Terms Used In Hawaii Revised Statutes > Chapter 514B > Part I - General Provisions

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the unit owners' association organized under section 514B-102 or under prior condominium property regime statutes. See Hawaii Revised Statutes 514B-3
• Commission: means the real estate commission of the State. See Hawaii Revised Statutes 514B-3
• Common elements: means :

  (1) All portions of a condominium other than the units; and

  (2) Any other interests in real estate for the benefit of unit owners that are subject to the declaration. See Hawaii Revised Statutes 514B-3

• Common expenses: means expenditures made by, or financial liabilities of, the association for operation of the property, and shall include any allocations to reserves. See Hawaii Revised Statutes 514B-3
• Common interest: means the percentage of undivided interest in the common elements appurtenant to each unit, as expressed in the declaration, and any specified percentage of the common interest means such percentage of the undivided interests in the aggregate. See Hawaii Revised Statutes 514B-3
• Completion of construction: means the earliest of:

  (1) The issuance of a certificate of occupancy for the unit;

  (2) The date of completion for the project, or the phase of the project that includes the unit, as defined in section 507-43;

  (3) The recordation of the "as built" amendment to the declaration that includes the unit;

  (4) The issuance of the architect's certificate of substantial completion for the project, or the phase of the project that includes the unit; or

  (5) The date the unit is completed so as to permit normal occupancy. See Hawaii Revised Statutes 514B-3

• Condominium: means real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. See Hawaii Revised Statutes 514B-3
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Declaration: means any instrument, however denominated, that creates a condominium, including any amendments to the instrument. See Hawaii Revised Statutes 514B-3
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Developer: means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project. See Hawaii Revised Statutes 514B-3
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited common element: means a portion of the common elements designated by the declaration or by operation of § 514B-35 for the exclusive use of one or more but fewer than all of the units. See Hawaii Revised Statutes 514B-3
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Operation of the property: means the administration, fiscal management, and physical operation of the property, and includes the maintenance, repair, and replacement of, and the making of any additions and improvements to, the common elements. See Hawaii Revised Statutes 514B-3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, firm, corporation, partnership, association, trust, or other legal entity, or any combination thereof. See Hawaii Revised Statutes 514B-3
• Pertinent change: means , as determined by the commission, a change not previously disclosed in the most recent public report that renders the information contained in the public report or in any disclosure statement inaccurate, including, but not limited to:

  (1) The size, construction materials, location, or permitted use of a unit or its appurtenant limited common element;

  (2) The size, use, location, or construction materials of the common elements of the project; or

  (3) The common interest appurtenant to the unit. See Hawaii Revised Statutes 514B-3

• Project: means a real estate condominium project; a plan or project whereby a condominium of two or more units located within the condominium property regime are created. See Hawaii Revised Statutes 514B-3
• Property: includes parcels with or without upper or lower boundaries, and spaces that may be filled with air or water. See Hawaii Revised Statutes 514B-3
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Structures: includes but is not limited to buildings. See Hawaii Revised Statutes 514B-3
• Unit: means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road. See Hawaii Revised Statutes 514B-3
• Unit owner: means the person owning, or the persons owning jointly or in common, a unit and its appurtenant common interest; provided that to such extent and for such purposes as provided by recorded lease, including the exercise of voting rights, a lessee of a unit shall be deemed to be the unit owner. See Hawaii Revised Statutes 514B-3