A Short Sale Contract is utilized in New Zealand when a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial hardship or market conditions. This specialized agreement requires careful drafting to address the interests of the seller, buyer, and particularly the mortgage lender who must agree to accept less than the full amount owed. The document includes essential elements such as property details, purchase price, lender approval conditions, settlement terms, and specific provisions required under New Zealand law. It's particularly important in declining market conditions or when preventing mortgagee sales, requiring compliance with the Property Law Act 2007, Real Estate Agents Act 2008, and other relevant legislation.
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1. Parties: Identification of the seller and buyer with full legal names and addresses
2. Background: Context of the sale, including property status and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description of the property, including title reference and physical address
5. Purchase Price: Agreed purchase price and acknowledgment that it is less than the outstanding mortgage amount
6. Lender Approval: Terms regarding required approval from the existing mortgage lender
7. Settlement and Payment Terms: Details of payment timing, deposit, and settlement process
8. Due Diligence: Buyer's rights and obligations regarding property inspection and verification
9. Conditions Precedent: Essential conditions that must be met before the agreement becomes unconditional
10. Warranties and Representations: Seller's warranties regarding the property and disclosure obligations
11. Default and Remedies: Consequences of breach and available remedies for both parties
12. General Provisions: Standard contract clauses including governing law, notices, and entire agreement
1. Tenant Rights: Required if the property is currently tenanted, outlining existing tenancy agreements and obligations
2. Body Corporate: Needed for apartments or units, including body corporate rules and obligations
3. GST Provisions: Required if either party is GST registered or if the property is part of a taxable activity
4. Overseas Investment: Required if the buyer is an overseas person under the Overseas Investment Act
5. Chattels: Detailed if specific chattels are included or excluded from the sale
6. Property Modifications: Required if there are unconsented modifications or ongoing building works
7. Mortgagee Approval Process: Detailed process if multiple lenders are involved or complex approval conditions exist
1. Schedule 1 - Property Details: Comprehensive legal description, title details, and property boundaries
2. Schedule 2 - Chattels List: Detailed inventory of included and excluded chattels
3. Schedule 3 - Special Conditions: Any specific conditions agreed between the parties
4. Schedule 4 - Outstanding Loans and Mortgages: Details of all existing mortgages and loans affecting the property
5. Appendix A - Property Information: LIM report, title search, and other relevant property documentation
6. Appendix B - Lender Approval Documentation: Formal approval from the existing mortgagee for the short sale
7. Appendix C - Due Diligence Results: Building inspection reports, methamphetamine testing, and other investigation results
Relevant legal definitions
Agreement
Approved Short Sale Price
Business Day
Chattels
Completion Date
Conditions Precedent
Default
Deposit
Due Diligence Period
Effective Date
Encumbrances
Existing Mortgagee
GST
Land
Lender Approval
LIM Report
Mortgage
Outstanding Mortgage Amount
Parties
Payment Date
Property
Purchase Price
Release Price
Settlement Date
Settlement Statement
Short Sale
Title
Transfer
Vendor
Purchaser
Working Day
Approved Short Sale Price
Business Day
Chattels
Completion Date
Conditions Precedent
Default
Deposit
Due Diligence Period
Effective Date
Encumbrances
Existing Mortgagee
GST
Land
Lender Approval
LIM Report
Mortgage
Outstanding Mortgage Amount
Parties
Payment Date
Property
Purchase Price
Release Price
Settlement Date
Settlement Statement
Short Sale
Title
Transfer
Vendor
Purchaser
Working Day
Clauses
Property Description
Purchase Price
Deposit
Lender Approval
Due Diligence
Title Transfer
Settlement
Conditions Precedent
Warranties and Representations
Property Inspection
Risk and Insurance
Default and Remedies
Costs and Expenses
GST
Assignment
Further Assurance
Entire Agreement
Governing Law
Notices
Force Majeure
Confidentiality
Dispute Resolution
Severability
Time of Essence
Execution
Mortgage Release
Property Possession
Title Requirements
Settlement Obligations
Tenancy Provisions
Purchase Price
Deposit
Lender Approval
Due Diligence
Title Transfer
Settlement
Conditions Precedent
Warranties and Representations
Property Inspection
Risk and Insurance
Default and Remedies
Costs and Expenses
GST
Assignment
Further Assurance
Entire Agreement
Governing Law
Notices
Force Majeure
Confidentiality
Dispute Resolution
Severability
Time of Essence
Execution
Mortgage Release
Property Possession
Title Requirements
Settlement Obligations
Tenancy Provisions
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Property Development
Construction
Property Management
Property Investment
Financial Services
Insurance
Professional Services
Relevant Teams
Legal
Real Estate
Property Services
Risk Management
Credit Assessment
Mortgage Services
Settlement Operations
Valuations
Compliance
Client Relations
Property Management
Document Processing
Relevant Roles
Real Estate Agent
Property Lawyer
Conveyancing Specialist
Bank Manager
Mortgage Broker
Property Valuer
Credit Risk Manager
Legal Counsel
Property Manager
Settlement Officer
Loan Officer
Real Estate Partner
Property Law Associate
Banking Relationship Manager
Distressed Asset Manager
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