A buyer purchasing from a seller who has lived in the unit for 7 years has the right to cancel the contract within how many days?

In the context of real estate transactions in Hawaii, particularly regarding the purchase of a condominium unit, the law provides certain protections for buyers when purchasing from a seller. However, in this case, if the seller has lived in the unit for 7 years, the buyer does not have the right to cancel the contract based on the length of time the seller has owned the property.

Under Hawaii law, the right to cancel often pertains to situations involving newly constructed properties or specific circumstances under the resale laws designed to protect buyers, such as those not being in violation of the Hawaii Residential Property Disclosure Law. When a seller has occupied a unit for a significant period, such as 7 years, the buyer does not have the statutory cancellation rights that apply to newer transactions or those involving specific disclosure requirements.

Thus, the absence of cancellation rights in this scenario reflects the purpose of encouraging stability in home ownership and the understanding that longer-lived owners are not subject to the same risks of unknown conditions that newer homes may present.