The Short Sale Purchase Agreement is utilized when property owners face financial hardship and need to sell their property for less than they owe on their mortgage. This document, commonly used in the United States real estate market, requires careful structuring to meet both state-specific requirements and lender approval conditions. It serves as the primary contract between buyer and seller while incorporating necessary provisions for lender approval, which is crucial for the transaction's success. The agreement typically includes detailed terms about property condition, purchase price, closing timeline, and contingencies, while protecting all parties' interests in this complex transaction type.
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1. Parties: Identification of buyer, seller, and current lender(s)
2. Background: Context of the short sale, including current mortgage situation
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold
5. Purchase Price: Agreed-upon price and payment terms
6. Lender Approval: Conditions for lender approval of the short sale
7. Closing Conditions: Requirements for completing the transaction
1. Multiple Lien Holders: Terms for dealing with multiple lenders when property has multiple mortgages or liens
2. Deficiency Waiver: Lender's agreement to waive deficiency judgment when negotiated with lender
3. Tenant Provisions: Terms regarding existing tenants when property is tenant-occupied
1. Property Disclosure Statement: Detailed disclosure of property condition and known issues
2. Lender Approval Letter: Written confirmation of lender's agreement to short sale terms
3. Title Report: Current title status and any encumbrances
4. Inspection Reports: Results of any property inspections
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