The Short Sale Agreement is a crucial document used in New Zealand when a property owner needs to sell their property for less than the outstanding mortgage amount. This typically occurs in situations of financial distress or declining market conditions. The agreement must comply with New Zealand's property law framework, including the Property Law Act 2007 and relevant financial regulations. It includes essential provisions for lender approval, settlement conditions, and risk allocation between parties. The document is particularly important in protecting all parties' interests while facilitating a transparent and legally compliant transaction. A Short Sale Agreement should detail the purchase price, settlement terms, conditions precedent (especially lender approval), and any specific requirements under New Zealand law for distressed property sales.
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1. Parties: Identification of all parties to the agreement including the seller, buyer, and any relevant financial institutions
2. Background: Context of the short sale transaction, including the current property/asset status and reason for short sale
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core terms of the transaction including the asset/property description and agreed purchase price
5. Conditions Precedent: Conditions that must be satisfied before the agreement becomes effective, including lender approval
6. Settlement Process: Details of the settlement process, timing, and requirements
7. Representations and Warranties: Statements of fact and guarantees made by both parties
8. Risk and Insurance: Allocation of risk and insurance requirements until settlement
9. Default and Termination: Consequences of default and circumstances for termination
10. Notices: Process and requirements for formal communications between parties
11. General Provisions: Standard legal provisions including governing law, entire agreement, and amendments
12. Execution: Signing provisions and execution requirements
1. Broker Provisions: Required when real estate brokers are involved in the transaction
2. Mortgage Release: Included when there are specific arrangements regarding the release of existing mortgages
3. Third Party Consents: Required when the transaction needs approval from additional parties beyond the primary lender
4. Property Maintenance: Included for real property transactions to specify maintenance obligations until settlement
5. Tenant Provisions: Required when the property is subject to existing tenancies
6. Commission Structure: Included when there are specific commission arrangements with agents or brokers
7. Due Diligence: Optional section for buyer's due diligence requirements and timeframes
1. Property Description: Detailed description of the property or asset being sold
2. Purchase Price Calculation: Breakdown of the purchase price and any adjustments
3. Settlement Requirements: Checklist of documents and requirements for settlement
4. Existing Encumbrances: List of current mortgages, liens, or other encumbrances
5. Required Consents: List of required third-party and regulatory consents
6. Disclosure Schedule: Seller's disclosures regarding the property or asset condition
7. Form of Lender Approval: Template or requirements for lender's approval of the short sale
Relevant legal definitions
Agreement
Approved Short Sale Price
Business Day
Completion Date
Conditions Precedent
Deposit
Due Diligence Period
Encumbrances
Existing Mortgages
GST
Land
Lender
Lender Approval
Lender's Release
Outstanding Mortgage Amount
Parties
Property
Purchase Price
Real Estate Agent
Registration
Release Documents
Settlement
Settlement Date
Short Sale
Solicitor
Title
Transfer
Valuation
Vendor's Warranties
Approved Short Sale Price
Business Day
Completion Date
Conditions Precedent
Deposit
Due Diligence Period
Encumbrances
Existing Mortgages
GST
Land
Lender
Lender Approval
Lender's Release
Outstanding Mortgage Amount
Parties
Property
Purchase Price
Real Estate Agent
Registration
Release Documents
Settlement
Settlement Date
Short Sale
Solicitor
Title
Transfer
Valuation
Vendor's Warranties
Clauses
Sale and Purchase
Lender Approval
Purchase Price
Deposit
Property Description
Due Diligence
Settlement
Conditions Precedent
Title Transfer
Representations and Warranties
Risk and Insurance
Property Maintenance
Default and Termination
Costs and Expenses
GST
Notices
Confidentiality
Assignment
Entire Agreement
Governing Law
Dispute Resolution
Force Majeure
Severability
Amendments
Further Assurance
Time of Essence
Broker Commission
Property Access
Release of Claims
Indemnification
Lender Approval
Purchase Price
Deposit
Property Description
Due Diligence
Settlement
Conditions Precedent
Title Transfer
Representations and Warranties
Risk and Insurance
Property Maintenance
Default and Termination
Costs and Expenses
GST
Notices
Confidentiality
Assignment
Entire Agreement
Governing Law
Dispute Resolution
Force Majeure
Severability
Amendments
Further Assurance
Time of Essence
Broker Commission
Property Access
Release of Claims
Indemnification
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Property Development
Investment & Fund Management
Property Management
Professional Services
Insurance
Relevant Teams
Legal
Real Estate
Property Management
Risk & Compliance
Credit Assessment
Mortgage Services
Settlement Operations
Valuations
Documentation
Customer Relations
Relevant Roles
Real Estate Agent
Property Lawyer
Mortgage Broker
Bank Manager
Property Manager
Financial Advisor
Risk Manager
Compliance Officer
Property Valuer
Settlement Officer
Credit Manager
Distressed Asset Manager
Real Estate Transaction Coordinator
Legal Counsel
Conveyancing Manager
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