Seller's Disclosure - Electricity Costs

A new electricity cost disclosure requirement under House Bill 1464 goes into effect on July 1, 2009.
The bill, passed by the 2009 Hawai'i State Legislature in May, was designed to add or clarify a number of statutory provisions to encourage energy efficiency and the development of renewable energy resources. It includes a provision that states: "Prior to the sale of residential real property, the property owner shall make a good faith declaration of electricity cost based on the most recent three-month period in which the property was occupied prior to the date of the seller's disclosure, pursuant to chapter 508D. This declaration shall only apply where the owner directly pays the electrical utility bills, and shall not apply in the case of a foreclosure of residential real property or where there are no electric utility accounts associated with the property." Hawaii Association of Realtors® (HAR) has prepared a list of Frequently Asked Questions (FAQs) to help members and Sellers understand the new requirement. Sellers undercontract are affected by this bill. Check with your Maui Realtor to make sure your in compliance with the new law.