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The preparation of the agreement to purchase real estate is the most important part of the acquisition process regarding real estate in Germany. The agreement should generally contain the following major components:
– the exact description of the character, location, size and usability of the object of purchase.
– the exact price of the object of purchase (inclusive of all duties, etc.).
– the payment terms (payment date etc.).
– priority notice of conveyance (in order to secure the buyer’s title in the real property).
– the conditions of the change of ownership and possible risks of liability.
– costs of the land survey (if land survey is necessary).
– development and adjoining property charges.
– the declaration about any governmental restrictions imposed on the object.
– the declaration about any liens/encumbrances.
– the declaration about required municipal decisions.
Sample Agreement:
(1) Land Registry data
a) After instruction by the notary, the parties agree that none of them is acting as part of a professional or commercial activity (regarding s 14 BGB).
b) The seller is registered as the owner of the immovable property in the land register described as follows:
District Court of XXX, Land registry of XXX, Journal XXX,
Local Subdistrict XXX, Field XXX, Land parcel XXX
connected with the severalty ownership of the apartment Type XXX, ground floor, in the partition plan named No. XXX
The notary reviewed the land register and found:
Division II: XXX
Division III: XXX
The burdens in Division XXX are not accepted by the buyer and will be deleted, which is hereby approved and applied for by both parties.
(2) Purchase
The Seller hereby sells to the buyer the property described under No. (1) together with all components and accessories.
(3) Purchase Price
The purchase price is EUR XXX (In words: Euro XXX).
The purchase price is due at the XXX with no interest accruing until then.
However, the price is not due before the maturity conditions agreed upon in No. (4) are fulfilled.
The payments shall be paid:
a) an amount of ……. (in words ……) shall be paid to the court cashier of the district court XXX in order to delete the burdens listed in Division XXX
b) an amount of ……. (in words ……) shall be paid to the notary for the settlement of his invoice regarding the enforcement of this purchase agreement and the safekeeping of the cancellation documents regarding the burdens in Division XXX
The seller warrants that the purchase price reduced by the amounts described under a) and b) will be sufficient for the property to be released from encumbrances.
(4) Maturity conditions
The maturity of the purchase price depends on the written notification of the buyer by the notary that
a) the approvals and certificates are available which are necessary for the validity of the purchase contract (except the tax clearance certificate).
b) the existence of a priority notice in the land register in order to secure the title of the buyer in the land, ranking after the loads described in No. 1 of this dead or other loads, the buyer was involved.
c) the exemption of the Object of Purchase from any and all mortgages and other rights entered into the land register, which are of higher rank than the priority notice for conveyance, is assured with purchase price funds, because the notary is in possession of all necessary documents.
(5) Delay of payment, withdrawal
a) The buyer is in delay of payment, if he doesn`t pay the purchase price within one week after receipt of the notice of the notary that the payment is due. The notary has pointed out, that the interest rate in case of delay of payment is five percentage points above the base interest rate for one year and the base rate can change at the 01.01. and 01.07. of each year. Claims for further damages because of the delay of payment are not excluded by the payment of the interest.
b) If one of the parties of the agreement withdraws from the agreement because of contractual or statutory rights, the resulting costs will occur to that party which is responsible for the withdrawal.
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