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Short Sale Special Stipulations
Please insert these special stipulations on your Purchase and Sale Agreement.
1. Property is sold "as is" with no warranty and no Sellers Property Disclosure.
2. Buyer acknowledges that the sale of the Property will not generate sufficient cash to pay off the mortgages on the Property and the other obligations of Seller with respect to this purchase and sale transaction. This Agreement is therefore contingent upon Seller's mortgage lender(s) agreeing to: (1) take a reduced payoff on its mortgages in an amount sufficient that the purchase price of the Property, the real estate commission(s) owing to the broker(s) and the other expenses of sale for which Seller obligated under this agreement without Seller having to pay any additional sums; and (2) Release Seller from any claim, cause of action, suit or judgment for the amount of the reduction in the payoff on said mortgage(s). In the event, the mortgage lender(s) do not agree to such reduction, at least _____ days prior to closing, either Seller or Buyer may terminate this agreement, without penalty upon notice to the other party.
3. Closing Attorney shall be Castan & Lecca, Atlanta, Ga.(404)923-7570.
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