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Tagged : HRS 514B

Found 1 blog entry tagged as "HRS 514B".

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.

  CPR PROHIBITED: Occasionally a property

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