Condominium Property Act definition
Examples of Condominium Property Act in a sentence
Hawaii Revised Statutes (“HRS”) Section 514B-98 of the Condominium Property Act requires that for a thirty-day period following the initial date of sale of units in a condominium project, at least 50% of the units being sold shall be offered for sale only to prospective owner-occupants.
Pursuant to the Condominium Property Act, the Seller will use a chronological system to determine the order in which prospective owner-occupant purchasers would be given an opportunity to select one of the designated residential units.
Seller reserves the right to substitute a unit designated for owner-occupants with another unit within the project, subject to the requirements of the Condominium Property Act.
If this Agreement is signed under HRS Section 514B-98 of the Condominium Property Act, ▇▇▇▇▇ shall execute an owner-occupant affidavit.
The term "Condominium Property Act" means Chapter 514B of the Hawaii Revised Statutes, as amended.
For thirty (30) days from the date of the first published announcement required under the Condominium Property Act, the Seller shall offer the designated units to prospective purchasers chronologically in the order in which they submit to Seller's real estate broker, a completed owner-occupant affidavit, an executed sales contract or reservation, and an ▇▇▇▇▇▇▇ money deposit in the amount designated by Seller.
Any contract or instrument entered into in violation of this paragraph shall be subject to, among other things, (a) the remedies provided in HRS Section 514B- 94(b) under the Condominium Property Act, and (b) a civil penalty of up to $10,000 or 50% of the net proceeds received or to be received by Buyer from the sale, lease, rental, assignment, or other transfer of the Unit, whichever is greater.