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Does everyone know what the difference to Fee Available , Leasehold , and Fee Simple is ? Check out the listing a Cresent Park in Waikiki Honolulu . It's a steal at $329,900. and I will tell you why if you don't know .
Robert Huber RA |
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Date Posted: 12/14/2008
Topic / Location: Other - Diamond Head - Kapahulu - St. Louis (Honolulu, HI)
Answers (2)
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Asked by:
Realty Executives Oahu Honolulu, HI
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2 Answers |
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The "Fee" is the land.
A Fee Simple conveyance just transfers both the building and the land to the new owner. It should be noted that condos are what we call "air space" conveyances. You, the owner, have the floor, ceiling and walls, but not the common space.
Normally, in other locations when the property is referred to as a condominium, the land never conveys.
A "Leasehold Fee" means that the underlying land is rented separately over a long-term lease, say 30 to 99 years. It is not the intention of the old owner to convey title to the land -- he is just renting the ground to you. We often call this arrangement "ground rent."
"Fee Available" is another form of Leasehold Fee, but the owner will sell you the ground, if you want. Otherwise, it is just a leasehold.
Most condos have common areas in addition to the land under the property. These common areas usually are owned by an association of the condo owners. You, as owner of a condo, own an undivided fractional share of the common area, if any.
Date Answered: 12/20/2008
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The Michael Group
Dallas/Forth Worth, TX
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No I don't know the difference can you explain them to me and which is the best way to buy a property in HAWAII? Thanks Pam
pamelawilson2001@myway.com
Date Answered: 12/15/2008
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