The Assignment Of Real Estate Purchase And Sale Agreement is a critical document used in German real estate transactions when the original purchaser wishes to transfer their rights and obligations under an existing purchase agreement to a new buyer. This situation commonly arises in property development projects, investment restructuring, or when the original purchaser cannot complete the transaction. The document must comply with strict German legal requirements, including mandatory notarization under the Beurkundungsgesetz (Notarization Act) and registration with the Grundbuch (Land Registry). It contains comprehensive details about the original purchase agreement, the property, payment arrangements, and warranties, while ensuring all parties' rights are protected under German law. The assignment requires the original seller's consent and must address all financial, legal, and administrative aspects of the transfer.
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1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and Original Seller, including full legal names, addresses, and registration details if applicable
2. Background: Context of the original purchase agreement and the reason for assignment
3. Definitions: Key terms used throughout the agreement, including 'Original Purchase Agreement', 'Property', 'Assignment Date', etc.
4. Details of Original Purchase Agreement: Essential information about the original purchase agreement including date, parties, and property description
5. Assignment: Core provision assigning the rights and obligations under the original purchase agreement from Assignor to Assignee
6. Purchase Price and Payment: Details of the assignment price and payment terms between Assignor and Assignee
7. Assignor's Warranties: Warranties regarding the original agreement's validity, absence of prior assignments, and authority to assign
8. Assignee's Covenants: Assignee's commitment to perform all obligations under the original purchase agreement
9. Original Seller's Consent: Acknowledgment and consent of the original seller to the assignment
10. Notarization: Declaration that the agreement will be notarized as required by German law
11. Costs and Taxes: Allocation of notary fees, transfer taxes, and other costs
12. Governing Law: Confirmation of German law as governing law and jurisdiction
1. Deposit Assignment: Transfer of any deposit paid under the original agreement, used when a deposit exists
2. Conditions Precedent: Any conditions that must be met before the assignment becomes effective, used when specific prerequisites exist
3. Real Estate Agent Provisions: Provisions regarding real estate agent fees and responsibilities, included when agents are involved
4. Mortgage or Financing: Provisions regarding existing or new financing arrangements, included when relevant
5. Due Diligence: Provisions for the review of property documentation, included when the assignee requires investigation period
6. Environmental Matters: Specific provisions regarding environmental liabilities, included for commercial properties or known environmental issues
7. Construction Status: For properties under construction, provisions regarding completion obligations and warranties
1. Original Purchase Agreement: Copy of the complete original purchase and sale agreement
2. Property Description: Detailed legal description of the property including land registry details
3. Payment Schedule: Detailed breakdown of payment terms and timelines
4. Outstanding Obligations: List of remaining obligations under the original purchase agreement
5. Due Diligence Documents: List of property documents provided or to be provided
6. Required Consents: Copies of third-party consents required for the assignment
7. Power of Attorney: If applicable, power of attorney documentation for any party
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