Condominium Basics

The complete and easy to understand guideto owning and purchasing condominiums

By Sterling K. Kekoa

Disclaimer

The information contained in this guide in no way should be considered legal advice. Whenever real estate transactions are performed a competent attorney should be consulted.

Condominium Basics

CONDOMINIUM BASICS

To my mother, A. Eileen Kekoa, who gave me the confidence to pursue my dreams and who led me to cherish the profound nature of the human mind.

Special Thanks to:Nancy Gershenfeld, Mark Zappone, Theresa Van Sickle, Kevin Pope and all those at the Park Summit Condominiums who helped along the way.

Third Edition

Copyright 2010, Sterling Kekoa. All rights reserved. Printed in the United States of America. No part of this book may be used or reproduced in any manner without legal authorization with exceptions for brief quotations as part of critical reviews or articles.Kekoa Publishing 1236 Kelewina PlaceKailua, Hawaii, 96734E-mail: condobasics@gmail.com

ISBN: 0-9963416-0-0

Contents

About this book 5Introduction 6

PART ONE: Condominium Basics

What is a condominium? 7Condominium definitionDifferent types of condominiumsNew Construction and conversionCo-operativesCondo or condominium?Apartment or condominiumCommon Area 9What is common area?Percentage of ownershipHomeowners associationLimited Common Area 11What is limited common area?Why is it considered common area?Why is it limited?Routine maintenancePrivate Domain 13Which areas are private?Use of private property

PART TWO: Condominium Management Basics

Legal Foundation 16The DeclarationKey featuresThe bylawsRenting regulationsHomeowners Association 19MembershipVoting proceduresHomeowners meetingsBoard of Directors 21Who they areElection of board membersBoard responsibilitiesManagement Companies 23Reasons for management companiesServicesResident managersLegal Support