Terms Used In Hawaii Revised Statutes 508D-16

• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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