The Short Sale Agreement emerged as a crucial instrument during the U.S. housing crisis and remains relevant for distressed property situations. This document is utilized when property owners cannot maintain mortgage payments and the property value has declined below the outstanding loan balance. The agreement requires approval from all lien holders and must comply with various federal regulations, including the Dodd-Frank Act and state-specific real estate laws. It typically includes detailed financial terms, property information, debt forgiveness provisions, and tax implications.
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Key Requirements PROMPT example:
Short Sale Agreement
"Need a Short Sale Agreement for a residential property in Florida valued at $350,000 with an outstanding mortgage of $425,000, requiring approval from two lenders and closing by March 2025."
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1. Parties: Identification of seller, buyer, and lender(s)
2. Background: Context of the short sale, including current mortgage status and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description and address of the property
5. Purchase Price: Agreed short sale amount and payment terms
6. Lender Approval: Terms of lender's acceptance of short sale
1. Seller Contribution: Details of any financial contribution required from seller towards the shortfall
2. Deficiency Waiver: Lender's agreement to waive deficiency judgment rights against the seller
3. Tax Implications: Acknowledgment of potential tax consequences from debt forgiveness
1. Property Inspection Report: Detailed report on current condition of property
2. Mortgage Statement: Current mortgage balance and payment history documentation
3. Financial Hardship Letter: Seller's detailed explanation of circumstances necessitating short sale
4. Seller's Financial Statement: Comprehensive statement of seller's current financial position
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