The bill proposes amendments to Section 508D-15 of the Hawaii Revised Statutes, specifically altering the requirements for disclosures related to shoreline properties. Sellers will need to detail all permitted and unpermitted erosion control structures, their expiration dates, and any violations or fines associated with the property. This requirement aims to protect buyers by ensuring they are fully informed about the property's condition and any associated risks prior to completing a purchase.
Summary
Senate Bill 1018 is aimed at enhancing transparency in real estate transactions involving properties adjacent to shorelines in Hawaii. The bill mandates that sellers and their agents must provide clear and complete disclosures concerning any shoreline erosion issues affecting the property. This initiative reflects a growing concern about the potential impacts of climate change and rising sea levels on coastal properties.
Contention
While this bill may primarily serve to inform buyers, it has sparked some discussions about the implications for sellers and the real estate market. Critics might argue that the increased disclosure requirements could complicate sales processes or even deter potential buyers due to the perceived risks of shoreline properties. On the other hand, proponents assert that such transparency is crucial for protecting consumers and promoting responsible property purchases in vulnerable coastal areas.