Frequently Asked Questions — Hawaii, USA

• The Document Review is comparable to a home inspection prior to buying. The difference is that you are buying into a corporation and you will inherit any existing responsibilities including the financial obligations of the Condominium Corporation.
• The Document Review Service reduces the risk of surprise. The time spent on getting the information that you need will give the buyer confidence in knowing if there may be any additional costs or special assessments.
• Our goal is to provide buyers with the information they need to make an informed decision in an easy to read format.
• Our report outlines the facts, financial obligations including the current financial status, hi-lighting the bylaws, rules and regulations, and confirming that the condominium corporation is following the reserve fund plan.
• Having a thorough document review done will put the facts of the condominium corporation in perspective and will provide the buyer with peace of mind.

• Navigate to the Contact Us section on the website and fill in your information and any message.
• Next, press the Order Our Service Online button from the Contact Us page and read the Terms of Service for Payment.
• Forward the documents from the Title, Escrow, or Management Company to us at carol@condofirstreview.com
• When all the documents are received our team will begin the process. The Review will be completed within 3-4 days.
• The completed Review is emailed to you and your Real Estate Agent.

The Review is set up in an "easy to read" format which includes an update of all important issues. We do encourage the client to contact us if they have any additional questions or concerns.

Please call or email Carol Malko carol@condofirstreview.com 1-855-920-5552 for any questions you may have.

• We require 3-4 business days from the time we receive all the documents. This does not include the time it takes to obtain missing or updated documents from the management company.

• We email the Review to you and anyone else that you may choose to receive a copy.
• Read it anywhere anytime in your own setting and at your convenience.

• Yes, after you have read the report including the analysis portion of the Review just email david@condofirstreview.com to schedule a date and time for any further discussions and or questions.

You can have the documents forwarded in PDF format by email to carol@condofirstreview.com from the Title, Escrow or Management Company.

The following is an outline of the required Condominium Association documents in order to complete a review by CondoFirstReview.

• MLS Feature Sheet
• Sellers Disclosure Form
• Property Information Form
• Preliminary Title
• Bylaws and Amendments
• House Rules and Amendments
• Operating Budget
• Current Balance Sheet
• Most Recent Year End Financial Statement
• Reserve Fund Study and Cash Flow Plan
• Insurance Summary
• Articles of Incorporation
• Approved Annual and or Special Meetings
• Last three months Approved Board of Director Meetings
• Declaration of Condominium Property Regime and Amendments (CPR)
• Covenants, Conditions, Restrictions, and Easements (CCR) (if any)
• Lenders Disclosure Statement (if any)
• Confirmation of Master Association (if any)
• Community Rules and Amendments

We value your privacy.

• Any information collected by Condo First Review LLC is not disclosed or distributed without written consent from the client.
• All documents sent to us are sent directly to our Data Center.
• All documents and information collected is processed and reviewed exclusively by our Document Review Consultants at our Data Center.

A New Reserve Fund Study is expected every 5 years according to Hawaii Condo Law? But what happens over the next 5 years when expenses can cost more and or deferred for later dates or years? Or not raising contributions when required?

Adjustments are necessary if this is not regularly planned. Over time the Association can easily loose track over the coming years. When this happens, this can cause shortfall of funds in Reserves and or increases in costs on deferred expenses that can end up with large unexpected Maintenance Fee increases and or Special Assessments or Loans.

These issues are the responsibility of the Association to inform Owners and potential Buyers with the most recent up to date information in Reserves and ongoing Expenses that will give confidence that the Association is run well. This all can be very confusing and disappointing for Buyers who base their decisions on reviewing the Condo Documents and surprising for the Owners thinking the Association has been well run?

The Board consists of Owners who may not have all the skills of operating a Corporation and therefore managing may be based on their personal financial decisions rather than the decisions required to run a business as a Corporation.

In most cases Owners are unaware of the financial position of the Associations health. This includes Management Companies who may not be well advised or connected to the Associations financial standing either by having lack of information or simply their contract did not require their service for day to day Operations and or Capital Expenses.

However, Condo First Review Ltd. has developed a Reserve Fund Study Cash Flow Plan that can be easily integrated and adjustable in their budgeting. The program includes setting up the system with training and ongoing coaching for the Condo Association. It is cost effective and will save Associations many hours of time and management.

We would love to hear from you if you have any questions.

• No. We are not attorneys. We inspect the Associations cash flow analysis and how it affects the particular unit the client is buying. Home Inspectors inspect the building, we inspect the health of the Association.
• The buyer in Hawaii will require an Attorney or Escrow company for the legal information and to ensure the transfers of funds and the deed are completed correctly.
• We are familiar with the Hawaii Condo Law and have it outlined in our Review. For the buyer we review how the Association has followed through the Hawaii Condo Law regulations in following the Reserve Fund Plan and its Contributions.
• It's all about having the buyer going forward with peace of mind.