Contracts
Which of the following must be included in a Hawaii buyer's written offer to make it a valid contract upon acceptance?
AA description of the property, purchase price, financing terms, and closing date✓ Correct
BOnly the purchase price
CA survey of the property
DThe seller's tax returns
Explanation
A valid Hawaii purchase contract must identify the parties, describe the property, state the purchase price and consideration, include financing terms, specify the closing date, and be signed by both parties.
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Key Terms to Know
Discount Points
Prepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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