Property Ownership
In Hawaii, what is a 'leasehold condominium'?
AA. A condominium unit that can only be rented, not owned
BB. A condominium where the unit owner owns the unit but leases the land under the building✓ Correct
CC. A condominium held in trust for future generations
DD. A condominium that converts to fee simple after 30 years
Explanation
A leasehold condominium combines condominium ownership of the unit with a land lease. The unit owner holds fee simple title to their unit but the land beneath the building is leased from a ground lessor. Buyers must understand lease expiration dates and rent escalation clauses.
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