"Normal" Ownership is what we call "fee simple". That means you own all of the property by yourself. If it is a house and lot, you own the land and the building(s) on the lot, forever. If it is a typical condominium, you own the airspace inside the condominium, including all the furniture, fixtures and equipment inside, as well as the right to use all the shared amenities (pool, sidewalks, parking lot, beach access, tennnis courts, etc) of the particular project, the same as any other condominium owner.

There are many variations on this, such as leasehold condominiums (where you get to use the property for a specific number of years) and some have assigned parking for each unit, some have cars or baots owned by several owners together, some allow businesses to operate, such as a restaurant or shop, some have specific things for part of the project and different things for other parts of the project. Fee simple owners pay all the taxes, insurance, maintenance, repairs, utilities and so on by themselves. All expenses and all uses are by a single owner, even if it is a partnership, LLC, family trust, etc. You cannot divide up time or space legally in most cases.

"Fractional" owners share all expenses and uses according to how big a fraction you own. A one-sixth owner usually gets to use one-sixth of the days of the year and pays one-sixth of the taxes, insurance, repairs and remodeling of the property. Fractional owners share the management and decision making power for the property, so there is usually a committee of six that talks at least once a year to decide what to do with the property.

With Hawai'i's evolving real estate market, buying or selling property on Maui has become an even more unique process. The guidance of a kama'aina (long-time resident) and experienced real estate professional like REALTOR® Kathryn Petty-Tubman (S) is crucial to navigating Maui's one-of-a-kind market.

REALTOR® Kathryn Petty-Tubman (S) is the Oceanfront & Resort Specialist. She understands the ins and outs of South Maui, specializing in the upscale communities of Wailea and Makena, adjacent to comfortable, vibrant Kihei and just 30 minutes from the Kahului Airport.

For more information on Fractional Ownerships, don't hesitate to contact Kathryn Tubman at (808)276-3311. You can also browse our website and be sure to check back regularly for daily updated listings. Our website is userfriendly that offers a wealth of information on Maui real estate.

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