The Owner Finance Contract is utilized in German real estate transactions where traditional bank financing is either not preferred or not available, enabling property sellers to finance the buyer's purchase directly. This document type must comply with stringent German legal requirements, including mandatory notarization (Beurkundung) and registration in the land register (Grundbuch). The agreement typically includes detailed provisions for the property transfer, financing terms, security arrangements through a land charge (Grundschuld), and specific consumer protection measures required under German law. It's particularly relevant in scenarios involving private property sales, family transactions, or cases where conventional mortgage financing may not be suitable. The document must address both the property transfer aspects governed by German property law and the financing elements regulated by German banking and consumer credit legislation.
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1. Parties: Identification of the seller/financier and buyer/borrower with full legal names, addresses, and registration details if applicable
2. Background: Context of the transaction, including property information and parties' intention to enter into an owner-financing arrangement
3. Definitions: Key terms used throughout the agreement, including Property, Purchase Price, Loan Amount, and Payment Terms
4. Property Description: Detailed legal description of the property as registered in the German Land Register (Grundbuch)
5. Purchase Price and Financing Terms: Total purchase price, down payment, financed amount, interest rate, and payment schedule
6. Security Arrangements: Details of the land charge (Grundschuld) registration and other security measures
7. Payment Terms and Conditions: Specific payment obligations, including monthly payments, payment methods, and due dates
8. Default and Remedies: Consequences of payment default and seller's remedies under German law
9. Property Transfer and Registration: Process and conditions for transferring property ownership and registration in the Grundbuch
10. Insurance and Maintenance: Requirements for property insurance and maintenance obligations
11. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
12. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
13. Miscellaneous Provisions: Standard clauses including severability, amendments, and notices
1. Early Repayment Terms: Include when allowing early repayment options, specifying any prepayment penalties or conditions
2. Property Management: Include when specific property management arrangements are required during the financing period
3. Transfer Restrictions: Include when there are specific restrictions on property transfer or refinancing
4. Co-signer Provisions: Include when there are additional guarantors or co-signers for the financing
5. Commercial Use Provisions: Include when the property may be used for commercial purposes
6. Renovation/Construction Terms: Include when the property requires renovation or construction work
7. Mediation Clause: Include when parties agree to mediation before litigation
1. Schedule A - Property Details: Detailed property description, including land registry excerpts and property plans
2. Schedule B - Payment Schedule: Amortization table showing payment breakdown, principal, and interest calculations
3. Schedule C - Property Condition Report: Current condition assessment and any known defects
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
5. Schedule E - Property Documents: List of all property-related documents transferred to the buyer
6. Appendix 1 - Land Register Extract: Current extract from the Grundbuch showing property details and encumbrances
7. Appendix 2 - Property Plans: Official property plans and drawings
8. Appendix 3 - Energy Certificate: Required energy performance certificate (Energieausweis)
Relevant legal definitions
Agreement
Property
Purchase Price
Down Payment
Financed Amount
Interest Rate
Payment Date
Due Date
Default Rate
Seller
Buyer
Effective Date
Closing Date
Monthly Payment
Land Charge
Land Register
Property Title
Security Interest
Notarial Deed
Permitted Use
Insurance Requirements
Property Rights
Transfer Date
Registration Requirements
Payment Schedule
Prepayment
Default Event
Property Documents
Building Permits
Encumbrances
Legal Costs
Transfer Tax
Notary Fees
Registration Fees
Property Inspection
Energy Certificate
Business Day
Banking Day
Force Majeure
Material Adverse Change
Representations and Warranties
Security Documents
Payment Account
Property Manager
Maintenance Requirements
Insurance Provider
Amortization Schedule
Early Repayment
Default Notice
Remedial Period
Governing Law
Jurisdiction
Property
Purchase Price
Down Payment
Financed Amount
Interest Rate
Payment Date
Due Date
Default Rate
Seller
Buyer
Effective Date
Closing Date
Monthly Payment
Land Charge
Land Register
Property Title
Security Interest
Notarial Deed
Permitted Use
Insurance Requirements
Property Rights
Transfer Date
Registration Requirements
Payment Schedule
Prepayment
Default Event
Property Documents
Building Permits
Encumbrances
Legal Costs
Transfer Tax
Notary Fees
Registration Fees
Property Inspection
Energy Certificate
Business Day
Banking Day
Force Majeure
Material Adverse Change
Representations and Warranties
Security Documents
Payment Account
Property Manager
Maintenance Requirements
Insurance Provider
Amortization Schedule
Early Repayment
Default Notice
Remedial Period
Governing Law
Jurisdiction
Clauses
Property Sale
Purchase Price
Financing Terms
Security Interest
Property Transfer
Payment Terms
Default and Remedies
Property Registration
Title Warranties
Insurance
Property Maintenance
Representations and Warranties
Force Majeure
Assignment and Transfer
Notices
Amendment
Governing Law
Dispute Resolution
Severability
Entire Agreement
Property Usage
Early Termination
Interest Calculation
Default Interest
Property Inspection
Risk Transfer
Insurance Requirements
Property Management
Registration Requirements
Notarization
Tax Obligations
Costs and Expenses
Consumer Protection
Prepayment Rights
Land Charge
Property Handover
Documentation Requirements
Regulatory Compliance
Indemnification
Successors and Assigns
Purchase Price
Financing Terms
Security Interest
Property Transfer
Payment Terms
Default and Remedies
Property Registration
Title Warranties
Insurance
Property Maintenance
Representations and Warranties
Force Majeure
Assignment and Transfer
Notices
Amendment
Governing Law
Dispute Resolution
Severability
Entire Agreement
Property Usage
Early Termination
Interest Calculation
Default Interest
Property Inspection
Risk Transfer
Insurance Requirements
Property Management
Registration Requirements
Notarization
Tax Obligations
Costs and Expenses
Consumer Protection
Prepayment Rights
Land Charge
Property Handover
Documentation Requirements
Regulatory Compliance
Indemnification
Successors and Assigns
Relevant Industries
Real Estate
Private Banking
Financial Services
Property Development
Construction
Legal Services
Insurance
Residential Property
Commercial Property
Property Management
Relevant Teams
Legal
Real Estate
Finance
Compliance
Risk Management
Property Management
Investment
Document Management
Contract Administration
Due Diligence
Relevant Roles
Real Estate Attorney
Property Lawyer
Real Estate Agent
Property Manager
Financial Advisor
Mortgage Specialist
Legal Counsel
Notary
Property Developer
Real Estate Investment Manager
Contract Manager
Risk Assessment Officer
Compliance Officer
Real Estate Transaction Coordinator
Property Finance Specialist
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