A Short Sale Agreement is utilized in situations where 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, essential in Indonesian real estate transactions, requires careful structuring to comply with Indonesian banking regulations, property laws, and civil code requirements. It must detail the terms of sale, obtain explicit lender approval, and protect all parties' interests while facilitating the property transfer. The agreement becomes particularly relevant during economic downturns or when property values have significantly decreased, providing a structured alternative to foreclosure. It requires coordination between multiple parties including banks, property owners, buyers, and legal representatives, all operating within Indonesia's legal framework.
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1. Parties: Identification of all parties including Seller, Buyer, and acknowledgment of Lender's involvement
2. Background: Context of the short sale, including current property status and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including address, land certificate details, and physical characteristics
5. Purchase Price and Payment Terms: Agreed purchase price, payment structure, and conditions for lender approval
6. Lender Approval Process: Process and requirements for obtaining lender approval for the short sale
7. Seller's Representations and Warranties: Seller's declarations regarding property condition, ownership, and existing encumbrances
8. Buyer's Representations and Warranties: Buyer's declarations regarding financial capability and understanding of short sale process
9. Closing Conditions: Requirements and conditions that must be met before closing
10. Transfer of Title: Process and requirements for transferring property ownership
11. Default and Remedies: Consequences of breach by either party
12. Governing Law and Dispute Resolution: Applicable law and method of resolving disputes
1. Property Inspection: Terms regarding property inspection rights and process, included when buyer requests inspection period
2. Tenant Provisions: Required if the property is currently occupied by tenants
3. Broker Involvement: Include when real estate brokers are involved in the transaction
4. Additional Lender Requirements: Include specific requirements from lender if provided during negotiation
5. Tax Implications: Include detailed tax considerations when requested by either party
6. Property Management During Sale Period: Include when specific arrangements are needed for property maintenance during the sale process
7. Third-Party Claims: Include when there are known third-party claims or potential claims against the property
1. Schedule A - Property Details: Detailed property specification, including land certificate numbers and exact measurements
2. Schedule B - Purchase Price Breakdown: Detailed breakdown of purchase price, including any adjustments and payment schedule
3. Schedule C - Required Documents: List of all documents required from all parties for closing
4. Schedule D - Outstanding Liens and Encumbrances: List of all current liens, mortgages, and encumbrances on the property
5. Schedule E - Closing Timeline: Detailed timeline of all required actions and deadlines
6. Appendix 1 - Property Photos and Plans: Current photographs and floor plans of the property
7. Appendix 2 - Lender Approval Documents: Copies of lender's short sale approval documents and conditions
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