A Guide to Navigating Regulations and Protecting Your Interests
Understanding Condo Ownership Rules and Regulations
Condo ownership comes with a variety of rules and regulations, including State laws such as Chapter 514B of the Hawaii Revised Statutes. For more detailed information, refer to the “Condominium Property Regimes – Owner Rights and Responsibilities” by The Real Estate Commission, Department of Commerce and Consumer Affairs, State of Hawaii.Additionally, your rights and responsibilities are outlined in your condo’s Bylaws, Declarations, CC&Rs, and House Rules. Navigating this legal landscape can be challenging, but it’s essential for protecting your interests.
The Importance of Understanding Your Rights
When purchasing a condo, the real estate agent provides the necessary information, but the key is understanding the documents and actively participating in condominium board meetings. An informed owner is better equipped to safeguard their rights.
Key Rights and Responsibilities of Condo Owners
Did you know you could face foreclosure if you don’t pay your association fees or fall behind on special assessments? Your elected Association Board has fiduciary duties, and it’s crucial to hold them to the highest standards. As a condo owner, you have several rights, including: Participating in regular Board meetings Calling special meetings Voting on the rule and Bylaw changes Dismissing Board Members with or without cause during regular or special meetings These processes are detailed in your Condo’s Bylaws and typically require a minimum number of owners to vote on these matters. For example, 25% of owners might be needed to call a special meeting, while changing the board composition or Bylaws might require a majority vote or up to 67% of owners.
Condo Cautions: Know Before You Buy!
Your Guide to Making an Informed HOA Condo Purchase
