Haw. Code R. § 15-308-88 - Procedures regarding repurchase by corporation and waiver of right of repurchase

(a) If an owner seeks to transfer a dwelling unit, the owner shall deliver to the corporation by mail, postage prepaid, or in person a certificate of intent to sell, and a capital -improvement computation form as used by the corporation. If the owner seeks a waiver of the corporation's right to repurchase the dwelling unit under section 201H-47(a)(1), HRS, then the owner shall also deliver to the corporation or by mail, postage prepaid, or in person a request for waiver of right of repurchase.

(b) The corporation shall review the certificate of intent to sell, the request for waiver of right of repurchase, or both. The corporation may request any additional information necessary for the review and the owner shall comply with the request. The corporation shall, within sixty days, notify the owner in writing of its decision to either waive the right to repurchase or to repurchase the unit. If the corporation determines that it will repurchase the dwelling unit, the repurchase shall close within ninety days of notification. This time limit, however, may be extended if the homeowner fails to comply with all of the conditions relating to the repurchase procedures, provided that the repurchase price shall remain unchanged.

(c) If the corporation determines that it will either repurchase or allow a qualified nonprofit housing trust to repurchase the dwelling unit, it shall provide a repurchase disclosure sheet to the owner and enter into a repurchase agreement with the owner. All rights and remedies of the corporation in regard to its option to repurchase the dwelling unit shall be preserved notwithstanding the failure of the owner to execute a repurchase agreement.

(d) If the corporation determines that it will waive its rights under section 201H-47(a) (1), HRS, then it shall issue to the owner a waiver of rights of repurchase. The waiver shall not be issued to anyone other than the owner.

Notes

Haw. Code R. § 15-308-88

[Eff 1/15/2022] (Auth; HRS § 201H-4) (Imp: HRS § 201H-47) Comp 12/10/2022