A Short Sale Contract is utilized in situations where a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial distress or declining property values. This document, governed by Indian law, facilitates a complex transaction involving multiple stakeholders including the seller, buyer, and mortgage lender(s). It's particularly relevant in the Indian real estate market where property values can fluctuate significantly and owners may need an alternative to foreclosure. The contract must comply with various Indian legislations including the Transfer of Property Act, Registration Act, and state-specific real estate laws. It includes crucial elements such as property details, reduced purchase price, lender approval conditions, and specific terms for closing the transaction. This type of agreement helps prevent foreclosure while providing a structured process for all parties to reach a mutually acceptable resolution.
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1. Parties: Identification of seller, buyer, and current lender(s)
2. Background: Context of the short sale, including current property status and outstanding mortgage amount
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including address and legal description
5. Purchase Price: Agreed-upon purchase price and payment terms
6. Lender Approval: Terms and conditions of lender's approval for the short sale
7. Due Diligence: Buyer's inspection rights and timeline
8. Seller's Representations: Seller's warranties about property condition and disclosed defects
9. Closing Requirements: Conditions and requirements for completing the transaction
10. Default and Remedies: Consequences of breach by either party
11. Notices: Method and addresses for formal communications
12. Governing Law: Specification of Indian law and jurisdiction
1. Broker Involvement: Include when real estate brokers are involved in the transaction
2. Multiple Lenders: Include when there are multiple lenders requiring approval
3. Tenant Provisions: Include when property is currently occupied by tenants
4. Short Sale Contingency: Include when sale is contingent on seller securing other specific approvals
5. Deficiency Waiver: Include when lender agrees to waive deficiency judgment rights
6. Escrow Terms: Include when using escrow arrangements
7. Property Management: Include when there are interim property management requirements
1. Schedule A - Property Details: Detailed property description, boundaries, and included fixtures
2. Schedule B - Outstanding Liens: List of all current liens and encumbrances on the property
3. Schedule C - Due Diligence Documents: List of documents provided for buyer's review
4. Schedule D - Closing Documents: List of required documents for closing
5. Appendix 1 - Property Photos: Current photographs of the property
6. Appendix 2 - Property Inspection Report: If available, recent property inspection findings
7. Appendix 3 - Lender Approval Letters: Copies of lender approval documentation
Relevant legal definitions
Agreement
Property
Short Sale
Purchase Price
Outstanding Mortgage Amount
Closing Date
Lender Approval
Deficiency Amount
Due Diligence Period
Effective Date
Encumbrances
Escrow Agent
Good Faith Deposit
Lender
Market Value
Material Adverse Change
Mortgage
Net Proceeds
Party/Parties
Property Documents
Registration
Settlement Statement
Stamp Duty
Title Documents
Transfer Date
Valuation Report
Business Day
Completion
Default
Force Majeure
Possession
Property Tax
Representations and Warranties
Sub-Registrar
Title Defect
Property
Short Sale
Purchase Price
Outstanding Mortgage Amount
Closing Date
Lender Approval
Deficiency Amount
Due Diligence Period
Effective Date
Encumbrances
Escrow Agent
Good Faith Deposit
Lender
Market Value
Material Adverse Change
Mortgage
Net Proceeds
Party/Parties
Property Documents
Registration
Settlement Statement
Stamp Duty
Title Documents
Transfer Date
Valuation Report
Business Day
Completion
Default
Force Majeure
Possession
Property Tax
Representations and Warranties
Sub-Registrar
Title Defect
Clauses
Property Description
Purchase Price
Payment Terms
Lender Approval
Due Diligence
Title and Ownership
Representations and Warranties
Conditions Precedent
Closing Conditions
Property Transfer
Registration and Stamp Duty
Default and Remedies
Force Majeure
Indemnification
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Amendment
Severability
Entire Agreement
Property Inspection
Risk of Loss
Broker Commission
Time of Essence
Waiver
Survival
Counterparts
Further Assurances
Purchase Price
Payment Terms
Lender Approval
Due Diligence
Title and Ownership
Representations and Warranties
Conditions Precedent
Closing Conditions
Property Transfer
Registration and Stamp Duty
Default and Remedies
Force Majeure
Indemnification
Assignment
Notices
Confidentiality
Dispute Resolution
Governing Law
Amendment
Severability
Entire Agreement
Property Inspection
Risk of Loss
Broker Commission
Time of Essence
Waiver
Survival
Counterparts
Further Assurances
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Property Development
Mortgage Services
Real Estate Investment
Property Management
Relevant Teams
Legal
Real Estate
Property Management
Risk Management
Compliance
Finance
Mortgage Operations
Investment
Documentation
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Mortgage Officer
Bank Manager
Property Valuation Expert
Real Estate Transaction Manager
Legal Counsel
Property Developer
Investment Manager
Risk Assessment Officer
Compliance Officer
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