(a) Any person or entity acting in the capacity of an escrow agent for the sale of residential real property subject to this chapter, shall not be deemed the agent of the seller or buyer for purposes of the disclosure requirements of this chapter unless the seller or buyer and the escrow agent agree in writing to the establishment of the agency for such purpose.
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Terms Used In Hawaii Revised Statutes 508D-7

  • 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

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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 The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded.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.
(b) When a seller’s agent cannot obtain the disclosure statement and does not have written assurances from the buyer that the disclosure statement was received, the seller’s agent shall notify the buyer in writing of the buyer’s rights to the disclosure statement and rights of rescission provided by this chapter. However, the seller’s agent shall not be required to prepare the disclosure statement. The seller’s agent responsible for delivering the disclosure statement, or the aforesaid written notification of the buyer’s rights if applicable, shall maintain a record of the action taken by that agent to effect compliance.
(c) If the seller’s agent is or becomes aware of any material facts inconsistent with or contradictory to the disclosure statement or the inspection report of a third party provided by the seller, the seller’s agent shall disclose these facts to the seller, the buyer, and the buyer’s agent. Nothing in this chapter precludes all other obligations of the seller’s or the buyer’s agent under Hawaii law.

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