(a) No later than ten calendar days from acceptance of a real estate purchase contract, the seller, either directly or through the seller’s agent, shall provide the disclosure statement to the buyer.
contract signature

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Terms Used In Hawaii Revised Statutes 508D-5

  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
(b) Upon receipt of the disclosure statement, the buyer shall have fifteen calendar days to:

(1) Examine the disclosure statement; and
(2) Decide whether to rescind the real estate purchase contract.

If the buyer decides to rescind the real estate purchase contract, the buyer shall deliver to the seller directly or through the seller’s agent within the fifteen-day period written notification of the buyer’s decision to rescind the real estate purchase contract. Failure to deliver the written notification to the seller within the fifteen-day period shall be deemed an acceptance of the disclosure statement. Any rescission made pursuant to this subsection shall be without loss of deposits to the buyer which deposits shall be immediately returned to the buyer.

(c) The seller and buyer may agree in writing to reduce or extend the time period provided for the delivery or examination and rescission period. The form of the receipt for the disclosure statement required by section 508D-4(2) shall provide that the buyer shall have the right to examine the disclosure statement and to rescind the real estate purchase contract in accordance with this section.

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