Terms Used In Hawaii Revised Statutes 480E-6

• Consideration: means any payment or thing of value provided to an owner of a distressed property, including reasonable costs paid to independent third parties necessary to complete the distressed property conveyance or payment of money to satisfy a debt or legal obligation of an owner of the distressed property. See Hawaii Revised Statutes 480E-2
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Distressed property: means any residential real property that:

  (1) Is in foreclosure or at risk of foreclosure because payment of any loan that is secured by the residential real property is more than sixty days delinquent;

  (2) Had a lien or encumbrance charged against it because of nonpayment of any taxes, lease assessments, association fees, or maintenance fees;

  (3) Is at risk of having a lien or encumbrance charged against it because the payments of any taxes, lease assessments, association fees, or maintenance fees are more than ninety days delinquent;

  (4) Secures a loan for which a notice of default has been given;

  (5) Secures a loan that has been accelerated; or

  (6) Is the subject of any solicitation, representation, offer, agreement, promise, or contract to perform any mortgage assistance relief service. See Hawaii Revised Statutes 480E-2

• Distressed property conveyance: means the transfer of any interest in a distressed property effected directly or indirectly by or through a distressed property consultant. See Hawaii Revised Statutes 480E-2
• Distressed property conveyance contract: means any agreement or obligation affecting a distressed property conveyance. See Hawaii Revised Statutes 480E-2
• Distressed property purchaser: means any person who acquires any interest in a distressed property directly or indirectly through a distressed property conveyance or distressed property conveyance contract. See Hawaii Revised Statutes 480E-2
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Person: means any individual, partnership, corporation, limited liability company, association, or other group or entity, however organized. See Hawaii Revised Statutes 480E-2
• property owner: means the owner of any distressed property. See Hawaii Revised Statutes 480E-2