CONDOMINIUM PROPERTY REGIME BASICS - - Credit Jakob K. Worsner Attorney at Law 808-877-8877
What is a Condominium Property Regime "CPR"?
• A CPR is a legal mechanism (Hawaii Revised Statutes 514B) for dividing a single property into 2 or more separate UNITS OF OWNERSHIP, typically with attached "appurtenant" exclusive-use LIMITED COMMON ELEMENTS (yard areas).
• Each CPR unit has its own seperate fee simple ownership (deed), mortgages, encumbrances, and CPR TMK NO. (which is found at the end of the property Tax Map Key No.).
• Each CPR unit is separately transferable, saleable, and leasable, and each unit's owner(s) pay for their unit's own insurance, property taxes, improvements, expenses, etc.