The Short Sale Purchase Agreement is a critical document used in Canadian real estate transactions involving distressed properties where the seller's outstanding mortgage balance exceeds the property's current market value. This agreement type emerged following various real estate market downturns and serves as a potential alternative to foreclosure. It requires careful drafting to address the unique aspects of short sales, including lender approval requirements, potential debt forgiveness, and specific closing conditions. The document must comply with both federal and provincial regulations governing real estate transactions, banking practices, and consumer protection. Typically used in situations where property owners face financial hardship, this agreement helps facilitate a controlled sale that may be more beneficial to all parties than a foreclosure proceeding. The document includes detailed provisions for purchase price, closing conditions, lender approval contingencies, and specific representations and warranties tailored to short sale circumstances.
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1. Parties: Identifies all parties to the agreement including Seller, Buyer, and acknowledgment of Lender's involvement
2. Background: Explains the short sale context, current property status, and outstanding mortgage situation
3. Definitions: Defines key terms used throughout the agreement including 'Short Sale', 'Lender Approval', 'Closing Date'
4. Property Description: Detailed description of the property being sold, including legal description and address
5. Purchase Price: Specifies the agreed purchase price and acknowledgment that it is below current mortgage balance
6. Lender Approval Contingency: Details the requirement for and conditions of lender approval for the short sale
7. Deposit Terms: Specifies amount, timing, and handling of deposit payments
8. Closing Conditions: Lists all conditions that must be met before closing can occur
9. Closing Costs and Adjustments: Specifies responsibility for various closing costs and how adjustments will be handled
10. Representations and Warranties: Standard and short-sale specific representations from both parties
11. Default and Remedies: Outlines what constitutes default and available remedies
12. General Provisions: Standard contractual provisions including governing law, notices, and entire agreement
1. Property Inspection Contingency: Optional section when buyer requires property inspection rights - recommended for most transactions
2. Financing Contingency: Used when buyer's purchase is contingent on obtaining financing
3. Tenant Provisions: Required if property is currently tenant-occupied
4. Release of Liens: Included when there are additional liens beyond primary mortgage
5. Short Sale Timeline: Used to establish specific deadlines for lender approval and closing
6. As-Is Condition: Optional but common in short sales to specify property is sold in current condition
7. Cooperation with Short Sale: Details parties' obligations in facilitating short sale approval
1. Schedule A - Property Details: Detailed description of property including legal description, fixtures, and excluded items
2. Schedule B - Purchase Price Allocation: Breakdown of purchase price and how it will be applied to various obligations
3. Schedule C - Closing Documents: List of required closing documents and responsible parties
4. Schedule D - Property Disclosure Statement: Seller's disclosure of property condition and known issues
5. Schedule E - Short Sale Terms: Detailed terms and conditions specific to the short sale process
6. Appendix 1 - Property Inspection Report: If applicable, results of property inspection
7. Appendix 2 - Current Mortgage Statement: Statement showing current mortgage balance and arrears
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Insurance
Property Management
Mortgage Lending
Property Development
Relevant Teams
Legal
Real Estate Operations
Property Management
Risk & Compliance
Mortgage Services
Transaction Processing
Document Management
Client Relations
Asset Management
Loss Mitigation
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Mortgage Broker
Bank Manager
Legal Counsel
Title Officer
Real Estate Transaction Coordinator
Foreclosure Specialist
Loss Mitigation Officer
Property Appraiser
Real Estate Portfolio Manager
Compliance Officer
Risk Manager
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