Professional Realtors in Honolulu, HI

Hawaii Real Estate Agent: 7 things you need to know about a seller’s disclosure In real estate transactions within Hawaii, the Seller's Disclosure Statement plays a crucial role in informing potential buyers about the property's condition. This document, mandated by Hawaii law, requires sellers to disclose material facts and defects that could affect the property's value or desirability. Here are key points you need to know about a Seller's Disclosure in Hawaii: 1. Legal Requirement: Hawaii Revised Statutes Section 508D mandates that sellers of residential real property must provide a written disclosure statement to the buyer. This applies to nearly all residential property sales, although there are some exceptions, such as sales by financial institutions, foreclosures, and certain types of transfers between family members. 2. Scope of Disclosure: The Seller's Disclosure Statement should cover a wide range of property aspects, including but not limited to structural condition, infestations, zoning, and restrictions, presence of hazardous materials (like asbestos or lead paint), and any material defects in the property. It also includes information on shared areas if the property is part of a condominium or planned community. 3. Timing: The disclosure must be provided to the buyer as soon as practicable, but ideally before the buyer enters into a purchase contract. This allows the buyer to make an informed decision about proceeding with the purchase..............