The Short Sale Purchase Agreement is utilized 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, governed by English and Welsh law, requires specific provisions to protect all parties' interests and ensure compliance with property and banking regulations. It includes crucial elements such as lender approval, purchase price, completion requirements, and any specific conditions imposed by the mortgage holder. The agreement is particularly relevant in declining market conditions or when preventing foreclosure proceedings.
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1. Parties: Identification of buyer, seller, and any other relevant parties to the short sale agreement
2. Background: Context of the sale, including property description and circumstances leading to the short sale
3. Definitions: Key terms used throughout the agreement including Property, Completion Date, Purchase Price, etc.
4. Purchase Price: Agreed purchase price, payment terms, and confirmation of short sale amount
5. Property Details: Detailed description of the property being sold including address and registered title number
6. Completion: Terms and timing of completion, including specific requirements for a short sale
7. Representations and Warranties: Standard declarations about the property and transaction from both parties
1. Mortgage Lender Approval: Terms and conditions of the mortgage lender's approval for the short sale
2. Third Party Consents: Required approvals from other stakeholders or interested parties
3. Tenant Provisions: Details about existing tenancies and their treatment upon completion
1. Schedule 1 - Property Description: Detailed legal description of the property including title number and registered charges
2. Schedule 2 - Fixtures and Fittings: Comprehensive list of items included and excluded from the sale
3. Appendix A - Property Plans: Official plans and drawings of the property from Land Registry
4. Appendix B - Lender Approval Documentation: Written approval from mortgage lender confirming terms of short sale
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