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CO-OPERATIVE APARTMENTS ("CO-OP")The co-operative apartment represents a form of ownership whereby title to the property is taken in the name of a corporation which is generally created expressly for this purpose. Co-ops can be created on either fee simple or leased land. An individual who wishes to obtain an apartment in the building purchases stock in the corporation, equivalent to the apartment's value, and receives a proprietary lease on the apartment, which he would then be said to own. The proprietary lease sets forth all the individual rights, privileges, responsibilities and obligations of each owner and frequently includes the restriction that the owner may sell his interest only with the approval of the directors. The lease also specifies the common areas of the grounds and building and generally provides for governing of the co-op by a board of directors elected by the owners from among themselves. In turn, this board usually hires an operating manager for the building. The liabilities of such ownership include the tenant's share of the general operating costs, which include payments on the blanket mortgage, taxes, maintenance, and lease rent, if applicable. Each individual owner actually owns stock in the corporation and is, therefore, liable for only his interest in the corporation should the co-op be forced to declare bankruptcy. For tax purposes, co-op ownership is considered to be real property. Some advantages of the co-op are: (1) better control of the type of neighbors in the building; (2) owners can more easily rid themselves of an owner who doesn't pay his share; and (3) the entire building may be sold by a two-thirds vote. Lenders may make direct loans on individual co-op apartments. Hawaii passed its first co-operative statute in 1992 even though co-ops have been in existence since the 1950's. Co-Operative Apartments on Island of Oahu, State of Hawaii Information deemed reliable, but not guaranteed
Source: Principles & Practices of Hawaiian Real Estate, 15thEd. 2001, Vitousek, Reilly, Rediske Source: Hawaiian Condominium Guide, Clusters, Coops, Puds, Vol. 7, Oahu Source: Honolulu Board of Realtors, Multiple Listing Service as of May 2005 |
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