What is true about an exclusive-right-to-buy contract in Hawaii?

An exclusive-right-to-buy contract in Hawaii is significant because it establishes a formal relationship between the buyer and the real estate agent, detailing the responsibilities and rights of both parties. The correct aspect of this contract emphasizes that it must be clearly stated in the buyer representation agreement. By including this in the agreement, it ensures that both the agent and the buyer understand the terms of the arrangement, which can help prevent misunderstandings in the future.

In an exclusive-right-to-buy contract, the agent typically has the exclusive right to represent the buyer in finding a property. This arrangement benefits the agent as they are assured compensation for their efforts if the buyer purchases a property, thus motivating them to provide dedicated service.

The other options do not accurately reflect the characteristics of such contracts. The requirement for additional signatures, how it compares to other types of agreements like open listing agreements, and the legality of this contracting method differ fundamentally from the details typically outlined in an exclusive-right-to-buy agreement. It is important for buyers to fully understand the implications of this type of contract, as it solidifies their commitment to work exclusively with one agent, which influences their real estate transactions in Hawaii.