A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. If you are planning to sell your HOA property, you must submit an HOA demand payoff letter.Here's an in-depth explanation of the entire process. A pay for delete letter is a negotiation tool to have negative information removed from your credit report. A demand promissory note is a legally binding document between a borrower and a lender. The borrower promises to pay the debt whenever it is demanded. Salt Lake City, UT 84165-0250. The process should take a minimum of 30 days to complete. Please accept this as my authorization to issue a payoff statement to. Through an effective date of .