The Short Sale Agreement is utilized in Pakistan when a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial distress or market conditions. This document is essential in today's real estate market, particularly in situations where property values have declined or owners face financial hardship. The agreement must comply with Pakistani property laws, banking regulations, and where applicable, Islamic banking principles. It includes crucial details about the property, purchase price, lender approval conditions, and obligations of all parties. The document serves as a critical tool for preventing foreclosure while providing a structured approach to resolving mortgage debt issues through a negotiated sale. Key legislation governing this agreement includes the Transfer of Property Act, 1882, Contract Act, 1872, and various banking regulations overseen by the State Bank of Pakistan.
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1. Parties: Identification of all parties including seller, buyer, and the mortgage lender
2. Background: Context of the sale, including current mortgage situation and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete description of the property including legal description and current condition
5. Purchase Price: Agreed purchase price and acknowledgment that it is below the outstanding mortgage amount
6. Lender Approval: Terms regarding lender's approval of the short sale and conditions attached
7. Payment Terms: Structure and timing of payments, including deposits and final settlement
8. Closing Process: Steps and requirements for completing the transaction
9. Seller's Representations: Seller's warranties about the property and their situation
10. Buyer's Representations: Buyer's warranties and acknowledgments
11. Property Inspection: Terms regarding property inspection and acceptance of condition
12. Default and Remedies: Consequences of breach by either party
13. Governing Law: Specification of Pakistani law as governing law and jurisdiction
1. Islamic Banking Compliance: Required when the mortgage involves Islamic banking principles
2. Broker Provisions: Include when real estate brokers are involved in the transaction
3. Tenant Rights: Required if the property is currently tenanted
4. Third-Party Claims: Include if there are other creditors or claims against the property
5. Renovation Requirements: Include if the property requires specific repairs or renovations
6. Tax Implications: Detailed section on tax consequences when significant tax implications exist
7. Multiple Lender Coordination: Required when there are multiple mortgages or liens on the property
1. Property Schedule: Detailed property description, including boundaries and registered details
2. Outstanding Mortgage Details: Complete breakdown of outstanding mortgage amount and other liabilities
3. Condition Report: Current condition of the property and any known defects
4. Required Approvals: List of necessary approvals and clearances from authorities
5. Payment Schedule: Detailed breakdown of payment terms and timelines
6. Lender's Terms: Specific conditions imposed by the lender for accepting the short sale
Relevant legal definitions
Agreement
Property
Short Sale
Purchase Price
Outstanding Mortgage Amount
Closing Date
Completion Date
Lender
Seller
Buyer
Deposit
Encumbrance
Property Documents
Due Diligence
Title Deed
Registration
Stamp Duty
Force Majeure
Business Day
Completion Certificate
Default Notice
Lender's Approval
Settlement Statement
Transfer Deed
Property Tax
Mutation
Land Revenue Records
Possession
Earnest Money
Material Adverse Change
Representations and Warranties
Valuation Report
Deficiency Amount
Release Deed
Notice
Applicable Law
Competent Authority
Financial Institution
Property Inspector
Inspection Report
Approval Period
Property
Short Sale
Purchase Price
Outstanding Mortgage Amount
Closing Date
Completion Date
Lender
Seller
Buyer
Deposit
Encumbrance
Property Documents
Due Diligence
Title Deed
Registration
Stamp Duty
Force Majeure
Business Day
Completion Certificate
Default Notice
Lender's Approval
Settlement Statement
Transfer Deed
Property Tax
Mutation
Land Revenue Records
Possession
Earnest Money
Material Adverse Change
Representations and Warranties
Valuation Report
Deficiency Amount
Release Deed
Notice
Applicable Law
Competent Authority
Financial Institution
Property Inspector
Inspection Report
Approval Period
Clauses
Property Description
Purchase Price
Payment Terms
Lender Approval
Due Diligence
Property Inspection
Title and Ownership
Representations and Warranties
Conditions Precedent
Closing Conditions
Transfer of Possession
Registration and Stamp Duty
Property Tax
Default and Remedies
Force Majeure
Dispute Resolution
Governing Law
Notices
Assignment
Severability
Entire Agreement
Amendment
Confidentiality
Indemnification
Survival
Time of Essence
Further Assurances
Costs and Expenses
Property Insurance
Termination
Purchase Price
Payment Terms
Lender Approval
Due Diligence
Property Inspection
Title and Ownership
Representations and Warranties
Conditions Precedent
Closing Conditions
Transfer of Possession
Registration and Stamp Duty
Property Tax
Default and Remedies
Force Majeure
Dispute Resolution
Governing Law
Notices
Assignment
Severability
Entire Agreement
Amendment
Confidentiality
Indemnification
Survival
Time of Essence
Further Assurances
Costs and Expenses
Property Insurance
Termination
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Property Development
Construction
Mortgage Services
Property Management
Islamic Banking
Insurance
Relevant Teams
Legal
Real Estate
Property Management
Banking Operations
Risk Assessment
Compliance
Mortgage Services
Documentation
Valuations
Islamic Banking
Relevant Roles
Real Estate Agent
Property Lawyer
Bank Manager
Mortgage Officer
Property Valuation Expert
Legal Counsel
Property Developer
Real Estate Broker
Banking Compliance Officer
Property Inspector
Financial Advisor
Islamic Banking Specialist
Risk Assessment Manager
Property Documentation Officer
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