Prior to closing the real estate purchase contract, a buyer who receives a disclosure statement that fails to disclose a material fact or contains an inaccurate assertion that directly, substantially, and adversely affects the value of the residential real property, and who was not aware of the foregoing failure or inaccuracy, may elect in writing to rescind the real estate purchase contract within fifteen calendar days of the earlier to occur of:

(1) The discovery of the failure or inaccuracy; or

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Terms Used In Hawaii Revised Statutes 508D-6

  • 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

  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Material fact: means any fact, defect, or condition, past or present, that would be expected to measurably affect the value to a reasonable person of the residential real property being offered for sale. 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.
  • 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

(2) The receipt of an amended disclosure statement correcting the failure or inaccuracy, in the manner provided by section 508D-5(b) or (c).

The buyer’s right to rescind the real estate purchase contract under this section shall not apply if the sale of the residential real property has been recorded; provided that the buyer may pursue all additional remedies provided by law.