How to Prepare a Short Sale Contract
- 1
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Title the agreement exactly as it is meant to be stated. Type "short sale contract" or "contract for short sale" in bold, capital letters, aligned to the center and typed at the top of the document draft. Holographic contracts (handwritten contracts) and agreements are not considered legally enforceable in many states. - 2
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Identify the parties in the transaction by first and last name, social security number(s) or by corporation name and EIN number. List all specific factors regarding the property such as the property address, purchase price, escrow monies, payment method, closing costs, realtor's or broker's commission (if any), closing costs and closing date. - 3
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Include provisions for property maintenance, warranties or guarantees (if any are applicable), repairs, and considerations or funds for same. Such provisions may include but are not limited to pool maintenance and lawn maintenance. - 4
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Place signature lines for both the buyer and seller above the printed full name(s) or company name and include a date line to be completed at the time of agreement for purchase. Once executed, deposit the earnest deposit monies into an escrow account.
