The Short Sale Contract is utilized in Nigerian real estate transactions when a property owner needs to sell their property for less than the amount owed on their mortgage. This situation typically arises during financial hardship or declining market conditions. The document structures the complex relationship between the seller, buyer, and the current mortgage holder, ensuring compliance with Nigerian property laws, particularly the Land Use Act 1978 and relevant banking regulations. It includes essential provisions for lender approval, property valuation, title transfer procedures, and potential debt forgiveness terms. The agreement must carefully balance the interests of all parties while ensuring the transaction meets legal requirements for property transfers in Nigeria.
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1. Parties: Identification of seller, buyer, and current mortgagee/lender
2. Background: Context of the short sale, including current mortgage status and reason for short sale
3. Definitions: Key terms used throughout the agreement including Property, Short Sale Price, Closing Date, etc.
4. Property Details: Full legal description and details of the property being sold
5. Purchase Price: Agreed short sale price and payment terms
6. Lender Approval: Terms regarding required approval from the current mortgagee/lender
7. Due Diligence: Buyer's inspection rights and timeline
8. Closing Conditions: Prerequisites for completing the sale
9. Closing Process: Steps and requirements for closing the transaction
10. Representations and Warranties: Standard declarations by seller regarding property condition and title
11. Default and Remedies: Consequences of breach by either party
12. Governing Law: Specification of Nigerian law application and jurisdiction
1. Broker Involvement: Include when real estate agents or brokers are involved in the transaction
2. Multiple Lenders: Include when there are multiple mortgages or liens on the property
3. Tenant Provisions: Include when the property is currently occupied by tenants
4. Release of Liability: Include when lender agrees to release seller from remaining mortgage balance
5. Deed Restrictions: Include when there are specific restrictions on future use or sale of the property
6. Environmental Matters: Include when there are known environmental issues or concerns
1. Schedule A - Property Description: Detailed legal description of the property and included fixtures
2. Schedule B - Title Documents: List of relevant title documents and encumbrances
3. Schedule C - Outstanding Liens: Details of all current mortgages and liens on the property
4. Schedule D - Closing Requirements: Specific list of documents required for closing
5. Appendix 1 - Lender Approval Terms: Specific conditions required by lender for short sale approval
6. Appendix 2 - Property Condition Report: Current condition assessment of the property
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