Malia is purchasing a new condominium unit in Honolulu directly from the developer. After signing the sales contract, she receives the required developer's public report and condominium documents. Under HRS §514B-86, how long does Malia have to cancel the sales contract after receipt of these required disclosure documents?
Correct Answer
D) Thirty calendar days after receipt of the condominium documents
Under HRS §514B-86, a buyer of a new condominium unit from a developer has 30 calendar days after receipt of the developer's public report and required disclosure documents to cancel the sales contract.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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