The Contract of Real Estate Mortgage (Grundschuldbestellung) is a fundamental document in German property financing transactions. It is used when a property owner needs to secure a loan or financial obligation by creating a security interest in real estate. The document must comply with strict German legal requirements, including mandatory notarization and registration in the land register (Grundbuch). It contains essential information about the mortgaged property, the secured amount, and enforcement provisions. This type of agreement is commonly used in both commercial and residential property financing, providing banks and financial institutions with security while allowing property owners to access financing. The document's format and content are heavily regulated by German law, particularly the German Civil Code (BGB) and the Land Registration Code (GBO), ensuring standardization and legal certainty in property financing transactions.
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1. Parties: Identification of the mortgagor (property owner) and mortgagee (typically a bank or financial institution), including full legal names, addresses, and registration details for legal entities
2. Background: Context of the mortgage agreement, including reference to any underlying loan agreement or credit facility
3. Definitions: Definitions of key terms used throughout the document
4. Property Details: Detailed description of the mortgaged property, including land registry details (Grundbuch information), exact location, and cadastral references
5. Mortgage Amount and Terms: Specification of the mortgage amount, interest rates, and payment terms
6. Creation of Mortgage: Legal declarations necessary for creating the mortgage (Grundschuld) and registration in the land register
7. Purpose Security: Declaration of the security purpose (Sicherungszweck) of the mortgage
8. Representations and Warranties: Mortgagor's declarations regarding property ownership, absence of encumbrances, and authority to grant the mortgage
9. Mortgagor's Obligations: Ongoing obligations including property maintenance, insurance, and payment of taxes
10. Enforcement Provisions: Terms for enforcement of the mortgage, including submission to immediate enforcement (Unterwerfung unter die sofortige Zwangsvollstreckung)
11. Costs and Fees: Allocation of costs for creation, registration, and enforcement of the mortgage
12. Notices: Process and addresses for serving legal notices
13. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction of German courts
1. Priority Agreement: Required when there are multiple mortgages on the property and agreement on ranking is needed
2. Insurance Requirements: Detailed insurance obligations when specific insurance requirements go beyond standard provisions
3. Property Management: Required when specific property management obligations are imposed on the mortgagor
4. Assignment of Rents: Included when rental income from the property is assigned as additional security
5. Construction Provisions: Required when the mortgage relates to property under construction or renovation
6. Cross-Collateralization: Included when the mortgage serves as security for multiple loans or facilities
7. Release Provisions: Terms for partial release of the mortgage, typically needed for property developments
1. Property Description Schedule: Detailed technical description of the property including boundaries, easements, and registered encumbrances
2. Land Register Extract: Current certified extract from the land register (Grundbuchauszug)
3. Payment Schedule: Detailed breakdown of payment obligations and dates if applicable
4. Property Plans: Official property plans and cadastral maps
5. Power of Attorney: If applicable, powers of attorney for registration proceedings
6. Insurance Certificates: Copies of required insurance policies
7. Prior Rankings: List of prior ranking mortgages or land charges if applicable
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