HB2792 Summary

• Amends Hawaii Revised Statutes Section 508D-1 to include little fire ant (LFA) infestations as a "material fact" that must be disclosed when selling residential real property.

• Creates a new chapter requiring sellers of agricultural land (classified in agricultural or rural districts) to provide buyers with a written disclosure statement that includes any past or present LFA infestations prior to sale.

• Establishes a 15-day examination and rescission period for buyers after receiving the disclosure statement, allowing them to cancel the purchase contract if dissatisfied with disclosed conditions.

• Requires disclosure statements to be signed and dated by the seller within six months before or ten days after acceptance of a purchase contract, with delivery to the buyer within ten calendar days of contract acceptance.

• Provides remedies for non-compliance including buyer rescission rights, return of deposits, liability for actual damages from negligent failure to disclose, and potential attorney's fees and court costs for the prevailing party.