual real estate ownerships. Time-share Use

ownerships are granted by contract and the owner has a license or

membership interest in the time share resort. Time-share Use is not an

ownership in real estate.LeaseholdsLeasehold interest is the right to use

the land for a specific number of years, typically 55 to 75. The person

who owns the leasehold must turn the land back to the actual land owner

at the end of the lease. The leaseholder owns the improvements on the

land, but not the land itself.Ownership in a cooperative or multi-family

unit is often acquired by lease hold interest. Leasehold interests are

conveyed by an apartment lease. The apartment lease has many names:

Apartment Lease, Apartment Lease and Ground Lease, Condominium Conveyance

Document, Apartment Deed and Ground Lease, or Dwelling Lease.Fee

SimpleReal property held in fee simple is the most common form of

ownership and what a person typically thinks what it means to own real

estate. The person owns all the land, and all of the building. In the

past, transfers in ownership had words "fee simple". Fee simple meant the

new owner's use of the land and buildings had no restrictions what so

ever. Today transfers are granted subject to restrictions of an

integrated society such as zoning restrictions and access by utilities,

by local governments, and holders of mineral rights below the

surface.Typical ownerships in fee simple are single family homes and

condominiums. Single family homes are what you expect, land and home

owned together by one owner. Condominiums are multiple homes owned by

multiple owners with a "common area" owned and shared by all. Common

areas are; walk ways, parking lots, pools, BBQ areas, laundry facilities

and recreational areas.Today, grants in fee simple are conveyed with

either a warranty deed or a quitclaim deed. A person transferring

ownership with a warranty deed at a minimum guarantees he or she is the

actual owner and he or she is conveying clean title. Warranty deeds are

accompanied with title insurance. Warranty deeds are used in bona fide

sales.Quitclaim deeds are transfer of ownership with no guarantees. The

grantor basically conveys whatever ownership he or she may have. Quit

claims are essentially the owner walking away from the property. The new

owner takes the property "as is." Transfers from one spouse to another

are often quit claimed.Time shares are often conveyed with a quitclaim

deed. There is limited marketability for time shares so no real

opportunity to sell. To avoid paying annual maintenance fees an owner

gives away the property.Ohana DwellingA final type of property is the

Ohana Dwelling or Grandma's Cottage. This is separate building on the

property of the main home. It is usually much smaller and self contained.

It can be rented out or occupied by a relative, such as grandma.Need

Help?Need to transfer real estate into a trust, remove a joint tenant or

quitclaim a property? Save time, save money visit www.DeedAndRecord.com,

or contact Mark at 949-474-0961, or at Mark@DeedAndRecord.com. Office

address is 2021 Business Center Drive, Suite 207, Irvine, California

92612


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