The Property Purchase And Sale Agreement is a fundamental document used in German real estate transactions to legally transfer ownership of property between parties. It is essential for both residential and commercial property transactions in Germany and must be executed before a notary public to be legally valid. The agreement covers all crucial aspects of the property transfer, including detailed property description, purchase price, payment terms, warranties, and completion requirements. It must comply with various German regulations, particularly the German Civil Code (BGB), Land Registry Law (GBO), and Real Estate Transfer Tax Law (GrEStG). This document is typically used when parties have agreed on the basic terms of the sale and are ready to proceed with the formal property transfer process. It serves as the basis for the land registry entry and triggers various tax obligations and registration requirements.
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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 transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including exact address, land registry details, and cadastral information
5. Purchase Price: The agreed purchase price, payment terms, and payment mechanics
6. Condition of Property: Current state of the property, including any known defects or encumbrances
7. Pre-Completion Obligations: Obligations of both parties before completion, including obtaining necessary permits or clearances
8. Completion: Process and requirements for completing the transaction, including notarization requirements
9. Transfer of Ownership: Mechanics of transferring title (Auflassung) and registration in the land registry
10. Warranties: Statutory and additional warranties given by the seller regarding the property
11. Taxes and Costs: Allocation of transaction costs, including transfer tax, notary fees, and registration costs
12. Notices: Process for giving notices under the agreement
13. Governing Law: Confirmation of German law as governing law and jurisdiction
1. Tenant Rights: Required if the property is sold subject to existing tenancies
2. Mortgage Release: Required if there are existing mortgages to be discharged
3. Development Obligations: Required if the property is subject to ongoing or future development requirements
4. Environmental Provisions: Required if there are known environmental issues or specific requirements
5. Monument Protection: Required if the property is listed as a protected monument
6. Right of First Refusal: Required if there are any statutory or contractual pre-emption rights
7. VAT Election: Required if the transaction is subject to VAT
8. Intermediary Provisions: Required if real estate agents are involved in the transaction
1. Property Plan: Cadastral extract and property plans
2. Land Register Extract: Current extract from the land registry (Grundbuchauszug)
3. Inventory List: List of fixtures, fittings, and other items included in the sale
4. Energy Certificate: Current energy performance certificate (Energieausweis)
5. Building Permits: Copies of relevant building permits and certificates
6. Existing Leases: Copies of any existing lease agreements
7. Property Documentation: Technical documentation, floor plans, and maintenance records
8. Encumbrances: Details of any existing encumbrances, easements, or restrictions
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