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Short Sale Contract

Short Sale Contract Template for Ireland

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Key Requirements PROMPT example:

Short Sale Contract

"I need a Short Sale Contract for a residential property in Dublin with three existing lienholders, where the primary mortgage holder has already provided conditional approval, and we need to complete the transaction by March 2025."

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Document background
The Short Sale Contract is a crucial document used in Irish property transactions where a property is sold for less than its outstanding mortgage balance. This situation typically arises when property values have declined or when homeowners face financial hardship, making it impossible to repay the full mortgage amount. The document is essential for transactions involving distressed properties and requires careful consideration of Irish property law, banking regulations, and consumer protection legislation. It includes detailed provisions for lender approval, property transfer, and the rights and obligations of all parties involved. The contract must comply with Irish legal requirements, including the Land and Conveyancing Law Reform Act 2009 and relevant financial regulations. This type of agreement has become increasingly important in the Irish property market, particularly following economic downturns, and serves as a potential alternative to foreclosure.
Suggested Sections

1. Parties: Identification of seller, buyer, and lender approving the short sale

2. Background: Context of the short sale, including current mortgage situation and reason for short sale

3. Definitions: Key terms used throughout the agreement

4. Property Details: Full legal description of the property being sold

5. Purchase Price: Agreed sale price and confirmation that it is less than outstanding mortgage

6. Lender Approval: Terms of the lender's approval for the short sale

7. Payment Terms: Details of how and when payment will be made

8. Condition of Property: Current state of the property and 'as-is' provisions

9. Completion Requirements: Conditions that must be met before closing

10. Representations and Warranties: Standard declarations by both parties

11. Default Provisions: Consequences of failing to complete the transaction

12. Governing Law: Confirmation that Irish law governs the agreement

Optional Sections

1. Tenant Rights: Required if the property is currently tenanted

2. Third Party Claims: Needed if there are additional lienholders or claims on the property

3. Tax Implications: Optional section addressing potential tax consequences of the short sale

4. Deficiency Judgment: Required if there's an agreement regarding the remaining loan balance

5. Property Management: Needed if there are specific arrangements for maintaining the property before completion

6. Seller's Future Housing: Optional section addressing seller's relocation assistance if agreed

7. Real Estate Agent Provisions: Required if agents are involved in the transaction

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description and plans of the property

2. Schedule 2 - Lender Approval Letter: Copy of formal approval from the lender for the short sale

3. Schedule 3 - Property Condition Report: Detailed report on the current condition of the property

4. Schedule 4 - Outstanding Liens: List of all registered liens and encumbrances

5. Schedule 5 - Completion Requirements: Checklist of all documents required for completion

6. Appendix A - Required Disclosures: Standard legal disclosures required under Irish law

7. Appendix B - Payment Schedule: Detailed breakdown of the payment structure and timing

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Approved Sale Price
Business Day
Completion
Completion Date
Deposit
Effective Date
Encumbrances
Existing Mortgage
Land Registry
Lender
Lender Approval
Lender's Valuation
Outstanding Balance
Parties
Property
Property Title
Purchase Price
Purchaser
Registry of Deeds
Relevant Period
Remaining Deficiency
Sale Proceeds
Seller
Short Sale
Stamp Duty
Third Party Claims
Title Documents
Transfer Deed
Valuation Report
Completion Requirements
Contract Rate
Default Event
Permitted Exceptions
Property Condition
Release Price
Settlement Statement
Solicitor
Working Hours
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Management

Mortgage Services

Insurance

Property Development

Financial Advisory Services

Relevant Teams

Legal

Real Estate

Mortgage Services

Risk & Compliance

Property Management

Financial Advisory

Conveyancing

Credit Assessment

Document Processing

Property Valuation

Relevant Roles

Real Estate Attorney

Property Lawyer

Mortgage Advisor

Real Estate Agent

Property Manager

Bank Manager

Loan Officer

Property Valuer

Insolvency Practitioner

Legal Counsel

Conveyancing Solicitor

Risk Manager

Compliance Officer

Property Developer

Financial Advisor

Industries
Land and Conveyancing Law Reform Act 2009: Fundamental legislation governing property transactions in Ireland, including transfer of ownership and property rights
Consumer Protection Code 2012: Regulates financial institutions' conduct with consumers, particularly relevant for short sale negotiations with banks
Registration of Title Act 1964: Governs the registration of property titles and ownership transfer in Ireland
Central Bank Act 1942 (as amended): Provides regulatory framework for financial institutions involved in property transactions
Personal Insolvency Act 2012: Relevant for understanding the implications of short sales in the context of personal insolvency
Succession Act 1965: May be relevant if the property involved has inheritance implications
Family Home Protection Act 1976: Crucial if the property being sold through short sale is a family home
Contract Law Rules under Common Law: General principles of contract law that govern the formation and execution of the sale agreement
Stamp Duties Consolidation Act 1999: Governs the stamp duty obligations in property transactions
European Communities (Unfair Terms in Consumer Contracts) Regulations 1995: Ensures fairness in contract terms, particularly important in distressed property sales
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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