The Mortgage Assumption Agreement is a crucial document in German real estate financing that enables the transfer of existing mortgage obligations to a new party. This agreement is commonly used in property sales where the buyer wishes to assume the seller's existing mortgage, in family property transfers, or in corporate restructuring involving real estate assets. The document must comply with German civil law requirements, particularly the provisions of the BGB regarding debt assumption (Schuldübernahme) and mortgage rights (Hypothekenrecht). It includes detailed information about the property, existing mortgage terms, parties involved, and requires registration in the Grundbuch (land register). The agreement must be notarized and typically requires the lender's explicit consent. It serves to document the transfer of obligations while protecting the interests of all parties involved, including the original borrower, the assuming party, and the lender.
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1. Parties: Identification of all parties: Original Borrower (Transferor), Assuming Party (Transferee), and Lender
2. Background: Context of the original mortgage, property details, and reason for assumption
3. Definitions: Key terms used throughout the agreement including Property, Existing Mortgage, Assumption Date, etc.
4. Subject Matter of Assumption: Detailed description of the mortgage being assumed, including principal amount, interest rate, and terms
5. Terms of Assumption: Specific conditions under which the assumption takes place, including effective date and transfer of obligations
6. Representations and Warranties: Declarations by both transferor and transferee regarding their capacity and authority to enter into the agreement
7. Transferor's Release: Terms of release of the original borrower from mortgage obligations
8. Payment Terms: Confirmation of payment arrangements, including any adjustment of instalments or payment schedules
9. Property Registration: Requirements and procedures for updating the land register (Grundbuch)
10. Costs and Taxes: Allocation of transaction costs, registration fees, and applicable taxes
11. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction for disputes
12. Execution: Signature requirements and notarization provisions
1. Additional Security: Required when additional collateral or guarantees are being provided by the assuming party
2. Insurance Requirements: Included when specific insurance arrangements need to be transferred or established
3. Property Management: Needed when there are specific requirements regarding property maintenance or management
4. Default Provisions: Detailed consequences of default, if different from or additional to the original mortgage terms
5. Due Diligence Findings: Included when specific findings from property or financial due diligence need to be addressed
6. Transitional Provisions: Required when there are specific arrangements for the transition period
7. Third Party Consents: Needed when additional parties' consents are required for the assumption
1. Property Description: Detailed legal description of the mortgaged property, including land register details
2. Existing Mortgage Terms: Complete copy or summary of the original mortgage agreement terms
3. Payment Schedule: Updated amortization schedule showing remaining payments
4. Land Register Extract: Current extract from the Grundbuch showing property ownership and encumbrances
5. Identity Documents: Copies of identification documents and proof of authority for all signing parties
6. Financial Information: Current mortgage statement and payment history
7. Required Declarations: Statutory declarations required under German banking and anti-money laundering laws
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