A Short Sale Contract is utilized when a property owner needs to sell their property for less than the outstanding mortgage balance, typically due to financial hardship or market conditions. This document, governed by Philippine law, serves as the primary agreement between the seller, buyer, and lender(s), detailing the terms of the discounted sale and the lender's acceptance of a reduced payoff amount. The contract must comply with Philippine real estate laws, banking regulations, and the Civil Code, while addressing specific requirements for property transfer, tax implications, and liability releases. Short Sale Contracts are particularly relevant in situations where foreclosure prevention is desired, requiring careful coordination between financial institutions, real estate professionals, and legal advisors to ensure a successful transaction.
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1. Parties: Identification of the Seller, Buyer, and Lender/Bank involved in the short sale
2. Background: Context of the sale, including the current mortgage situation and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Details: Complete description of the property being sold, including legal description and current encumbrances
5. Purchase Price and Payment Terms: Agreed purchase price, payment structure, and how it will be disbursed
6. Lender Approval: Terms and conditions of the lender's approval of the short sale
7. Closing Requirements: Conditions that must be met before closing, including documentation and timing
8. Representations and Warranties: Statements of fact by the parties about their authority, the property's condition, and other material facts
9. Default and Remedies: Consequences of breach and available remedies to the parties
10. Governing Law: Specification of Philippine law as governing law and jurisdiction
1. Broker Involvement: Details of real estate brokers' roles and commissions, if applicable
2. Property Inspection: Terms for property inspection if the buyer wishes to conduct one
3. Tenant Provisions: Required if the property is currently occupied by tenants
4. Deficiency Waiver: Lender's agreement to waive deficiency judgment rights, if applicable
5. Tax Implications: Special provisions regarding tax consequences, if needed
6. Home Owners Association: Required if property is part of an HOA or similar organization
7. Release of Liability: Additional provisions releasing seller from future claims
8. Short Sale Contingency: Special conditions that might affect the short sale approval
1. Schedule A - Property Description: Detailed legal description of the property and included fixtures
2. Schedule B - Outstanding Liens: List of all current liens, mortgages, and encumbrances on the property
3. Schedule C - Required Documents: Checklist of all documents required for closing
4. Schedule D - Closing Costs Allocation: Detailed breakdown of closing costs and party responsibilities
5. Appendix 1 - Property Photos: Current photographs of the property condition
6. Appendix 2 - Financial Statements: Seller's financial statements supporting short sale necessity
7. Appendix 3 - Bank Approval Letters: Copies of lender approval documents and conditions
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Property Development
Insurance
Financial Services
Mortgage Lending
Property Management
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Property Services
Financial Services
Mortgage Operations
Title and Settlement
Document Processing
Client Relations
Relevant Roles
Real Estate Attorney
Property Lawyer
Bank Manager
Mortgage Officer
Real Estate Broker
Property Appraiser
Title Officer
Legal Counsel
Risk Manager
Compliance Officer
Real Estate Agent
Financial Advisor
Property Manager
Loan Officer
Settlement Officer
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