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1. Parties: Identification of all parties including seller, buyer, and current mortgage holder(s)
2. Background: Context of the short sale, including current market value, outstanding mortgage amount, and reason for short sale
3. Definitions: Key terms used throughout the agreement including Property, Short Sale, Completion Date, etc.
4. Property Details: Comprehensive description of the property including location, size, and registration details
5. Purchase Price: Agreed purchase price and acknowledgment that it is less than the outstanding mortgage amount
6. Lender Approval: Conditions regarding mortgage holder's approval of the short sale
7. Payment Terms: Structure and timing of payments, including deposits and final settlement
8. Completion Requirements: Conditions precedent and steps required for completion of the sale
9. Property Transfer: Process and requirements for transferring property ownership
10. Seller's Warranties: Seller's representations regarding property condition and disclosed defects
11. Buyer's Acknowledgments: Buyer's confirmation of property condition and 'as-is' purchase
12. Default and Remedies: Consequences of breach by either party
13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction
1. Tenant Rights: Required when property is currently tenanted, addressing existing lease agreements
2. Multiple Mortgage Holders: Required when there are multiple lenders with claims on the property
3. Property Management: Required when there are outstanding service charges or maintenance issues
4. Broker Provisions: Required when real estate brokers are involved in the transaction
5. Islamic Finance Compliance: Required when transaction must explicitly comply with Sharia principles
6. Tax Implications: Required when there are specific tax considerations for either party
7. Insurance Requirements: Required when specific insurance arrangements need to be maintained during the transfer process
1. Property Details Schedule: Detailed property information including title deed, floor plans, and boundaries
2. Outstanding Debts Schedule: List of all mortgages, liens, and other encumbrances on the property
3. Lender Approval Documents: Written approvals from mortgage holders agreeing to the short sale
4. Property Condition Report: Current condition assessment and known defects
5. Required Permits and Certificates: Copies of necessary government approvals and certificates
6. Payment Schedule: Detailed breakdown of payment terms and timing
7. Transfer Process Timeline: Step-by-step timeline for completion of the transaction
Applicable Laws
Approval Period
Business Day
Buyer
Completion
Completion Date
Deposit
Encumbrances
Islamic Finance Requirements
Land Department
Lender
Lender Approval
Mortgage
Outstanding Amount
Property
Purchase Price
RERA
Sale Price Deficit
Seller
Short Sale
Short Sale Approval
Title Deed
Transfer Date
Transfer Fee
Valuation Report
Property Registration
Broker
Defects
Due Diligence Period
Effective Date
Force Majeure
Liability
NOC
Parties
Payment Terms
Possession Date
Property Documents
Registration Fee
Warranties
Definitions
Property Description
Purchase Price
Payment Terms
Lender Approval
Conditions Precedent
Completion
Property Transfer
Title and Registration
Representations and Warranties
Due Diligence
Property Condition
Risk and Insurance
Default and Remedies
Force Majeure
Notices
Assignment
Entire Agreement
Amendments
Severability
Costs and Expenses
Broker Provisions
Regulatory Compliance
Islamic Finance Compliance
Dispute Resolution
Governing Law
Jurisdiction
Confidentiality
Termination
Property Handover
Registration Requirements
Land Department Procedures
Liability and Indemnification
Real Estate
Banking & Finance
Legal Services
Property Development
Property Management
Islamic Finance
Insurance
Property Investment
Mortgage Services
Legal
Real Estate
Property Management
Compliance
Risk Management
Islamic Banking
Mortgage Services
Investment
Valuations
Business Development
Real Estate Lawyer
Property Manager
Bank Manager
Mortgage Officer
Real Estate Broker
Property Valuation Specialist
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Property Developer
Bank Risk Officer
Islamic Finance Specialist
Real Estate Transaction Manager
Property Portfolio Manager
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