Marcus is purchasing a single-family home in Kailua. The seller provides the mandatory disclosure statement two days after Marcus has already signed the purchase contract. Under HRS Chapter 508D, what right does Marcus now have?
Correct Answer
B) Marcus may rescind the purchase contract within five business days of receiving the disclosure statement
Under HRS Chapter 508D, when a seller fails to provide the disclosure statement before the buyer signs the purchase contract (i.e., the disclosure is delivered late), the buyer is granted a right of rescission. The buyer may rescind the contract within five business days after receiving the late disclosure statement. This right exists regardless of whether the disclosure reveals any defects.
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