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Addendum To Remove Buyer From Purchase Contract

Addendum To Remove Buyer From Purchase Contract Template for Germany

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Key Requirements PROMPT example:

Addendum To Remove Buyer From Purchase Contract

I need an Addendum To Remove Buyer From Purchase Contract for a residential property in Munich, where one spouse needs to be removed from the original purchase contract dated January 15, 2025, due to divorce proceedings, and the remaining spouse will take over the existing mortgage obligations.

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Document background
The Addendum To Remove Buyer From Purchase Contract is a critical legal document used in German real estate transactions when one buyer needs to be removed from an existing purchase agreement. This situation commonly arises in cases of divorce, partnership dissolution, or when one party can no longer fulfill their contractual obligations. The document must comply with strict German legal requirements, including mandatory notarization under the German Civil Code (BGB). It addresses crucial elements such as the release of the departing buyer's obligations, reallocation of responsibilities to remaining buyers, and any necessary modifications to financing arrangements. The addendum must be properly registered with the land registry (Grundbuch) and may require additional approvals from mortgage lenders. It serves as a legally binding modification to the original purchase contract while ensuring all parties' rights and obligations are clearly defined and protected.
Suggested Sections

1. Parties: Identification of all current parties to the original purchase contract (all buyers and sellers)

2. Background: Reference to the original purchase contract including date, property details, and notarization information

3. Definitions: Key terms used in the addendum, including 'Original Contract', 'Departing Buyer', 'Remaining Buyer(s)', and 'Property'

4. Removal of Buyer: Express statement of the removal of the specified buyer from the purchase contract

5. Continuing Obligations: Confirmation that remaining buyer(s) assume full responsibility for all obligations under the original contract

6. Release of Departing Buyer: Terms of release for the departing buyer from future obligations

7. Original Contract Validity: Confirmation that all other terms of the original contract remain unchanged and in full force

8. Effective Date: Specification of when the removal becomes effective

9. Execution: Signature blocks for all parties and notarial certification requirements

Optional Sections

1. Financial Settlement: Include when there are financial arrangements between buyers regarding the departure

2. Mortgage Provisions: Include when there are existing mortgage arrangements that need to be addressed

3. Consent of Lender: Include when mortgage lender's consent is required for the removal of a buyer

4. Tax Declarations: Include when there are specific tax implications that need to be addressed

5. Indemnification: Include when specific indemnification arrangements between buyers are needed

Suggested Schedules

1. Original Purchase Contract: Copy of the original purchase contract being modified

2. Lender's Consent: If applicable, written consent from the mortgage lender

3. Financial Settlement Agreement: If applicable, details of any financial arrangements between the buyers

4. Property Registration Documents: Current land registry extract (Grundbuchauszug) showing current ownership status

5. Power of Attorney: If applicable, authorization documents for any party acting through representatives

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Banking & Finance

Legal Services

Property Development

Construction

Residential Housing

Commercial Property

Property Investment

Property Management

Relevant Teams

Legal

Real Estate

Compliance

Property Management

Contract Administration

Risk Management

Corporate Affairs

Documentation

Transaction Services

Relevant Roles

Real Estate Attorney

Property Lawyer

Notary

Real Estate Agent

Property Manager

Contract Manager

Legal Counsel

Compliance Officer

Real Estate Transaction Manager

Mortgage Officer

Property Developer

Real Estate Investment Manager

Legal Administrator

Title Officer

Industries
BGB § 311 - Legal Transactions and Similar Obligations: Governs the formation and modification of contracts, including requirements for contract amendments
BGB § 313 - Interference with the Basis of the Transaction: Addresses circumstances where significant changes to the contract occur and the legal consequences
BGB § 420-432 - Joint Obligations: Regulates situations involving multiple debtors or creditors, relevant when removing one party from a contract
BGB § 873 - Acquisition by Agreement and Registration: Specifies requirements for property transfers and modifications to property agreements
BeurkundungsG § 11 - Notarial Authentication: Mandates notarization requirements for real estate contracts and their modifications
GBO § 19 - Land Registry Requirements: Outlines requirements for changes in land registry entries when modifying property purchase agreements
BGB § 398 - Assignment of Claims: Relevant for transferring rights and obligations when modifying contract parties
Teams

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