The purchase agreement is a document the seller and the buyer use to define the terms and conditions that have to be fulfilled so the parties can complete the ownership transfer.
The purchase agreement itself doesn’t transfer any legal rights. However, it provides the conditions under which the parties will transfer a certain item. This prevents any future disputes regarding the sale and purchase arrangement.
You can use the purchase agreement for some complex property transfers or for transfers where the purchase price is over $500.
Hawaii Purchase and Sale Agreement Form
The main parties to the Hawaii purchase agreement are the seller and the buyer. They should both determine the terms and conditions under which they will transfer ownership of a certain item.
This document usually includes information about the seller and the buyer, details about the transferred property, the purchase price, details about the financing, and other terms and conditions that affect the transfer of the property.
The Hawaii purchase agreement is also known as:
Other Names for Hawaii Purchase Agreement
Hawaii sale and purchase agreement
Hawaii purchase and sale agreement
Hawaii sale and purchase contract
Hawaii purchase and sales contract
However, all of these refer to one document, which provides the terms and conditions for the property transfer in Hawaii.
Purchase Agreement Hawaii Laws & Requirements
Hawaii state legislation doesn't set any requirements regarding the formality of the Hawaii purchase agreement. However, there are a few disclosures that have to be included in the Hawaii purchase agreement as required by federal and state law.
Purchase Agreement: Required Disclosures in Hawaii
Here, you can find a list of disclosures that must be included in the Hawaii purchase agreement template:
Lead-Based paint disclosure: The federal law, 42 U.S. Code § 4852d, requires the seller to disclose to the buyer if there is any lead-based paint hazard at the transferred property. This is required for any property built before 1978 or if there is a known presence of lead-based paint.
Seller’s Disclosure Statement: The seller must fill out this statement and deliver it to the buyer no later than ten days after accepting the purchase and sale agreement. This statement contains information about the property's condition. (§ 508D-5)
Common Types of Purchase Agreements in Hawaii
This section provides all the types of purchase agreements used in Hawaii:
Types of Purchase Agreement
Residential real estate purchase agreement. You can use this type of document to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. This type of purchase agreement can be used to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Known as the motor vehicle bill of sale. You can use it to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles.
Business purchase agreement. You can use it to provide terms for transferring the company from the seller to the buyer.
Land purchase agreement. You can use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Hawaii.
Stock purchase agreement. This type of purchase agreement is used for selling stocks and shares in companies.
Purchase Agreement in Hawaii FAQ
Yes, the Hawaii purchase agreement is a legally binding document. It becomes binding and effective the moment both the seller and the buyer sign it.
Yes, the Hawaii sales agreement needs to state the purchase price since it is one of the essential elements of the document.
No, purchase and sales agreements in Hawaii don’t need to be notarized, considering that the Hawaii purchase agreement itself doesn’t transfer any legal rights. Therefore, it will be effective even if you don't notarize it.
Yes, the seller can back out of the Hawaii purchase agreement if the buyer fails to meet the contingencies set in the purchase agreement.