HI SB499

Establishes the Uniform Partition of Heirs Property Act as a new chapter in Hawaii Revised Statutes to govern partition actions for real property held in tenancy in common that meet specific criteria involving family ownership.

Applies to partition actions filed on or after July 1, 2014, and requires courts to determine whether property qualifies as "heirs property" based on factors including family acquisition of title and family ownership thresholds of at least 20 percent.

Creates a mandatory cotenant buyout process allowing cotenants to purchase interests of those requesting partition by sale at fair market value before any sale occurs, with specific timelines and payment procedures.

Establishes a preference for partition in kind (physical division) over forced sale unless the court finds partition in kind would cause great prejudice, considering factors such as property divisibility, loss of value, ancestral significance, and family investment in the property.

Authorizes court-ordered property appraisals to determine fair market value and requires open-market sales (unless sealed bids or auction would be more advantageous) with specific reporting requirements for real estate brokers; effective March 9, 2017.