The Property Settlement Agreement is a crucial document in German real estate transactions, used when transferring ownership of real property between parties. It must comply with the German Civil Code (BGB) and requires notarization to be legally valid. This agreement is typically used in both residential and commercial property transactions, containing detailed information about the property, parties involved, purchase price, payment terms, warranties, and specific conditions of the transfer. It serves multiple purposes: documenting the legal transfer of property, protecting both parties' interests, ensuring compliance with German property law, and providing the basis for land registry entries. The document is particularly important in the German legal context due to the formal requirements for property transfers and the need for clear documentation for tax and regulatory purposes.
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1. Parties: Identification and details of all parties involved in the property settlement
2. Background (Präambel): Context of the agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including cadastral details and land register information
5. Purchase Price and Payment Terms: Agreed purchase price, payment schedule, and payment methods
6. Transfer of Ownership: Terms and conditions for the transfer of property ownership
7. Representations and Warranties: Seller's warranties regarding property condition, encumbrances, and legal status
8. Due Diligence Results: Confirmation of property inspection and acceptance of condition
9. Taxes and Costs: Allocation of transfer taxes, notary fees, and other transaction costs
10. Registration and Notarization: Requirements and procedures for land register registration and notarial authentication
11. Handover Provisions: Terms for physical handover of the property and transfer of possession
12. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
13. Severability Clause: Standard clause ensuring remainder of agreement stays valid if parts are found invalid
1. Mortgage and Encumbrances: Details of existing mortgages and process for clearance, used when property has existing charges
2. Tenant Provisions: Details about existing tenancies and their handling, included when property is currently leased
3. Defects and Renovation Agreement: Specific arrangements regarding known defects and planned renovations, included when property requires work
4. Environmental Provisions: Specific clauses regarding environmental issues or contamination, included for properties with environmental concerns
5. Heritage Protection: Special provisions for properties under monument protection (Denkmalschutz), included for historic properties
6. Utilities and Contracts: Transfer of utility contracts and other service agreements, included for properties with existing service contracts
7. Right of First Refusal: Provisions regarding any existing or new rights of first refusal, included when such rights are relevant
1. Property Details Schedule: Detailed technical description of the property, including exact measurements and boundaries
2. Land Register Extract: Current extract from the land register (Grundbuchauszug)
3. Property Plans: Floor plans, site plans, and other relevant property drawings
4. Inventory List: List of fixtures and fittings included in the sale
5. Due Diligence Reports: Technical, legal, and environmental assessment reports
6. Payment Schedule: Detailed breakdown of payment installments and timing
7. Existing Contracts: Copies of relevant existing contracts affecting the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Investment and Asset Management
Urban Development
Housing and Residential
Commercial Property
Relevant Teams
Legal
Real Estate
Property Management
Compliance
Finance
Tax
Investment
Asset Management
Risk Management
Operations
Due Diligence
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Notary
Property Developer
Asset Manager
Investment Manager
Real Estate Portfolio Manager
Compliance Officer
Tax Advisor
Real Estate Transaction Manager
Property Acquisitions Manager
Real Estate Finance Manager
Due Diligence Specialist
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