This course provides a refresher on disclosure issues in residential sales, including comprehensive coverage of HRS Chapter 508D and the related common law that requires the affirmative disclosure of material facts in sales of residential real estate. In Unit I, we will discuss the extent and scope of this duty to disclose, of which each the seller and seller’s agent has an independent and ongoing duty to make accurate disclosures of material facts. We also discuss the duty of the buyer and buyer’s agent to perform the due diligence necessary to ensure the suitability of a property to achieve the buyer’s objectives.
Unit II of this course addresses disclosure issues specific to condominiums. Initial sales of developers with an unexpired public report are exempt from the requirements of Chapter 508D, so what do you look for? We will dissect the information contain in the developer’s public report, which is necessary in a developer sale but also helpful in a resale. We also explore the developer’s obligation to keep the public report current and to amend the public report upon a change in a material fact. Finally, we study disclosure issues specific to condominiums in resales.