Short Sale Stipulations
Stipulation points to be included in the purchase and sale agreement
Are you planning to prepare any agreement? Then, it is a good idea to hire an experienced lawyer to create the legal document. No matter whether it is an agreement between two entities or two individual, it is a best practice to take the assistance of a lawyer while preparing the agreement. These lawyers help you get rid of the legal knots which would otherwise pose a serious legal risk for you in the near future. It is important for both the parties to avail the legal services to avert confusions. There are times where the agreement would be in favor of one party, which would put the other party at a stake. So, it is important to thoroughly check the agreement after it is prepared by your in-house lawyer. Generally, the entities will have their own legal department, so after preparing the legal document, it is important to get it checked by the legal department. However, when you are preparing the agreement by yourself, you can download the forms pertained to your specific needs from online. These forms include all the terms and conditions without leaving any legal jargons.
However, it is very important to add Short Sale Stipulations clauses in the purchase and sale agreement without giving a miss, especially when you are purchasing a property under a short sale. Here are a few Short Sale Stipulations that you need to ensure to add in the purchase and sale agreement
- Seller perceives that the buyer should retain the short sale from the seller’s lender
- Seller comprehends that if the lender of the seller do not negotiate the short sale, then the property that is to be sold to the buyer will go into foreclosure
- Seller comprehends that he/she will not receive any kind of proceed pertained to the property sale
- Both seller and buyer should agree that this purchase is an “AS IS” purchase, which required no termination letter.
Where to download Short Sale Stipulations Template?
Sample Template Preview
These following stipulations need to be added to your Purchase and Sales Agreement (PSA) when attempting to purchase under a short sale. You can use either of the PSA’s included in this package, or use a standard Board of Realtors contract – just be sure to add these stipulations.
Seller understands that this Agreement is contingent on Buyer being able to secure an acceptable “short sale” from Seller’s Lender(s).
Seller understands that if Seller’s Lender(s) will not negotiate a “short sale” acceptable to Buyer, then the Property may proceed into foreclosure.
Seller understands that he/she will not receive any proceeds from the sale of the property.
Seller and Buyer agree that this is an “AS IS” purchase and that no inspection or termite letter will be required.
- Maintenance Request Form
- Checklist for Acquisitions-shortsale
- AFFIDAVIT OF ACKNOWLEDGEMENT AND HOLD HARMLESS FROM ASSUMPTaION OF DUE ON SALE
- GENERAL WARRANTY DEED 2
- Financial Statement-ShortSale
- Influencing the BPO Conversation
- Sample Letter Offer to Junior Lienholder
- Second Offer to First Lien Holder Lender
- Trust Agreement – SHORT SALE 1
- ULTIMATE DISCLOSURE – SHORTSALE