Real Property
Real Property Transfers in Hawaii
I. Types of Real Estate property ownership
The name of the trust must contain the names of the individuals ( Dick and Jane as trustee of the Dick and Jane Trust will work but Dick and Jane as Trustees of the Happy Valley Trust will not work (this is a compromise to satisfy the attorneys representing Hawaii creditors); and the deed must contain the statutory language summarized as follows:
Under the caption/description of the document: Apartment deed: (NOTICE: Tenants by the Entirety Haw. Rev. Stat. Section 509-2)
In the body of the document (sample is for two trusts holding property): “The Grantors conveyance is made pursuant to Hawaii statutes section 509-2, and the notice is hereby given that the Grantors and Grantees intend to and hereby do continue their tenants by the entirety creditor protection, that the property describe said exhibit "A" will be held and governed by the Grantors' respective trust agreement herein before identified, which trust agreements are revocable and amendable by each respective Grantor and that their property described in said exhibit "A" shall continue to be immune from the claims of each of the Grantors' separate creditors and each of the Grantees' separate creditors."
II. New types of property ownership in Hawaii:
III. OUR PRICES FOR REAL ESTATE TRANSFER DOCUMENTS
1. Price list for Real Property Conveyance Documents for escrow offices (including G.E. Tax):
Deed, Assignment of Lease, or other conveyance document to transfer real property........... $200.00
Limited warranty conveyance for Commissioner, Personal Representative, Trustee.......$250.00
Special Power of Attorney for appointing agent to sign for owner........$75.00
Land Court Petition: Marriage, death of co-owner...........$75.00
Land Court Petition: Death of Trustee, Appointment of Successor Trustee.....$125.00 - $250.00
Land Court Petition: Complex multi-party multi-event solution.....$225.00/hour
Encroachment Agreement.............$250.00
Mortgage, balloon note, (condo rider if applicable)...............$350.00
Amendment to Declaration for parking stall transfer/sale....................$250.00
2. Price list for Real Property Conveyance Documents for individuals:
Representation of individuals for real property transfer requires retainer agreement, retainer payment of $900.00. Please email this office for details:
tim@timbalzerlaw.com
Real Property- Transfers in Hawaii
TE Protection for Trust Real Property
Real Property Transfers in Hawaii
I. Types of Real Estate property ownership
- Fee simple. This is the most common type of interest. It is outright ownership. Even if you still owe money on your mortgage, as long as you have the right to sell the house, leave it to your heirs, and make alterations, your ownership is fee simple. A fee simple interest may be owned by one person or by several people jointly. Normally, when people are listed on a deed as the owners—even if they own the property as joint tenants, tenants in common, or tenants by the entirety—the ownership interest is in fee simple.
- Leasehold ownership. More common in Hawaii than most states. Conveys on owner the right to use the property for a defined number of years after which the property reverts back to the lessor/fee simple owner.
- Life estate. This is the right to possess and use property during your lifetime. You can’t sell the property, give it away, or leave it to someone when you die. Instead, when you die, the property passes to whomever was named in the instrument (trust, deed, or will) that created your life estate. This type of ownership is usually created when the sole owner of a piece of real estate wants a surviving spouse to live on the property for the rest of his or her life, but then have the property pass to the owner’s children. In this situation, the surviving spouse has a life estate. Surviving spouses who are beneficiaries of AB, spousal, or marital bypass trusts have life estates.
- Future interest. This is your right to own property sometime in the future. A common future interest is owned by a person who—under the terms of a deed or irrevocable trust—will inherit the property when its current possessor dies. Simply being named in a will or revocable living trust doesn’t create a future interest, because the person who signed the deed or trust can amend the document to cut you out.
- Contingent interest. This ownership interest doesn’t come into existence unless one or more conditions are fulfilled. Wills sometimes leave property to people under certain conditions. If the conditions aren’t met, the property passes to someone else. For instance, Emma’s will leaves her house to John provided that he takes care of her until her death. If John doesn’t care for Emma, the house passes to Emma’s daughter Jane. Both John and Jane have contingent interests in Emma’s home.
- Lienholder. If you are the holder of a mortgage, deed of trust, judgment lien, or mechanic’s lien on real estate, you have an ownership interest in the real estate.
- Easement holder. If you are the holder of a right to travel on or otherwise use property owned by someone else, you have an easement.
- Power of appointment. If you have a legal right, given to you in a will or transfer of property, to sell a specified piece of someone’s property, that’s called a power of appointment and should be listed.
The name of the trust must contain the names of the individuals ( Dick and Jane as trustee of the Dick and Jane Trust will work but Dick and Jane as Trustees of the Happy Valley Trust will not work (this is a compromise to satisfy the attorneys representing Hawaii creditors); and the deed must contain the statutory language summarized as follows:
Under the caption/description of the document: Apartment deed: (NOTICE: Tenants by the Entirety Haw. Rev. Stat. Section 509-2)
In the body of the document (sample is for two trusts holding property): “The Grantors conveyance is made pursuant to Hawaii statutes section 509-2, and the notice is hereby given that the Grantors and Grantees intend to and hereby do continue their tenants by the entirety creditor protection, that the property describe said exhibit "A" will be held and governed by the Grantors' respective trust agreement herein before identified, which trust agreements are revocable and amendable by each respective Grantor and that their property described in said exhibit "A" shall continue to be immune from the claims of each of the Grantors' separate creditors and each of the Grantees' separate creditors."
II. New types of property ownership in Hawaii:
- RECIPROCAL BENEFICIARIES as grantees are afforded tenancy by the entirety protection under Hawaii law. The following language is used for the vesting: JOHN SMITH and Jack Jones, reciprocal beneficiaries pursuant to Chapter 572C, Hawaii Revised Statutes, as tenants by the entirety.
- CIVIL UNION PARTNERS as grantees are afforded tenancy by the entirety protection under Hawaii law. The following language is used for vesting: 1) Person A, partner of Person B, and Person B, partner of Person A under the Hawaii Civil Union Act, as Tenants by the Entirety; or 2) Person A, Civil Union partner of Person B, and Person B, Civil Union partner of Person A under the Hawaii Civil Union Act, as Tenants by the Entirety.
III. OUR PRICES FOR REAL ESTATE TRANSFER DOCUMENTS
1. Price list for Real Property Conveyance Documents for escrow offices (including G.E. Tax):
Deed, Assignment of Lease, or other conveyance document to transfer real property........... $200.00
Limited warranty conveyance for Commissioner, Personal Representative, Trustee.......$250.00
Special Power of Attorney for appointing agent to sign for owner........$75.00
Land Court Petition: Marriage, death of co-owner...........$75.00
Land Court Petition: Death of Trustee, Appointment of Successor Trustee.....$125.00 - $250.00
Land Court Petition: Complex multi-party multi-event solution.....$225.00/hour
Encroachment Agreement.............$250.00
Mortgage, balloon note, (condo rider if applicable)...............$350.00
Amendment to Declaration for parking stall transfer/sale....................$250.00
2. Price list for Real Property Conveyance Documents for individuals:
Representation of individuals for real property transfer requires retainer agreement, retainer payment of $900.00. Please email this office for details:
tim@timbalzerlaw.com
Real Property- Transfers in Hawaii
TE Protection for Trust Real Property