Contracts
What is a 'Seller Property Disclosure Statement' (SPDS) in Hawaii?
AA. A form required by the Hawaii Real Estate Commission before a property may be listed
BB. A form completed by the seller disclosing known material facts about the property's condition, history, and any known defects✓ Correct
CC. A disclosure required only when the seller is a licensed real estate agent
DD. A document prepared by the listing agent based on their inspection of the property
Explanation
Hawaii's Seller Property Disclosure Statement requires sellers to disclose known material facts about the property—condition of roof, plumbing, electrical systems; presence of pests, mold, or structural issues; history of water intrusion; environmental hazards; and other relevant information. Completing it honestly is the seller's legal and ethical obligation.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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