The Basic Real Estate Contract is a fundamental legal document used in German property transactions, designed to facilitate the transfer of real estate ownership while ensuring compliance with German legal requirements. This template is suitable for both residential and commercial property sales, incorporating essential elements required by the Bürgerliches Gesetzbuch (BGB) and related property laws. It includes mandatory notarization provisions, land registry requirements, and standard warranties, making it adaptable for various property types while maintaining legal validity. The document is structured to accommodate both simple transactions and more complex deals requiring additional provisions, serving as a foundational template that can be customized based on specific transaction needs while ensuring all core legal requirements are met.
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Key Requirements PROMPT example:
Basic Real Estate Contract
"I need a Basic Real Estate Contract under German law for purchasing a residential property in Munich, with a planned completion date of March 15, 2025, including provisions for existing tenants who will remain in the property after the sale."
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1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and marital status (relevant under German property law)
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, Purchase Price, and other relevant definitions
4. Property Description: Detailed description of the property including land registry details (Grundbuch), exact measurements, and any fixtures and fittings included
5. Purchase Price: The agreed purchase price, payment terms, and escrow arrangements
6. Payment Terms: Detailed structure of payments, including deposits and final payment conditions
7. Transfer of Ownership: Terms regarding the transfer of title (Auflassung) and registration in the land registry
8. Warranties and Representations: Seller's warranties regarding property condition, encumbrances, and other material facts
9. Handover Conditions: Terms for the physical handover of the property, including condition requirements and timing
10. Costs and Taxes: Allocation of transaction costs, including notary fees, land registry costs, and real estate transfer tax
11. Governing Law: Confirmation of German law as governing law and jurisdiction
1. Mortgage Release: Required if there are existing mortgages to be discharged
2. Tenancy Provisions: Required if the property is sold with existing tenants
3. Pre-emption Rights: Required if there are any statutory or contractual pre-emption rights
4. Construction Obligations: Required if the property involves incomplete construction or renovation obligations
5. Energy Certificate: Required for properties with energy efficiency certification requirements
6. Condominium Provisions: Required if the property is part of a condominium complex
7. Broker Provisions: Required if real estate agents are involved in the transaction
8. VAT Election: Required if the transaction is subject to VAT (usually for commercial properties)
1. Property Plans: Official cadastral plans and property boundaries
2. Land Registry Extract: Current extract from the land registry (Grundbuchauszug)
3. Inventory List: List of fixtures, fittings, and other items included in the sale
4. Building Permits: Copies of relevant building permits and certificates
5. Energy Certificate: Energy efficiency certificate (Energieausweis)
6. Property Encumbrances: List of all registered encumbrances and easements
7. Payment Schedule: Detailed schedule of payment installments and conditions
8. Due Diligence Documents: Technical reports, surveys, and other due diligence materials
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Legal Services
Construction
Property Development
Property Management
Residential Housing
Commercial Property
Urban Development
Architecture & Planning
Relevant Teams
Legal
Real Estate
Compliance
Property Management
Sales
Business Development
Finance
Risk Management
Operations
Facilities Management
Relevant Roles
Real Estate Agent
Property Manager
Legal Counsel
Notary
Property Developer
Investment Manager
Real Estate Analyst
Mortgage Advisor
Property Surveyor
Compliance Officer
Contract Manager
Real Estate Portfolio Manager
Transaction Manager
Property Acquisition Manager
Real Estate Investment Director
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