(a) Unless required to do so within a shorter time by chapter 668, a broker appointed under section 668A-11(b) to offer heirs property for open-market sale shall file a report not later than seven days after receiving an offer to purchase the property for at least the value determined under § 668A-7 or 668A-11.
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Terms Used In Hawaii Revised Statutes 668A-12

  • Heirs property: means real property held in tenancy in common that satisfies all the following requirements as of the filing of an action for partition:

    (1) There is no agreement in a record binding all the cotenants that governs the partition of the property;

    (2) One or more of the cotenants acquired title from a relative, whether living or deceased; and

    (3) Any of the following applies:

    (A) Twenty per cent or more of the interests are held by cotenants who are relatives;

    (B) Twenty per cent or more of the interests are held by an individual who acquired title from a relative, whether living or deceased; or

    (C) Twenty per cent or more of the cotenants are relatives. See Hawaii Revised Statutes 668A-2

(b) The report required by subsection (a) shall contain the following information:

(1) A description of the property to be sold to each buyer;
(2) The name of each buyer;
(3) The proposed purchase price;
(4) The terms and conditions of the proposed sale, including, without limitation, the terms of any owner financing;
(5) The amounts to be paid to lienholders;
(6) A statement of contractual or other arrangements or conditions of the broker’s commission; and
(7) Other material facts relevant to the sale.
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