Hawaii Revised Statutes 484-8.7 – Copy of amended public offering statements to be given to prospective purchasers
Terms Used In Hawaii Revised Statutes 484-8.7
- Contract: A legal written agreement that becomes binding when signed.
- Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 484-1
- Public offering statement: means a statement that fully and accurately discloses the physical characteristics of the subdivided lands offered and all unusual or material circumstances or features affecting the subdivided lands. See Hawaii Revised Statutes 484-1
- Purchaser: means a person who acquires or attempts to acquire or succeeds to an interest in land. See Hawaii Revised Statutes 484-1
- Subdivider: means any owner of subdivided land who offers the land for disposition or the principal agent of an owner, who has been duly authorized in a writing filed with the director. See Hawaii Revised Statutes 484-1
If a subdivider enters into a reservation agreement with a prospective purchaser for the subdivision before the issuance of a final order, any sales contract later entered into by the subdivider and that prospective purchaser after the final order is issued shall not be binding on the purchaser until the requirements of section 484-8.6(b) have been met, and unless any amended public offering statement required by the director under section 484-8.6(d) is provided to the prospective purchaser before the purchaser signs the sales contract.
The requirements of section 484-8.6(b) shall apply as if the purchaser had signed the purchaser’s sales contract before the final order was entered by the director; provided that the requirements of this section shall not apply if the director does not require under section 484-8.6(b) that an amended public offering statement be prepared in connection with the issuance of a final order.