What Condo Documents Tell You About the Building You're Buying Into

When you purchase a condominium in Hawaii, you're acquiring a percentage ownership interest in the entire building and its common areas — not just the four walls of your unit. The financial health, management quality, and long-term capital needs of that building affect your investment and your monthly cost of ownership every bit as much as the condition of the unit itself. Condo documents are how you evaluate all of that before you commit.

The Six Documents Every Condo Buyer Should Review Carefully

1. 1RR105c Condo Summary — A standardized overview that captures pending assessments, active litigation, management contact information, and the current reserve balance at a glance. Start here to get your bearings quickly.
2. 2Reserve Study — A 30-year projection of major repair and replacement needs, estimated costs, and the current funding level relative to what's needed. A reserve funding percentage below 70% is often considered a warning sign for future special assessments.
3. 3Budget and Financial Statements — The association's operating income, expenses, and balance sheet. Look for operating deficits, unexplained expense spikes, and whether reserve contributions reflect the reserve study's recommendations.
4. 4Board Meeting Minutes — Frequently the most candid document in the package. Minutes often reveal ongoing building issues, resident disputes, deferred maintenance decisions, and the management culture of the association in ways that financial statements don't.
5. 5House Rules — Cover short-term rental policies (which vary enormously between buildings on Oahu), pet restrictions, renovation and noise guidelines, parking rules, and other day-to-day community standards you'll be agreeing to as an owner.
6. 6Declaration — Confirms your specific parking stall assignment, storage allocation, and your percentage ownership interest in the common areas — the number that determines your proportional share of any future special assessment.