The Short Sale Agreement is a crucial document used in South African property transactions where a property is sold for less than the outstanding mortgage amount, with the mortgagee bank's consent. This type of agreement becomes necessary when property owners face financial distress and cannot maintain mortgage payments, offering an alternative to foreclosure. The document incorporates essential elements required by South African property law, including compliance with the Alienation of Land Act, Consumer Protection Act, and banking regulations. It details the terms of sale, bank's consent to accept less than the full mortgage amount, conditions for transfer, and settlement arrangements. This agreement is particularly relevant in economic downturns or when property values have decreased significantly below the mortgage amount.
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1. Parties: Identification of the Seller, Buyer, and Current Mortgagee/Bank
2. Background: Context of the short sale, including current property status and mortgage situation
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property being sold, including physical address and registration details
5. Purchase Price: Agreed purchase price and confirmation that it is less than the outstanding mortgage amount
6. Bank Consent: Acknowledgment of bank's approval for the short sale and terms of debt settlement
7. Payment Terms: Details of how and when payment will be made
8. Conditions Precedent: Conditions that must be met before the agreement becomes effective
9. Transfer and Registration: Process and responsibilities for property transfer
10. Warranties: Basic warranties regarding property ownership and seller's authority to sell
11. Risk and Possession: Transfer of risk and possession arrangements
12. Costs: Allocation of transaction costs and responsibilities
13. Breach: Consequences of breach by either party
14. Notices: Communication requirements and contact details
15. General Terms: Standard legal provisions including governing law and jurisdiction
1. Tenant Provisions: Include when the property is currently occupied by tenants
2. Property Defects: Include when there are known defects that need specific disclosure
3. Movable Assets: Include when the sale includes specific movable property
4. Agent Commission: Include when a real estate agent is involved in the transaction
5. Home Owners Association: Include when the property is in an HOA or similar scheme
6. Bond Cancellation: Include specific details about existing bond cancellation when relevant
7. Renovation Requirements: Include when the property requires specific repairs or renovations before transfer
1. Schedule A - Property Details: Detailed property description including diagrams and specifications
2. Schedule B - Bank Approval Letter: Written consent from the bank approving the short sale
3. Schedule C - Payment Schedule: Detailed breakdown of all payments and settlement amounts
4. Schedule D - Defects List: List of known defects and their current status
5. Schedule E - Compliance Certificates: List of required compliance certificates and their status
6. Appendix 1 - Property Photos: Current photographs of the property's condition
7. Appendix 2 - Outstanding Amounts: Statement of all outstanding amounts including municipal accounts
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking and Finance
Legal Services
Property Development
Financial Services
Mortgage Lending
Property Management
Professional Services
Relevant Teams
Legal
Real Estate
Property Management
Risk Management
Compliance
Mortgage Operations
Distressed Assets
Settlement Operations
Property Administration
Client Relations
Relevant Roles
Real Estate Attorney
Property Lawyer
Bank Manager
Mortgage Specialist
Real Estate Agent
Property Broker
Distressed Asset Manager
Legal Counsel
Conveyancing Secretary
Property Portfolio Manager
Risk Manager
Settlement Officer
Property Administrator
Compliance Officer
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