A mortgagor of an underwater mortgage may elect to convey the residential real property encumbered by the mortgage to a mortgagee in full or partial satisfaction of the mortgagor’s obligation to the mortgagee by agreeing to convey such property in a transfer agreement executed by both parties. The transfer agreement shall: (1) Convey to the mortgagee all interests in the property, except the interests reserved to the mortgagor in the transfer agreement or the interests held by more senior mortgagees or lienholders or junior lienholders that are not a party to the action and not subject to the action by virtue of section 52-325; (2) contemplate a discharge of the mortgage after satisfaction of the conditions of the transfer agreement by the mortgagor; (3) contemplate the termination of any other interest in the property subordinate to that of the lienholder party to the transfer agreement following a court’s entry of a judgment of loss mitigation under section 49-30t; and (4) contain other provisions mutually agreeable to the mortgagor and mortgagee including, without limitation, a cash contribution of either party to the other or the execution of a promissory note by one party in favor of the other party upon such terms as such parties agree.