Terms Used In Hawaii Revised Statutes 508D-3.5

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Declaration: means any recorded document, however denominated, in favor of or enforceable by a cooperative housing corporation, an association of owners of a condominium project, or other nonprofit, incorporated or unincorporated association, that restricts or conditions the use of the real property being offered for sale, or imposes obligations on the owner of the residential real property being offered for sale with respect to maintenance or operational responsibility for the common areas, architectural control, maintenance of the residential real property being offered for sale, or services for the benefit of the residential real property being offered for sale or other property subject to the declaration including the common areas. See Hawaii Revised Statutes 508D-1
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Disclosure statement: means a written statement prepared by the seller, or at the seller's direction, that purports to fully and accurately disclose all material facts relating to the residential real property being offered for sale that:

  (1) Are within the knowledge or control of the seller;

  (2) Can be observed from visible, accessible areas; or

  (3) Are required to be disclosed under sections 508D-4. See Hawaii Revised Statutes 508D-1

• Real estate purchase contract: means a contract, as it may be amended, by which a seller agrees to sell and a buyer agrees to buy residential real property which shall include a deposit, receipt, offer, acceptance, or other similar agreement for the sale or lease with option to buy. See Hawaii Revised Statutes 508D-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Residential real property: means fee simple or leasehold real property on which currently is situated:

  (1) From one to four dwelling units; or

  (2) A residential condominium or cooperative apartment, the primary use of which is occupancy as a residence. See Hawaii Revised Statutes 508D-1

• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}