Today on Living808 we preview the newest podcast available on KHON2.com. Host Coralie Chun Matayoshi previews both Timeshares and Condos in the latest What’s the Law segment. We start with her topic on Timeshares.
In the era predating the popularity of vacation rentals like Airbnb, timeshares emerged as a common way for individuals to share ownership of a property. A timeshare involves multiple people purchasing an interest in the same property, allocating usage based on the share acquired. The ownership can either be a fee simple interest or a contractual right to use the unit during specified times. Some plans offer the flexibility to stay at other properties or access multiple resorts through a club membership.
Sales presentations for timeshares often employ persuasive tactics, such as enticing prospects with free dinners or prizes. Legal requirements mandate agents to provide a written disclosure about prizes and timeshare offers, allowing individuals to retain the prize even if they decline the timeshare. In Hawaii, buyers enjoy a safeguard, with a mandatory list of disclosures and a seven-day rescission period.
Contrary to common misconceptions, owning a timeshare involves more than the initial purchase price. Owners are obligated to pay maintenance fees, special assessments for major repairs, utility costs, and taxes, extending beyond routine maintenance responsibilities. It’s crucial for potential buyers to consider the full financial commitment associated with timeshare ownership.
On the topic of condos, condominium ownership brings not only the benefits of community living but also financial responsibilities, notably maintenance fees and potential costs for major repairs. Elderly condo owners on fixed incomes often face challenges meeting large lump sum payments, especially for unexpected special assessments. To alleviate this, Hawaii law mandates condo associations to conduct reserve studies, ensuring a portion of monthly maintenance fees is set aside for anticipated major repairs. While some owners express concerns about rising fees, gradual increases prove preferable to sudden special assessments.
Regarding fire safety regulations, the aftermath of the Marco Polo fire six years ago prompted a law requiring high-rise buildings over 10 stories to install fire sprinklers. However, due to the high retrofitting costs, only one condo, Marco Polo, has implemented the sprinkler system. Condo associations are advocating for a reconsideration of the law, with 21 out of 302 inspected buildings meeting alternative safety standards.
In upcoming podcasts, “What’s the Law” delves into Governor’s proclamations on affordable housing emergencies and legal intricacies in the rebuilding of Lahaina, offering insights into pressing legal issues.
And for all of the “What’s the Law” podcasts visit khon2.com/whats-the-law/.