A Short Sale Agreement is utilized in situations where a property owner needs to sell their property for less than the outstanding mortgage amount, typically due to financial hardship or declining market conditions. This document, governed by Canadian federal and provincial laws, requires careful structuring to address the interests of multiple stakeholders, including the seller, buyer, and mortgage lender(s). The agreement must comply with provincial real estate regulations, federal banking laws, and securities requirements. It typically includes detailed provisions for lender approval, property valuation, closing conditions, and release of liens. The Short Sale Agreement is particularly crucial in preventing foreclosure situations while providing a structured approach to resolving mortgage debt issues through a negotiated sale.
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1. Parties: Identification of all parties including seller, buyer, and primary lender
2. Background: Context of the transaction, including property description and current mortgage situation
3. Definitions: Key terms used throughout the agreement
4. Purchase Price and Terms: Agreed purchase price and payment terms
5. Lender Approval: Requirements and conditions for lender approval of the short sale
6. Property Condition and Inspection: Status of property and buyer's inspection rights
7. Seller's Representations: Seller's declarations regarding property condition, liens, and financial status
8. Closing Process: Timeline and requirements for closing the transaction
9. Default and Remedies: Consequences of breach by either party
10. Notices: How formal communications between parties should be made
11. Governing Law: Specification of Canadian law and jurisdiction
12. Execution: Signature requirements and effective date
1. Broker Provisions: Include when real estate brokers are involved in the transaction
2. Multiple Lender Provisions: Include when there are multiple lenders or liens on the property
3. Tenant Provisions: Include when the property has existing tenants
4. Release of Deficiency: Include when negotiating release of seller's remaining debt obligations
5. Environmental Matters: Include when property has known environmental issues
6. Commission Agreement: Include when specifying real estate commission arrangements
7. As-Is Condition: Include when property is being sold in current condition without warranties
1. Schedule A - Property Description: Legal description of the property and included fixtures
2. Schedule B - Purchase Price Breakdown: Detailed breakdown of purchase price allocation
3. Schedule C - Lender Requirements: Specific conditions required by the lender for short sale approval
4. Schedule D - Timeline: Detailed timeline for conditions, approvals, and closing
5. Schedule E - Property Disclosure Statement: Seller's disclosure of property condition and known issues
6. Appendix 1 - Required Documents: List of documents required from seller for short sale approval
7. Appendix 2 - Closing Documents: List of documents required for closing
8. Appendix 3 - Financial Statement: Seller's financial statement supporting short sale request
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