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The Short Sale Contract is utilized in Belgium when a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial distress or market conditions. This document is essential in Belgian real estate transactions where the seller's mortgage lender agrees to accept less than the full amount owed on the mortgage. The contract must comply with Belgian civil law requirements, including notarial authentication, and typically involves coordination between multiple parties including the seller, buyer, mortgage lender(s), and notary. It includes crucial provisions for property transfer, mortgage discharge, and liability settlement, while ensuring compliance with Belgian property transfer regulations and tax implications. The document is particularly relevant in post-financial crisis scenarios or during market downturns when property values have decreased below mortgage amounts.

1. Parties: Identification of the seller, buyer, and any relevant financial institutions 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, including property-specific and financial terms

4. Property Description: Detailed description of the property, including cadastral references as required under Belgian law

5. Purchase Price: Agreed purchase price and confirmation that it is below the outstanding mortgage amount

6. Payment Terms: Structure and timing of payments, including any deposits and final payment arrangements

7. Lender's Approval: Confirmation of the mortgage lender's agreement to the short sale

8. Conditions Precedent: Conditions that must be met before the sale can proceed

9. Completion Requirements: Steps required for completion, including notarial requirements under Belgian law

10. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority

11. Tax Implications: Acknowledgment of tax consequences and responsibilities

12. Governing Law: Confirmation of Belgian law as governing law and jurisdiction

13. Execution: Signature blocks and notarial requirements