Is This Legal?

[Scott_S]

I accidently came upon this website, anyone want to own 1 sq. ft. of HI?
http://hawaiianacres.com/5701.html

Scott

[John S. Rabi]

No, it isn't legal. You can have percentage ownership of the property but you can not own 48 sq.ft. (or 1 sq.ft.) land legally without subdividing the lot.

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB,RB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185

[John S. Rabi]

Another thought, I wonder if the "seller" is using an escrow company (of course not, it would cost more than the selling price) and I wonder who and how would pay the property tax and association dues (if applicable.) I think it's a great scam, he would give the buyer some fake ownership papers and once the lot is "sold" he would take out an equity loan on it and disappear!

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185

[lizr]

LOL- just a guess, but I think someone got lazy.

OK I read it, it sounds serious. But I agree w John, highly doubtful it's legal.

da kine-

Liz Randol ®
Realty Executives Hawaii Brokers Inc. Hilo
www.liz-randol.com
www.liz-randol.com/spiritpath

[John S. Rabi]

Liz, the only way to make it legal without subdividing would be to have a new survey map of the property done, identifying every 48 sq.ft. of the lot with letters and have a deed restriction done with assigning the usage of the lettered and restricted areas to the individual owners. However, the ownership still would be under Common Tenancy and each owner would own 0.11019% of the lot (if the lot is one acre.)

Aloha,
John S. Rabi, ABR,CM,CRB,FHS,PB
http://www.JohnRabi.com
Typically Tropical Properties
75-5870 Walua Road, Suite 101
Kailua-Kona, HI 96740
(808)327-3185

Edited by - John S. Rabi on 01/05/2007 13:27:23