Hawaii Revised Statutes 480E-7 – Right to cancel a distressed property conveyance contract
“YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOUSE, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME BEFORE (Date and time of day). SEE THE ATTACHED NOTICE OF CANCELLATION FORM FOR AN EXPLANATION OF THIS RIGHT.”
Terms Used In Hawaii Revised Statutes 480E-7
- Contract: A legal written agreement that becomes binding when signed.
- Distressed property: means any residential real property that:
(1) Is in foreclosure or at risk of foreclosure because payment of any loan that is secured by the residential real property is more than sixty days delinquent;
(2) Had a lien or encumbrance charged against it because of nonpayment of any taxes, lease assessments, association fees, or maintenance fees;
(3) Is at risk of having a lien or encumbrance charged against it because the payments of any taxes, lease assessments, association fees, or maintenance fees are more than ninety days delinquent;
(4) Secures a loan for which a notice of default has been given;
(5) Secures a loan that has been accelerated; or
(6) Is the subject of any solicitation, representation, offer, agreement, promise, or contract to perform any mortgage assistance relief service. See Hawaii Revised Statutes 480E-2
- Distressed property conveyance: means the transfer of any interest in a distressed property effected directly or indirectly by or through a distressed property consultant. See Hawaii Revised Statutes 480E-2
- Distressed property conveyance contract: means any agreement or obligation affecting a distressed property conveyance. See Hawaii Revised Statutes 480E-2
- Distressed property purchaser: means any person who acquires any interest in a distressed property directly or indirectly through a distressed property conveyance or distressed property conveyance contract. See Hawaii Revised Statutes 480E-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
“NOTICE OF CANCELLATION
(Enter date contract last signed)
(Date)
YOU MAY CANCEL THIS CONTRACT FOR THE SALE OF YOUR HOME, WITHOUT ANY PENALTY OR OBLIGATION, AT ANY TIME BEFORE THE LATER OF MIDNIGHT OF THE FIFTEENTH BUSINESS DAY FOLLOWING THE DAY ON WHICH THE LAST PARTY TO A DISTRESSED PROPERTY CONVEYANCE CONTRACT SIGNS THE DISTRESSED PROPERTY CONVEYANCE CONTRACT OR 5:00 P.M. ON THE LAST DAY OF THE PERIOD DURING WHICH ANY OWNER OF A DISTRESSED PROPERTY HAS THE RIGHT TO CURE THE DEFAULT UNDER HAWAII LAW.
TO CANCEL THIS TRANSACTION, MAIL OR DELIVER A SIGNED AND DATED COPY OF THIS NOTICE OF CANCELLATION, OR ANY OTHER WRITTEN NOTICE OF CANCELLATION, TO (Name of distressed property purchaser) AT (Address where notice of cancellation is to be delivered) NOT LATER THAN (Enter date and time of day).
I HEREBY CANCEL THIS TRANSACTION.
_________________________
(DATE)
_____________________________
(Seller’s signature)”