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Short Sale Contract

Short Sale Contract Template for Qatar

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Key Requirements PROMPT example:

Short Sale Contract

"I need a Short Sale Contract for a residential property in Al Waab, Qatar, where the seller has obtained preliminary approval from Qatar Islamic Bank to sell for 15% below the outstanding mortgage amount, with completion planned for March 2025. The contract must be Shariah-compliant and include provisions for broker commission."

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Document background
The Short Sale Contract is utilized in Qatar 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 is crucial in Qatar's real estate market as it provides a structured framework for managing distressed property sales while complying with local laws and Islamic finance principles. The contract must adhere to Qatar's Civil Code (Law No. 22 of 2004), Real Estate Registration Law, and banking regulations, while also considering Shariah compliance requirements. It includes comprehensive details about the property, parties involved, lender approvals, and specific conditions for completion. The document is particularly important in protecting all parties' interests while facilitating a transparent and legally compliant transaction in Qatar's unique legal environment.
Suggested Sections

1. Parties: Identification of all parties including seller, buyer, and primary lender

2. Background: Context of the short sale, including current property status and outstanding mortgage amount

3. Definitions: Key terms used throughout the agreement including Property, Short Sale, Completion Date, etc.

4. Property Details: Complete description of the property including address, title details, and registration information

5. Purchase Price: Agreed short sale price and payment terms

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

7. Conditions Precedent: Conditions that must be met before the agreement becomes effective

8. Completion Requirements: Steps required to complete the transaction

9. Seller's Representations: Seller's warranties regarding property condition and disclosed encumbrances

10. Buyer's Representations: Buyer's warranties regarding financial capacity and understanding of short sale terms

11. Default and Remedies: Consequences of breach by either party

12. Governing Law: Confirmation of Qatar law governance and jurisdiction

Optional Sections

1. Broker Involvement: Include when real estate brokers are involved in the transaction

2. Secondary Lender Approval: Required when there are multiple lenders involved

3. Deficiency Waiver: Include when lender agrees to waive deficiency judgment rights

4. Property Management: Include when there are ongoing property management arrangements until completion

5. Islamic Finance Compliance: Include specific provisions when transaction must comply with Shariah principles

6. Tenant Rights: Include when property is currently tenanted

7. Foreign Ownership: Include when buyer is non-Qatari, addressing relevant ownership restrictions

Suggested Schedules

1. Property Schedule: Detailed property description, including plans and specifications

2. Title Documents: Copies of relevant title documents and registration certificates

3. Lender Approval Letters: Written approvals from all involved lenders

4. Outstanding Liens: List of all current liens and encumbrances on the property

5. Condition Report: Current condition assessment of the property

6. Payment Schedule: Detailed breakdown of payment terms and timing

7. Required Approvals: List of necessary governmental and regulatory approvals

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
Clauses
Property Description
Purchase Price
Payment Terms
Lender Approval
Conditions Precedent
Representations and Warranties
Due Diligence
Title Transfer
Completion
Default
Termination
Risk and Insurance
Property Condition
Deficiency Waiver
Regulatory Compliance
Islamic Finance Compliance
Registration Requirements
Tax and Fees
Force Majeure
Notices
Assignment
Entire Agreement
Amendment
Severability
Governing Law
Dispute Resolution
Confidentiality
Broker Provisions
Indemnification
Further Assurance
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Development

Islamic Finance

Property Management

Real Estate Brokerage

Mortgage Services

Construction

Property Investment

Relevant Teams

Legal

Real Estate

Compliance

Risk Management

Property Management

Islamic Banking

Mortgage Services

Asset Management

Contract Administration

Investment Analysis

Relevant Roles

Real Estate Manager

Property Lawyer

Banking Officer

Mortgage Specialist

Real Estate Broker

Property Valuation Expert

Legal Counsel

Risk Management Officer

Compliance Officer

Islamic Finance Advisor

Property Development Manager

Real Estate Investment Analyst

Contract Administrator

Asset Manager

Portfolio Manager

Industries
Qatar Civil Code (Law No. 22 of 2004): Primary legislation governing contracts, obligations, and civil transactions in Qatar. Contains provisions for sale contracts, property transfer, and contractual obligations.
Qatar Commercial Code (Law No. 27 of 2006): Governs commercial transactions and business dealings, including provisions relevant to property sales and financial transactions.
Qatar Real Estate Registration Law (Law No. 14 of 1964): Regulates property registration, transfer of ownership, and real estate transactions in Qatar.
Qatar Central Bank Law (Law No. 13 of 2012): Regulates banking operations and financial institutions, including mortgage and property financing arrangements.
Qatar Law No. 6 of 2014: Regulates real estate development and includes provisions for property sales and transactions.
Qatar Banking Regulations and Supervisory Instructions: Guidelines from Qatar Central Bank regarding property financing and mortgage arrangements.
Islamic Financial Principles under Qatari Law: Shariah-compliant principles that must be considered in financial transactions and contracts in Qatar.
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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