The Short Sale Addendum is a crucial document used in Indonesian property transactions where the proposed sale price of a property is insufficient to cover the outstanding mortgage balance. This document is essential when property owners need to sell their property for less than what they owe to their lender(s), typically due to financial hardship or declining market conditions. The addendum complies with Indonesian property law, including the Basic Agrarian Law and relevant banking regulations, while protecting the interests of all parties involved. It must be executed alongside the main sale agreement and requires careful consideration of local property transfer requirements, tax implications, and banking protocols. The document is particularly important in the current Indonesian real estate market where distressed property sales have become more common.
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1. Parties: Identification of all parties involved: Seller, Buyer, and acknowledgment of Lender's involvement
2. Background: Context of the short sale situation, reference to the main purchase agreement, and current mortgage status
3. Definitions: Key terms including 'Short Sale', 'Lender Approval', 'Net Proceeds', and other relevant terminology
4. Lender Approval Contingency: Statement that the transaction is contingent upon lender approval of the short sale
5. Purchase Price and Terms: Agreed purchase price and confirmation that net proceeds will be paid to the lender
6. Timeline and Processing: Expected timeline for short sale approval and closing process
7. Buyer and Seller Obligations: Specific responsibilities of each party during the short sale process
8. Transaction Costs: Allocation of closing costs, fees, and any tax implications
9. Termination Rights: Conditions under which either party may terminate the agreement
10. Effect on Main Purchase Agreement: How this addendum modifies or supplements the main purchase agreement
1. Multiple Lender Provisions: Required when there are multiple lenders involved in the short sale
2. Deficiency Judgment Provisions: Used when addressing potential remaining liability after the short sale
3. Tenant Provisions: Needed when the property is currently occupied by tenants
4. Special Maintenance Provisions: Used when specific property maintenance requirements exist during the approval process
5. Commission Modifications: Required when real estate commissions need to be adjusted due to short sale
6. Tax Implications Acknowledgment: Optional section detailing potential tax consequences for the seller
1. Schedule A - Property Details: Detailed description of the property and its current condition
2. Schedule B - Outstanding Liens: List of all current liens, mortgages, and encumbrances on the property
3. Schedule C - Required Documentation: Checklist of documents required for the short sale application
4. Appendix 1 - Timeline Schedule: Detailed timeline for submission, approval, and closing processes
5. Appendix 2 - Authorization Forms: Required authorization forms for lender communication
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