Hawaii Contracts

Question 1

Overview

This chapter reviews the key provisions on the right to sell listing agreement
And the Purchase Contract.

Seller disclosure requirements explained

Answer 1

Objectives

Explain key elements of listing agreement.
Indicate information which must be included in seller’s disclosure statement
List other disclosures which must be included as part of real estate transaction
State the name and explain general content of the form used for sale of property in HI
List the provisions of the Purchase Contract and explain their purpose.

Question 2

Exclusive Right to Sell Listing Agreement

Been prepared by the Hawai’i Association of Realtors

Answer 2

The form shows:

Whether listing broker is a Realtor
The property address
TMK and property address
The name of the brokerage firm and listing licensee
The seller’s name

Question 3

Residential property Disclosure Form
In most sales of residential real estate in Hawai’i, the seller is required to give buyer.
Applies to sale or transfer of residential property

It does not apply to sales of larger residential or nonresidential properties
( I.e. fee simple, leasehold one to 4 family dwelling or residential condo or cooperative, primary use of which is occupancy as a residence.

Whether the sale is directly by the owner or through a real estate agent

Whether or not the property is the seller’s residence or
The property will be occupied by the buyer

Answer 3

Real Estate transactions EXEMPT from the requirement include:
Properties undergoing fee conversion
Sales to a relative or a cowberry
Initial sales of new residential real property under a current public offering statement or exemption
Sales of :
Condo apts accompanied by delivery of an unexpired public report or
Timeshare interests
Court approved sales or transfers ( probate, divorce settlement, foreclosure)