Condominium Property Regime or CPR
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More commonly known as Condominiumization’s. This is a method of dividing a parcel into a condominium property regime (CPR) allowing independent ownership of each area section or “condo”. While a CPR will allow you to sell off sections of your parcel or lot, with or without buildings, It does not change the zoning or permitted uses of that parcel or lot.
For example; if you have an AG lot that is less than 5 acres you’re allowed to have one main farm dwelling and one 2nd Farm Dwelling with a 1000 ft.² or less of living area. You can create a condominium property regime or CPR for this lot into four sections or “condo’s”. But only two of them will be allowed to have a main house or second farm dwelling. The County of will continue to view this lot as a single entity in terms of zoning and permitted uses. The other sections or condo’s would still be able to have non-dwelling structures such as barns or garages and other ag related structures per allowable uses of the original lot and zoning.
Another thing that we do a lot of is what we call CPRs or condominium property regimes. This is basically a condominiumization of a property. We’ve all heard of condos, well here in Hawaii and in many other places too, you can actually buy a property and condominiumize it into numerous other lots.
For instance, if you have a lot that’s able to have a main house and two Ohanas on it, you can buy that property and either build or use the existing dwellings and break it up into two or three pieces and then sell them off individually with individual title. We call that condominiumization. We do a lot of this work. There’s a handful of attorneys that do the legal work.
A typical condominiumization has three parts to it. You have an attorney who does the legal documents. You have a land surveyor that does the site plan and the allocation of various elements. Then you have, if there’s structures on the property, or will be soon, then you have us. These are the three parts for any condominiumization. I have some customers that do nothing but condominiumizations. They buy properties, they break them up, the sell them. Buy, break up, sell. They do dozens of these every year. This is a highly profitable thing to do with your property.
It’s also a great instrument if you’re buying a property and are thinking about having long-term financing. This is a way for you to buy a property and sell off part of it so that you don’t have a mortgage; so that it pays for the other bit. This is a really helpful thing for customers to know and it’s something that we do a lot of. Again, being a big brother, mother hen-type, I’m happy to consult with people who are thinking about doing it, letting them know the costs and the time frames for it to get done and what the pros and cons of such a process are. This is probably a big thing that most people don’t know about.