It helps if you let us know which property you are discussing as each building is different in their lease and lease terms.
Once a Seller has accepted your offer regarding the purchase of their condo it is up to the Buyer to purchase the condominium documents for the building (your agent helps you with this process and they are usually purchased through escrow). The Seller sometimes has some of the documents on hand however, to have the most current documents. Sellers don't usually purchase the docs as it is up to the buyers decision after reading the documents whether they will move forward with the sale purchase.
The condominium documents typically run between $300 and $400 and the price varies on the price of the Leasehold documents. It is usually 3" - 4 " of paperwork or on a disk. The documents are comprised of things like the CC&R's, Annual Meeting Minutes, most recent meeting minutes, insurance summary, reserve study, condominium house rules, etc..... You have x amount of days to review the them and if you don't like what they say you can rescind your offer and receive your earnest money back.
One of three things usually happen
1) The lease is extended and the lease rents are renegotiate (with appraisals)
2) The fee is offered for sale
3) The Sellers decide that the land is not being used in its highest and best use and they take the land back to do what they want with
Last several years we have been seeing more and more buildings offer their to sell the Fee.
I hope this helps.
Realtor, Broker, Property Manager
2013 Aloha Aina Award Nominee
Exit Real Estate Associates ~ Waikiki Branch
2463 Kuhio Ave #C-1
Honolulu, HI 96815
Office: 808- 735-2221