The Short Sale Contract is utilized in Qatar when a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial hardship or market conditions. This document is crucial in Qatar's real estate market as it provides a structured framework for managing distressed property sales while complying with local laws and Islamic finance principles. The contract must adhere to Qatar's Civil Code (Law No. 22 of 2004), Real Estate Registration Law, and banking regulations, while also considering Shariah compliance requirements. It includes comprehensive details about the property, parties involved, lender approvals, and specific conditions for completion. The document is particularly important in protecting all parties' interests while facilitating a transparent and legally compliant transaction in Qatar's unique legal environment.
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1. Parties: Identification of all parties including seller, buyer, and primary lender
2. Background: Context of the short sale, including current property status and outstanding mortgage amount
3. Definitions: Key terms used throughout the agreement including Property, Short Sale, Completion Date, etc.
4. Property Details: Complete description of the property including address, title details, and registration information
5. Purchase Price: Agreed short sale price and payment terms
6. Lender Approval: Confirmation of primary lender's approval for the short sale
7. Conditions Precedent: Conditions that must be met before the agreement becomes effective
8. Completion Requirements: Steps required to complete the transaction
9. Seller's Representations: Seller's warranties regarding property condition and disclosed encumbrances
10. Buyer's Representations: Buyer's warranties regarding financial capacity and understanding of short sale terms
11. Default and Remedies: Consequences of breach by either party
12. Governing Law: Confirmation of Qatar law governance and jurisdiction
1. Broker Involvement: Include when real estate brokers are involved in the transaction
2. Secondary Lender Approval: Required when there are multiple lenders involved
3. Deficiency Waiver: Include when lender agrees to waive deficiency judgment rights
4. Property Management: Include when there are ongoing property management arrangements until completion
5. Islamic Finance Compliance: Include specific provisions when transaction must comply with Shariah principles
6. Tenant Rights: Include when property is currently tenanted
7. Foreign Ownership: Include when buyer is non-Qatari, addressing relevant ownership restrictions
1. Property Schedule: Detailed property description, including plans and specifications
2. Title Documents: Copies of relevant title documents and registration certificates
3. Lender Approval Letters: Written approvals from all involved lenders
4. Outstanding Liens: List of all current liens and encumbrances on the property
5. Condition Report: Current condition assessment of the property
6. Payment Schedule: Detailed breakdown of payment terms and timing
7. Required Approvals: List of necessary governmental and regulatory approvals
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