property

Leasehold Property (Hawaii)

In Hawaii, buyers often purchase leasehold homes or condos, getting the improvements and the right to occupy land under a long-term ground lease while the fee owner (lessor) keeps title to the land. Lease rent is often fixed for a period and then renegotiated, and at expiration the land and usually improvements revert to the lessor. Every ad must identify leasehold property as 'leasehold.' Leases over one year must be recorded, and leases of five years or more are subject to conveyance tax.