What is "short sale" in property law?

A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished. https://en.wikipedia.org/wiki/Short_sale_(real_estate)

NOTE: Short sale in commercial law is a different concept. The relevant law regarding this is REPUBLIC ACT NO. 8799, otherwise known as "The Securities Regulation Code".

Section 24.2. No person shall use or employ, in connection with the purchase or sale of any security any manipulative or deceptive device or contrivance. Neither shall any short sale be effected nor any stop-loss order be executed in connection with the purchase or sale of any security except in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest for the protection of investors.