In a Hawaii real estate transaction, a purchaser pays the full purchase price at a power-of-sale foreclosure sale. What should the licensee remember?
Correct Answer
D) The mortgaged property is conveyed by a recordable conveyance document signed by the foreclosing mortgagee
HRS 667-31 requires the conveyance document after power-of-sale payment to be recordable and signed by the foreclosing mortgagee. Source basis: Hawaii DCCA PSI state outline hi.VIII Escrow Process and Closing Statements plus official HAR 16-99-4 and HRS chapters 247, 449, 502, and 667; checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
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