The Mortgage Affidavit (Grundschuldbestellung) is a crucial document in German real estate financing, required whenever a property is used as security for a loan. This document is mandatory under German law and must be executed before a notary public. It contains detailed information about the property, the mortgage amount, interest terms, and enforcement provisions. The affidavit is used in both residential and commercial property transactions and forms the basis for registering the mortgage in the German Land Register (Grundbuch). It's particularly important because German law requires strict formalities for creating valid security interests in real property, and the Mortgage Affidavit serves as the primary instrument for establishing these rights. The document must comply with various German regulations, including the Civil Code (BGB), Land Register Code (GBO), and banking regulations.
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1. Parties: Identification of the property owner(s) (Grundstückseigentümer) and the mortgagee (typically a bank)
2. Background: Brief context of the mortgage arrangement and reference to the underlying loan agreement
3. Definitions: Key terms used in the affidavit, including property description, mortgage amount, and interest terms
4. Property Details: Full legal description of the property as registered in the land register (Grundbuch), including plot numbers and registry details
5. Mortgage Declaration: Formal declaration creating the mortgage (Grundschuld) and specifying the amount
6. Interest and Ancillary Payments: Declaration of interest rate and any additional payments secured by the mortgage
7. Immediate Enforceability: Submission to immediate enforcement (Unterwerfung unter die sofortige Zwangsvollstreckung)
8. Assignment Rights: Provisions regarding the bank's right to assign the mortgage
9. Security Purpose Declaration: Statement of the security purpose of the mortgage (Sicherungszweckerklärung)
10. Owner Representations: Declarations regarding ownership, absence of encumbrances, and authority to grant the mortgage
1. Multiple Owner Provisions: Required when there are multiple property owners, defining their relationships and obligations
2. Priority Notice: Provisions for registration of a priority notice (Vormerkung) if immediate registration is not possible
3. Foreign Currency Provisions: Required when the underlying loan is in a currency other than Euro
4. Special Payment Terms: Included when there are specific repayment arrangements or conditions
5. Property Use Restrictions: Required for commercial properties or when specific use restrictions apply
6. Previous Mortgage Discharge: Included when existing mortgages need to be discharged
1. Property Description Schedule: Detailed technical description of the property including boundaries, easements, and registered encumbrances
2. Land Register Extract: Current extract from the land register (Grundbuchauszug)
3. Payment Schedule: Details of interest calculations and payment terms if applicable
4. Power of Attorney: If applicable, authorization documents for representatives
5. Previous Encumbrances: List of existing mortgages or other encumbrances if any
6. Property Valuation: Summary of the official property valuation
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