The Residential Resale Condominium Property Purchase Contract is a legally binding document used in Germany for the sale and purchase of existing condominium units. This document is essential when transferring ownership of a residential condominium unit from an existing owner to a new buyer in the German market. It must comply with strict German legal requirements, including mandatory notarization under the German Civil Code (BGB) and specific provisions of the German Condominium Act (WEG). The contract includes comprehensive details about the property, parties involved, purchase price, payment terms, transfer of ownership procedures, and specific rights and obligations related to condominium ownership. It also addresses matters concerning the condominium association, common property rights, and ongoing obligations. This document type is particularly important as it ensures legal certainty in property transactions while addressing the unique aspects of condominium ownership under German law.
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1. Parties: Identification of seller(s) and buyer(s) with full legal names, addresses, and marital status as required under German law
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement, including property-specific and legal terminology
4. Property Description: Detailed description of the condominium unit, including land register details (Grundbuch), exact location, size, and associated rights
5. Purchase Price: Specification of the purchase price, payment terms, and escrow arrangements
6. Payment Terms: Detailed payment schedule, banking information, and conditions for release of funds
7. Property Transfer: Terms for the transfer of ownership (Auflassung) and registration in the land register
8. Representations and Warranties: Seller's declarations regarding property condition, encumbrances, and other material facts
9. Condominium Association Matters: Details regarding membership in the homeowners association, common property rights, and obligations
10. Handover Conditions: Terms for physical handover of the property, including condition requirements and timing
11. Costs and Taxes: Allocation of transaction costs, transfer taxes, and other fees between parties
12. Notice and Registration Priority: Priority notice of conveyance (Auflassungsvormerkung) and registration requirements
13. Execution: Notarization requirements and signing provisions
1. Mortgage Release: Required when existing mortgages need to be cleared, specifying the process and conditions
2. Renovation Agreement: Used when specific renovations are agreed to be completed before or after the sale
3. Furniture and Fixtures: Required when the sale includes specific furniture or fixtures beyond standard built-in items
4. Tenant Provisions: Needed when the property is currently rented and includes provisions regarding existing tenancy
5. Special Use Rights: Required when there are special rights (e.g., parking, storage, garden usage) that need to be specifically addressed
6. Defects Liability: Special provisions regarding known defects or ongoing repairs
7. Commission Agreement: Required when real estate agents are involved, specifying commission arrangements
1. Floor Plan: Detailed floor plan of the condominium unit and common areas
2. Land Register Extract: Current extract from the land register (Grundbuchauszug)
3. Declaration of Division: Copy of the condominium declaration (Teilungserklärung)
4. House Rules: Current house rules and regulations of the condominium association
5. Property Management Agreement: Current property management contract and terms
6. Energy Certificate: Mandatory energy efficiency certificate (Energieausweis)
7. Meeting Minutes: Recent condominium association meeting minutes and resolutions
8. Maintenance Plan: Current maintenance and renovation plan of the condominium association
9. Property Condition Report: Documentation of current property condition and any known defects
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Property Management
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Real Estate Attorney
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Real Estate Agent
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