A Hawaii residential purchase agreement is a legally binding contract between a buyer and a seller that outlines the terms and conditions of a residential property deal. The document details the proposed purchase price, deposit amount, and closing date. It also includes important contingencies like financing, property inspections, and any other terms negotiated between the parties.
Once the buyer submits the offer, the seller can accept, reject, or counter the proposal. The agreement becomes binding when both parties agree to all terms.
State Laws
- Homeowners Association: For condos or planned unit developments, the seller must provide governing documents, rules, fees, and special assessments.
- Structural Integrity: Sellers must disclose defects or repairs to the foundation, walls, roof, floors, ceilings, doors, windows, deck, patio, fences, or other structural elements, including water intrusion, drainage issues, shifting, or cracks.
Required Seller Disclosures
Lead-Based Paint Disclosure
Selling homes built before 1978 requires disclosing any lead-based paint hazards and providing educational materials on lead exposure risks to buyers (42 U.S. Code § 4852d).
Seller’s Real Property Disclosure Statement
Sellers must disclose the property's condition within 10 days of signing. Buyers have 15 days to review and decide on the contract (§ 508D-5).
Do Sellers in Hawaii Have to Disclose Property Defects?
Yes, sellers in Hawaii are required to disclose material defects, detailing known issues that could affect the property’s value. This requirement protects buyers by ensuring they are informed about significant defects before completing the purchase.
Unlike states with “caveat emptor” (buyer beware) policies, these disclosure laws place the responsibility on the seller to reveal any problems, thereby reducing the risk for buyers.
