The Mortgage Assignment Agreement is a crucial document used in German real estate and banking transactions for transferring mortgage rights from one party to another. It is commonly used in portfolio sales, loan refinancing, or restructuring scenarios where mortgage rights need to be transferred while the underlying property ownership remains unchanged. The agreement must comply with strict German legal requirements, including the provisions of the BGB (German Civil Code) regarding both assignment of rights and real estate security interests. The document typically includes detailed provisions about the mortgage being transferred, the underlying property, consideration for the transfer, and necessary steps for registration in the German land registry (Grundbuch). It is particularly important in the German market due to the formal nature of property transactions and the need for proper documentation for land registry purposes.
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1. Parties: Identification of the Assignor (current mortgage holder) and Assignee (new mortgage holder), including full legal names, registration details, and addresses
2. Background: Context of the assignment, including details of the original mortgage, the underlying property, and the reason for the assignment
3. Definitions: Defined terms used throughout the agreement, including 'Mortgage', 'Property', 'Completion Date', 'Assignment', etc.
4. Assignment: Core provision detailing the assignment of the mortgage rights from Assignor to Assignee
5. Purchase Price: Details of the consideration paid for the assignment, payment mechanics and timing
6. Completion: Specifications for the completion process, including timing, deliverables, and registration requirements
7. Assignor's Representations and Warranties: Confirmations regarding the validity of the mortgage, absence of encumbrances, authority to assign, etc.
8. Registration and Notifications: Provisions regarding land registry registration and required notifications to relevant parties
9. Costs and Taxes: Allocation of costs, including registration fees, notary fees, and any applicable taxes
10. Governing Law and Jurisdiction: Confirmation of German law as governing law and jurisdiction of German courts
1. Security Assignment: Additional provisions where the mortgage assignment is itself being provided as security for another obligation
2. Consumer Protection Provisions: Required when the underlying mortgage relates to residential property and involves a consumer
3. Portfolio Assignment Provisions: Required when the assignment is part of a larger portfolio transfer of multiple mortgages
4. Data Protection: Specific provisions regarding handling of personal data, required when the underlying mortgage involves personal data of natural persons
5. Further Assurance: Additional provisions regarding cooperation in obtaining necessary consents or completing formalities
6. Servicing Arrangements: Required when the servicing of the mortgage will be handled by a third party or the assignor post-assignment
1. Property Description: Detailed description of the mortgaged property, including land registry details and cadastral information
2. Mortgage Details: Full details of the mortgage being assigned, including registration details, principal amount, and key terms
3. Form of Land Registry Application: Draft of the required application for registration of the assignment in the land registry
4. Form of Notices: Ƶ for notices to be sent to the property owner/mortgagor and other relevant parties
5. Completion Checklist: List of actions, deliverables and requirements for completion of the assignment
6. Power of Attorney: If required, form of power of attorney for registration purposes
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