§516-71  Residential lease; disclosure. 
(a)  Except as otherwise provided for in this section, for any sale of a
leasehold residential lot, no later than ten calendar days after the acceptance
of the deposit, receipt, offer, and acceptance contract (DROA) or other similar
contract, the seller shall directly or through the seller's agent provide to
the buyer, a copy of the original recorded lease and any amendments thereto for
the buyer's approval and acceptance.  A sale for the purposes of this subsection
shall not be deemed to include any transfer to a co-owner, or to a spouse or
reciprocal beneficiary, parent or child of the seller, or to any stranger by
devise, descent, court order, or by operation of law, including, but not
limited to, any transfer by foreclosure, bankruptcy, or partition sale.  Upon
receipt of the original lease and amendments thereto, the buyer shall have ten
calendar days to review, accept, or reject the terms of the lease.



(b)  In addition to the requirements set forth
in subsection (a), the buyer shall acknowledge receipt of the lease documents
specified under subsection (a) through a signed receipt or a signed DROA or
other contract.  The receipt or contract shall include at least the following
information:



(1)  A standardized summary, as set forth on the
optional standardized summary form in this chapter, or in a form similar to the
optional standardized summary form, of the lease provisions in plain language
which shall contain information on the following:  the length of the lease,
lease rent terms, lease rent renegotiation dates, how renegotiated lease rents
will be calculated; and surrender clause provisions;



(2)  A standardized glossary, satisfied by use of a Hawaii governmental publication, of commonly used lease terms in plain language; and



(3)  A statement that the buyer has read and
understands the provisions of the standardized summary of the lease provisions.



(c)  Within ten calendar days of acknowledged
receipt of the contract specified in subsection (a), the buyer shall have the
right to cancel the offer to purchase with no loss of deposit.



(d)  The seller and buyer, on a standardized
form, may agree to reduce or extend the time period provided herein for
production and review of the applicable lease documents; provided that the
agreement shall not constitute a waiver of the requirement to provide the
applicable lease documents to the buyer.  Buyers other than natural persons may
waive, in writing, all the requirements of this section. [L 1989, c 168, §3; ree
L 1990, c 277, pt of §1; am L 1991, c 276, §3; am L 1997, c 383, §63]