Short Sale Contract

Short Sale Contract Template for Denmark

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Document background

The Short Sale Contract is a specialized agreement used in Danish real estate transactions when a property must be sold for less than its outstanding mortgage balance. This situation typically arises in distressed property scenarios or declining market conditions where the property value has fallen below the debt obligation. The document is essential in Danish property law as it requires explicit lender approval and must comply with specific financial regulations and property transfer requirements under Danish jurisdiction. The contract includes crucial elements such as property identification, purchase price, lender's approval of debt reduction, payment terms, and closing conditions. It serves as a vital tool for preventing foreclosure while providing a structured approach to resolving underwater mortgages within the Danish legal framework.

Suggested Sections

1. Parties: Identification of seller, buyer, and current mortgage holder(s)

2. Background: Context of the short sale, including current market value and outstanding mortgage amount

3. Definitions: Key terms used throughout the agreement

4. Property Description: Detailed description of the property including address, land registry details, and cadastral number

5. Purchase Price: Agreed purchase price and confirmation that it is below outstanding mortgage

6. Lender Approval: Terms of the lender's approval of the short sale and debt forgiveness

7. Payment Terms: Structure and timing of payments, including deposits and final settlement

8. Closing Process: Steps and requirements for completing the transaction

9. Property Condition: Current state of the property and any known defects

10. Seller's Representations: Declarations regarding property ownership, encumbrances, and disputes

11. Transfer of Ownership: Process and timing of property title transfer

12. Governing Law: Confirmation of Danish law application and jurisdiction

13. Signatures: Execution blocks for all parties including lender's approval

Optional Sections

1. Tenant Rights: Required if the property is currently occupied by tenants, detailing their rights and notice requirements

2. Environmental Issues: Include if there are known environmental concerns or required investigations

3. Property Management: Include if there are interim management requirements between agreement and closing

4. Tax Implications: Include detailed tax considerations if requested by either party

5. Broker Provisions: Include if real estate brokers are involved in the transaction

6. Debt Settlement: Detailed terms of debt settlement if complex arrangements with multiple lenders exist

Suggested Schedules

1. Property Documentation: Land registry extracts, cadastral maps, and property details

2. Mortgage Statement: Current mortgage balance and lender's short sale approval terms

3. Property Condition Report: Detailed assessment of property condition and any known defects

4. Title Search Results: Results of property title search showing encumbrances and restrictions

5. Financial Schedule: Detailed breakdown of purchase price allocation and settlement calculations

6. Transfer Documents: Required property transfer forms and registrations

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