The Sale Agreement With Possession is a specialized contract used in German jurisdictions when parties wish to structure an asset transfer with separate timing for possession and ownership transfer. This arrangement is particularly common in real estate transactions, large equipment sales, or complex asset transfers where immediate full ownership transfer isn't practical or desired. The agreement must comply with German Civil Code (BGB) requirements and often requires notarization, especially for real estate. It typically includes comprehensive provisions for purchase price, condition assessment, risk transfer, insurance, and maintenance responsibilities during the interim period between possession and ownership transfer. This type of agreement is particularly useful when parties need to accommodate financing arrangements, regulatory approvals, or other conditions while allowing the buyer to take physical control of the assets.
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1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and registration details if companies
2. Background: Context of the sale and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement
4. Object of Sale: Detailed description of the property/item being sold, including all relevant identifying information
5. Purchase Price: The agreed purchase price, payment terms, and payment schedule
6. Transfer of Possession: Terms and conditions for the transfer of possession, including timing and process
7. Transfer of Risk: Provisions regarding when risk transfers from seller to purchaser
8. Warranties and Representations: Seller's warranties regarding the object of sale and purchaser's acknowledgments
9. Defects and Liability: Provisions regarding liability for defects and limitation of liability
10. Handover Process: Detailed process for physical handover of the object of sale
11. Costs and Taxes: Allocation of transaction costs, taxes, and fees between parties
12. Notices: Process and requirements for formal communications between parties
13. Governing Law: Confirmation of German law as governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Third Party Rights: Required if there are any existing third-party rights affecting the object of sale
2. Insurance: Include when specific insurance requirements need to be maintained during the possession period
3. Due Diligence Results: Include when referencing specific findings from due diligence that affect the sale terms
4. Regulatory Approvals: Required if the sale is subject to regulatory or governmental approvals
5. Financing Provisions: Include when purchase is subject to financing conditions
6. Intermediate Use: Required when defining rules for use of the property during any gap between possession and final ownership transfer
7. Environmental Provisions: Include for sales of property with potential environmental issues
8. Employees: Required if the sale includes transfer of employees or employment obligations
1. Property Description: Detailed technical description and/or plans of the property/item being sold
2. Inventory List: Detailed list of items included in the sale, if applicable
3. Existing Contracts: List and copies of relevant existing contracts affecting the property
4. Defects List: Known defects or issues with the property/item being sold
5. Payment Schedule: Detailed schedule of payment installments if applicable
6. Handover Protocol: Template for documenting the physical handover process
7. Required Permits: Copies or list of permits and certificates relevant to the sale
8. Due Diligence Reports: Summary or full reports from technical, legal, or financial due diligence
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Manufacturing
Industrial Equipment
Automotive
Construction
Agriculture
Retail
Technology
Energy
Infrastructure
Transportation
Hospitality
Relevant Teams
Legal
Finance
Commercial
Operations
Risk Management
Compliance
Real Estate
Property Management
Business Development
Procurement
Asset Management
Corporate Affairs
Transaction Management
Relevant Roles
Legal Counsel
Property Manager
Asset Manager
Contract Manager
Commercial Director
Chief Financial Officer
Risk Manager
Compliance Officer
Business Development Manager
Operations Director
Facility Manager
Real Estate Manager
Transaction Manager
Corporate Counsel
Purchase Manager
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