A Hawaii Agreement of Sale works much like a mortgage, but instead of lending the purchaser the money to buy the property, the seller carries the balance of the purchase price and lets the purchaser pay it off over time.
- The buyer pays a downpayment at the time the Agreement is signed. The buyer then makes monthly payments towards the balance, with a balloon payment of the entire amount outstanding at the end of the payment term.
- The buyer can prepay all or part of the outstanding balance at any time.
- If the buyer defaults in making payments or performing any of its obligations, the seller can immediately demand payment of the entire unpaid balance with interest and take possession of the property.
If your buyer can't get a conventional mortgage, do it yourself. Buy and download the Hawaii Agreement of Sale today.
Last Updated: 14-April-2016