What is “CPR”?
Condominium Property Regime (“CPR”) refers to the specific form of ownership and governing process created when real property becomes a condominium.
The process of creating a condominium is often referred to as “CPRing” property.
Condominiums come in many forms and encompass a variety of uses as may be permitted by zoning regulations. Some of the allowable uses by zoning include: residential, commercial, industrial and agricultural.
A condominium is a form of ownership of real property regardless of the architectural style of the apartment, be it in a high-rise, townhouse or detached unit.
Condominium ownership is described as ownership of an apartment (or unit) and a percentage of undivided interest in the common elements. The apartment owner is entitled to exclusive ownership of the apartment but the land is a common element, owned jointly in common with other apartment owners in the condominium project. Examples of other traditional common elements are lobbies, hallways, roofs and roadways.
Yard areas or parking spaces which are provided for an apartment’s exclusive use (versus ownership) are usually identified as limited common elements.
The creation and administration of CPRs are governed by Chapter 514A of the Hawaii Revised Statutes (“HRS”).