Condominium
A Condominium is created when a single entire property is divided into multiple Units. Each Unit can then be separately sold, gifted, or mortgaged, and each individual Unit will have a separate TMK number, property tax assessment, and property value. All Units in a condominium also share a common ownership interest in the portions of the property jointly owned and used by the unit’s owners, known as the Common Elements. The Units are bound by the rights and obligations dictated in the Declaration, Bylaws, Condo Map, and House Rules, also known as the Controlling Documents. All Unit owners have voting rights and are members of their Condominium Association, which is responsible for managing the condominium, and maintaining the ability for Unit Owners to enjoy and make use of the Common Elements.
To create a Condominium, a Developer must submit a detailed Developer’s Public Report, a Condominium Declaration, Bylaws, and a Condo Map recorded with the Bureau of Conveyances Regular System or Land Court, and the remaining controlling and supporting required documents, for approval by the Real Estate Commission of the State of Hawaii.
Condominium Project timeline
Our office has been involved and assisted with the successful completion and approval of many condominium projects, averaging DPR approval with an effective date within 8 to 12 months.
2 PHASE CONDOMINIUM PROCESS
PHASE I – Property Visit and Client Engagement —— Recordation of the Declaration and the Bylaws
PHASE II – Developer’s Public Report Submission —— Developer’s Public Report Approval
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If you need legal assistance or have any questions about creating a Condominium Property Regime?
UPCOUNTRY LAW is here to help you every step of the way, with experienced counsel.
TO GET STARTED call UPCOUNTRY LAW at (808) 419-6662, or use our handy CONTACT FORM to begin the process.
***NOTE: this article, advertisement, definition, and website is for general information purposes only and should not be considered as legal advice or does not create an Attorney-Client relationship with UPCOUNTRY LAW or with Attorney Garrett J. Eden, Esq.