The Short Sale Purchase Agreement is a specialized legal instrument used in Philippine real estate transactions when a property owner needs to sell their property for less than the amount owed on their mortgage. This document becomes necessary when property values have declined or the owner faces financial hardship, making it impossible to fully repay the existing mortgage. The agreement must comply with Philippine property laws, banking regulations, and the Real Estate Service Act of 2009. It includes essential provisions for lender approval, property transfer, payment terms, and contingencies specific to short sales. This document is crucial for protecting all parties' interests while facilitating a legally compliant transfer of distressed property, requiring careful attention to both real estate and banking aspects under Philippine jurisdiction.
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1. Parties: Identifies all parties to the agreement including seller, buyer, and acknowledgment of the existing lender
2. Background: Explains the short sale context, current property status, and existing mortgage situation
3. Definitions: Defines key terms used throughout the agreement including 'short sale', 'lender approval', and other relevant terms
4. Property Description: Detailed description of the property including legal description and current condition
5. Purchase Price: States the agreed purchase price and acknowledgment that it is below the outstanding mortgage balance
6. Lender Approval: Details the requirement for and process of obtaining lender approval for the short sale
7. Payment Terms: Specifies payment structure, deposit requirements, and funding conditions
8. Contingencies: Lists conditions that must be met for the sale to proceed, including lender approval and property inspection
9. Due Diligence: Outlines buyer's inspection rights and timeline for property investigation
10. Closing Process: Details the closing procedures, timeline, and requirements
11. Default Provisions: Specifies remedies and consequences if either party defaults
12. Representations and Warranties: States the parties' assertions about their authority and the property's condition
13. Governing Law: Establishes Philippine law as governing law and jurisdiction
1. Broker Provisions: Include when real estate brokers are involved in the transaction, detailing their roles and commissions
2. Tenant Provisions: Include when the property is currently occupied by tenants, addressing their rights and transition
3. Deed Restrictions: Include when there are specific restrictions that will survive the sale
4. As-Is Clause: Include when the property is being sold in its current condition without warranties
5. Third-Party Claims: Include when there are potential claims or liens against the property
6. Repair Credits: Include when buyer and seller have negotiated credits for necessary repairs
7. Extension Provisions: Include when parties want to allow for possible timeline extensions in obtaining lender approval
1. Schedule A - Property Details: Comprehensive property description, including lot area, boundaries, and improvements
2. Schedule B - Title Documents: List of relevant title documents and any existing encumbrances
3. Schedule C - Outstanding Liens: Detailed list of all liens, mortgages, and encumbrances on the property
4. Schedule D - Inspection Reports: Summary of property inspection findings and identified issues
5. Schedule E - Payment Schedule: Detailed breakdown of payment terms and timeline
6. Appendix 1 - Required Disclosures: Mandatory disclosures required under Philippine law
7. Appendix 2 - Lender Requirements: Specific requirements set by the lender for short sale approval
8. Appendix 3 - Due Diligence Checklist: List of items to be reviewed during the due diligence period
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