A Short Sale Contract is utilized in New Zealand 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 specialized agreement requires careful drafting to address the interests of the seller, buyer, and particularly the mortgage lender who must agree to accept less than the full amount owed. The document includes essential elements such as property details, purchase price, lender approval conditions, settlement terms, and specific provisions required under New Zealand law. It's particularly important in declining market conditions or when preventing mortgagee sales, requiring compliance with the Property Law Act 2007, Real Estate Agents Act 2008, and other relevant legislation.
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1. Parties: Identification of the seller and buyer with full legal names and addresses
2. Background: Context of the sale, including property status and reason for short sale
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description of the property, including title reference and physical address
5. Purchase Price: Agreed purchase price and acknowledgment that it is less than the outstanding mortgage amount
6. Lender Approval: Terms regarding required approval from the existing mortgage lender
7. Settlement and Payment Terms: Details of payment timing, deposit, and settlement process
8. Due Diligence: Buyer's rights and obligations regarding property inspection and verification
9. Conditions Precedent: Essential conditions that must be met before the agreement becomes unconditional
10. Warranties and Representations: Seller's warranties regarding the property and disclosure obligations
11. Default and Remedies: Consequences of breach and available remedies for both parties
12. General Provisions: Standard contract clauses including governing law, notices, and entire agreement
1. Tenant Rights: Required if the property is currently tenanted, outlining existing tenancy agreements and obligations
2. Body Corporate: Needed for apartments or units, including body corporate rules and obligations
3. GST Provisions: Required if either party is GST registered or if the property is part of a taxable activity
4. Overseas Investment: Required if the buyer is an overseas person under the Overseas Investment Act
5. Chattels: Detailed if specific chattels are included or excluded from the sale
6. Property Modifications: Required if there are unconsented modifications or ongoing building works
7. Mortgagee Approval Process: Detailed process if multiple lenders are involved or complex approval conditions exist
1. Schedule 1 - Property Details: Comprehensive legal description, title details, and property boundaries
2. Schedule 2 - Chattels List: Detailed inventory of included and excluded chattels
3. Schedule 3 - Special Conditions: Any specific conditions agreed between the parties
4. Schedule 4 - Outstanding Loans and Mortgages: Details of all existing mortgages and loans affecting the property
5. Appendix A - Property Information: LIM report, title search, and other relevant property documentation
6. Appendix B - Lender Approval Documentation: Formal approval from the existing mortgagee for the short sale
7. Appendix C - Due Diligence Results: Building inspection reports, methamphetamine testing, and other investigation results
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