IF HOME IS 'LEASEHOLD" YOU ARE ONLY LEASING PROPERTY. MOST LEASEHOLD PROPERTY IS STATE OWNED AGRICULTURAL LAND AND TO EVEN QUALIFY TO TAKE OVER LEASE YOU MUST HAVE BEEN A RESIDENT OF HAWAII FOR AT LEAST 3 YEARS AND SHOW DOCUMENTED PROOF OF 5 YEARS OF AGRICULTURAL EXPERIENCE.
So, what do people do if they don't have any documented agricultural experience and 3 years of residence? Is it different for companies - or same as for individuals?
How do people new to Hawaii go about it? Buying "fee simple" - which is not as common?
We do have some leaseholds in FL, with 99 year lease term and the right to extend.
Beachfront Realty, Inc.
That depends. If it is a single family home and the listing says "fee simple" then it works just as it does in Denver, meaning the owner of the home owns the land as well.
If it is a single family home and it says "leasehold" then someone else owns the land and the owner of the home only has a lease on it. You can ask the listing agent who the lessor is and how much time is left on the lease.
In a condominium, which includes Planned Unit Developments, most likely the land is treated as a limited common element under your building and as a common element elsewhere in the complex.