The Assignment Of Real Estate Purchase Contract is a crucial document used in German real estate transactions when the original purchaser wishes to transfer their rights and obligations under an existing purchase contract to a new buyer. This arrangement is particularly common in property development, investment scenarios, or when the original purchaser cannot complete the transaction. The document must comply with strict German legal requirements, including mandatory notarization under the German Civil Code (BGB). It contains detailed provisions about the assignment of rights, obligations, and liabilities, payment terms, and necessary representations and warranties. The document typically requires coordination with the land registry (Grundbuch) and may need the original seller's consent, depending on the terms of the original purchase contract. It serves as a bridge between the original purchase agreement and the new purchaser while maintaining legal certainty for all parties involved.
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1. Parties: Identification of the Assignor (original purchaser), Assignee (new purchaser), and Original Seller
2. Background: Context of the original purchase contract and reasons for assignment
3. Definitions: Key terms including 'Original Purchase Contract', 'Property', 'Purchase Price', 'Assignment Date'
4. Assignment: Core provision transferring all rights and obligations under the Original Purchase Contract from Assignor to Assignee
5. Purchase Price and Payment Terms: Details of consideration paid by Assignee to Assignor for the assignment and payment mechanics
6. Representations and Warranties: Assignor's confirmations regarding their rights to assign, status of the Original Purchase Contract, and absence of defaults
7. Obligations and Responsibilities: Specific duties of each party regarding the assignment and completion of the purchase
8. Cooperation: Parties' obligations to cooperate in completing necessary formalities and registrations
9. Notices: Communication requirements and contact details for all parties
10. Governing Law: Confirmation of German law application and jurisdiction
11. Execution: Formal execution blocks meeting German notarial requirements
1. Consent of Original Seller: Required if the Original Purchase Contract prohibits assignment without seller's consent
2. Outstanding Payments: Include if there are any deposits or payments already made under the Original Purchase Contract
3. Broker Provisions: Include if there are real estate agents involved in the assignment transaction
4. Tax Provisions: Specific tax arrangements between parties if relevant
5. Financing Arrangements: Include if the assignment involves specific financing conditions or requirements
6. Default and Remedies: Detailed provisions for breach scenarios, if more extensive than standard legal remedies are required
7. Interim Period Provisions: Include if there are specific arrangements between assignment and completion
1. Original Purchase Contract: Complete copy of the original real estate purchase contract being assigned
2. Property Details: Land register extract (Grundbuchauszug) and property description
3. Payment Schedule: Detailed breakdown of payments, including any deposits already paid and remaining amounts
4. Due Diligence Results: Summary of any property inspections or investigations carried out
5. Consent Documents: Written consents from relevant parties (if required)
6. Power of Attorney: If any party is acting through an attorney
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