Hawaii's leasehold conversion law allows:
Correct Answer
B) Qualifying leasehold homeowners to petition to purchase the fee simple interest from the lessor at fair market value
Hawaii's Land Reform Act (Chapter 516) allows qualifying leaseholders to purchase the fee simple interest. This was upheld by the U.S. Supreme Court in Hawaii Housing Authority v. Midkiff (1984).
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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- → Wisconsin adopted the Marital Property Act in 1986, creating a system similar to community property. Under this law, property acquired during marriage is generally considered:
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