The Short Sale Contract is a specialized agreement used in Indonesian property transactions where a property owner needs to sell their property for less than the outstanding mortgage amount. This typically occurs in situations of financial hardship or declining property values, where the owner cannot maintain mortgage payments or sell the property at a price that would cover the outstanding loan. The document is structured to comply with Indonesian civil law, particularly the Civil Code (KUHPer) and relevant property regulations. It requires careful consideration of multiple stakeholders' interests, including the property owner, buyer, and lending institution. The contract includes essential elements such as property details, sale price, lender's approval for the reduced payoff, and terms of debt settlement. It must be executed in accordance with Indonesian notarial requirements and property registration procedures.
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1. Parties: Identification of all parties involved: seller, buyer, and current mortgage holder/bank
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 Details: Complete description of the property, including legal title information and current encumbrances
5. Purchase Price and Payment Terms: Agreed purchase price, payment structure, and settlement arrangements
6. Lender's Approval: Terms of the lender's agreement to accept less than the full amount owed
7. Conditions Precedent: Conditions that must be met before the agreement becomes effective
8. Completion Requirements: Steps and documentation required to complete the transaction
9. Representations and Warranties: Statements of fact by both parties about their capacity and the property's status
10. Risk and Insurance: Allocation of risk and insurance requirements until completion
11. Default and Termination: Consequences of breach and conditions for termination
12. Governing Law and Jurisdiction: Confirmation of Indonesian law application and jurisdiction
1. Broker Involvement: Terms regarding real estate broker involvement and commission arrangements, included when brokers are part of the transaction
2. Debt Release: Terms regarding the release of remaining debt, included when the lender agrees to full debt forgiveness
3. Property Maintenance: Obligations regarding property maintenance until completion, included for properties requiring specific maintenance arrangements
4. Tenant Provisions: Terms regarding existing tenants, included when the property is currently leased
5. Tax Implications: Specific tax arrangements and responsibilities, included when there are complex tax considerations
6. Third-Party Claims: Provisions dealing with other creditors or claimants, included when there are additional claims on the property
1. Property Schedule: Detailed property description, including boundaries, certificates, and registration details
2. Outstanding Liens Schedule: List of all current liens, mortgages, and encumbrances on the property
3. Payment Schedule: Detailed breakdown of the payment structure and settlement arrangements
4. Required Documents: List of all documents required for completion
5. Condition Report: Current condition of the property and any known defects
6. Regulatory Approvals: List of required government and regulatory approvals
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Property Development
Financial Services
Mortgage Services
Property Management
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Risk & Compliance
Mortgage Services
Credit Assessment
Property Transactions
Debt Resolution
Contract Administration
Relevant Roles
Real Estate Attorney
Property Lawyer
Bank Manager
Mortgage Officer
Real Estate Agent
Property Broker
Legal Counsel
Risk Manager
Property Assessor
Notary Public
Title Officer
Loan Officer
Debt Resolution Specialist
Property Transaction Manager
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