|
|
|
|
A condominium project is governed by Chapter 514B, of the Hawaii Revised Statutes.
- A condominium is a real estate project located on one or more zoning lots. The ownership of
which is divided into:
apartment units, which are separately owned; -
common elements which are owned and used by the
unit owners; and
- limited common elements, such as a yard or other area, which are
made available for use by some, but not all, of the apartment unit owners.
Condominium projects vary greatly. Some may be high rise structures in one or more buildings, and some may consist of as few as two detached homes
or other structures located on a single small parcel of land.
Some projects do not have structures - they have "spatial" units.
A Project is formed by recording of
the Declaration of Condominium Property Regime and a condominium map.
In order to offer the apartment units for sale, a Developer
of a project must obtain a Public Report, an effective date of which is issued by the Real Estate Commission.
One can only apply for a public report after receipt of the
county
letter indicating that the project conforms with building and zoning
laws. Once filed for, the public report is usually issued within
three to four months.
|
|
