Beachfront Kapaa SHARED OWNERSHIP : 1-1 in Kapaa, HI

Address: Kuhio Hwy, Kapaa, HI 96746
Bedrooms: 1
Bathrooms: 1
MLS #: 175615

Wonderful ocean views from the lanai/kitchen and living room. Located in a tropical setting and the ocean/beach are steps away from the unit and there is no road noice from this location. This complex offers great amenities such as pool,Bbq, tennis and more. Centrally located on the coconut coast. This property is being offered as Fractional ownership with 2 months of full ownerhsip. Great Investment opportunity in the heart of Kapaa. Ownerhsip offered is March 16th thru May 15th GENERAL INFORMATION ABOUT FRACTIONAL OWNERSHIP Fractional Ownership is a relatively simple and comparatively affordable ownership arrangement in which a two to six individuals or entities hold shared legal title to a single parcel of real estate or a condominium unit. Each owner has a fraction of the total ownership; in this case each fraction is one or more sixths of the full ownership. We call the owners Fractional Owners. The owners obtain the right to use specific periods of time each calendar year, called Intervals in our documents. Sometimes people refer to the owners as Interval Owners in the same way as they do to Fractional Owners. The Fractional Owners are called cotenants according to Hawaii law. This means you share all aspects of ownership and responsibility for the property according to how much of the title you have purchased. Once you acquire title, your interest in your property legally is an interest in REAL property. You, along with the other Interval Owners, enjoy all the usual benefits of ownership of the property: renting, managing the property, and handling payment of taxes and maintenance costs and so on. Together with the other Interval Owners, you retain legal control. As cotenants you share responsibility for the care and condition of the property. Each year you will pay in advance for the expected costs of ownership. The agreement you sign about how your ownership works sets out all your rights and responsibilities to each other and to the laws of the State of Hawaii. To allow financing of individual purchases, only co tenancy ownership is offered at this time. If none of the fractional interests is financed, however, by a unanimous vote the ownership may be converted to a Limited Liability Company (LLC) or Partnership (LLP) or another ownership entity for further protection from some liabilities. Until then the ownership will remain in common. Also by vote of all fractional owners may also elect to have private management by the owners and eliminate the cost of third party rental and property management. Each owner will be able to decide to rent, exchange or otherwise use their time period as they see fit. Only you, as individual owners, can execute deeds, mortgages, leases of your time period and all other legal documents affecting legal title to your property, or you can give written instructions from you, the Interval Owner(s), to those who work for you. The initial and estimated annual cost per interval and terms options are set out in the materials that accompany this document. To insure that nobody can hurt another owner by failing to pay their fair share of costs; the expected annual expenses will be collected several months before the start of each calendar year. Persons who do not pay their share may lose their interests. Everyone will be required to keep the property in the same condition as it starts, except as the group may unanimously determine to the contrary. Each owner will be responsible for damages caused by them or their guests or tenants. Unexpected repairs may come up at any time, and it may limit or hinder use for the repair time. This is a risk everyone must take and may affect one or more intervals more than others. Deferred maintenance and scheduled repairs that are not urgent will be completed during the two to three days per year that are not occupied by intervals and during the time between checkout and check in for the interval users. There will always be at least sixty days of scheduled time for each owner, subject to unexpected events as noted above. In some cases insurance can be purchased to cover the costs of losing occupancy due to natural causes and casualties, or for people who refuse to move out when their time is up. Owners will have the following usage options: a. Using their interval time for themselves or as they see fit (for family, friends, etc.), including leaving the unit vacant for any part of their time. b. They may place all or any part of their share of time into vacation rental. The time intervals are fixed and permanent for every year, unless all 6 interests vote for another plan. Without changing your period of ownership you may trade all or part of your time with other interval owners from time to time. You may find another owner who would want to come twice in a year for a one-month period as you might and you may work out exchanges of time to suit you both. All options are open to you in this way. This is to be handled by individual owners, a list of whom will be provided to all interest owners. You must ALWAYS, however, KEEP OWNERSHIP OF YOUR SIXTY DAYS OF USE to comply with the laws of Hawaii. Your interval may qualify under the IRS rulings as a second home and therefore all interest might be tax deductible. See your tax adviser to find out if you can deduct parts of your expense either as a second home or rental property. THIS PROPERTY IS NOT OFFERED AS AN INVESTMENT AND NO RENTAL PERFORMANCE IS PROMISED OR ANTICIPATED. YOU MUST DO YOUR OWN INVESTIGATION IF YOU ARE APPROACHING THIS AS A PROFIT-MOTIVATED INVESTMENT. DUE TO THE SMALL PERCENTAGE OF LENDERS IN GENERAL FOR FRACTIONAL INTERESTS, YOUR 1/6TH INTEREST MAY NOT QUALIFY FOR FINANCING FROM CONVENTIONAL LENDERS IN HAWAII. *Any and all information and terms in this document are for reference only. Complete documents will be provided upon opening of Escrow and then can be reviewed during the DROA Disclosure period. Always refer to an attorney of your choice before buying any real property interest

Agent/Broker Contact Information:
Century 21 All Islands
Petra Yarbrough
808-635-6812
P.O Box 223700, Princeville, HI 96722