Net cold rent lease contract clause for real estate loan

Yes, someone is here.
I wouldn’t sign the contract if I couldn’t fulfill it. For example, we are extremely picky with our commercial clients and somewhat picky in the private client business. So once again: talk to the bank before the damage is done.
And if the clause is written in the contract as you described, you won’t get a payout from 95% of banks without a rental contract...

As I said, our financial advisor said the payout is NOT tied to the rental contract.
In other words, we would have to submit the rental contract sometime after moving in.
Since I read the contract differently, we will definitely talk directly with the bank representative again tomorrow; he should know better what is meant.

If the payout is tied to the rental contract, then the matter is settled anyway. How are we supposed to already have a tenant before we’ve even bought the house...? (Of course, if someone were already living there, there wouldn’t be a problem.)
Especially since the rental apartment still needs to be renovated.
With the current overload of craftsmen and Corona, that can easily take longer than it usually does.

If it’s the other way around, meaning the rental contract must first be submitted after the payout, then the problem is of course also not solved.
But it would be nice if they could tell me how the bank would actually proceed with us if we couldn’t provide a rental contract after, say, half a year or a year.

It could very well be that it simply doesn’t work out.
The house is, as I said, somewhat outside in the countryside; tenants don’t exactly line up for it there.
In the house where we are currently renting, we’ve always sublet, and it has sometimes taken up to half a year to find a new tenant.
If we still reliably paid our installments, would they then still terminate the mortgage loan solely because of the missing rental contract?

There is no need for a "industry expert" (not gender-neutral - sorry), but simply basic reading skills. The bank can terminate the contract - whether they will actually do it, no one here can tell you, since probably no one here works at "your" bank...

From a legal perspective, it would actually be interesting whether anything else on this topic is stated somewhere else in the contract?! Normally, no one would sign such a contract with such a one-sided clause, or one would have to insist on a release clause.

Greets
ZW

This does not require a "industry expert" (not gender-neutral - sorry), but simply basic reading skills. The bank can terminate the contract – whether they actually do it, no one here can tell you, since apparently no one here works at "your" bank...

From a legal perspective, it would actually be interesting to see if there is anything else in the contract on this topic?! Normally, no one would sign such a contract with such a one-sided clause, or one would definitely have to demand a clause allowing exceptions.

Greets ZW

So directly next to the clause there is nothing. Nothing like "if no rental agreement is presented, then xy happens".

I read it as a payout condition and I just assume they are basically lenient regarding the deadline by which you have to present it, but legally protected because it is formulated as a payout condition. I somehow can't imagine that this is not legally watertight with a big bank, but I'll just ask again. Generally, at this time of day, nothing really useful comes up on the internet anymore...

As I said, our financial advisor said the payout is NOT tied to the rental contract. In other words, we would just have to submit the rental contract sometime after moving in.

But you posted the text from the contract. That cannot be interpreted! And the advisor earned her commission after the contract was signed and was never seen again. Or she says at payout, "Oh, I'm terribly sorry, but I understood it differently." So that doesn't help you.

But it would be nice if you could answer me how the bank would actually proceed with us if we could not submit a rental contract after, say, half a year or a year.

Only your contracting partner, i.e. the bank, can say that. Your advisor's word always loses against written contracts with your contracting partner.

If we still reliably paid our installments, would they still terminate the mortgage loan just because of the missing rental contract?

Ask your bank! Third time, the same answer to the third time asking.

So nothing like "if no rental contract is presented, then xy happens".

Yes, it is a payment condition. Classic if-then. If no rental contract, then no payment. Digital decision.

I just assume that they are simply being accommodating,

Some builders have been driven into ruin by an "I assume". Just assume that contracts are fulfilled. You expect that from your bank as well.

And by the way, renting out before completion is completely normal. That is not a legal pitfall. Just as normal as developers selling their apartments and houses long before they are built.

Yes, it says payout condition. Classic if-then. If no MV then no payout. Digital decision.

Some builders have been driven to ruin by an "I assume". Just assume that contracts will be fulfilled. You expect that from your bank as well.

And by the way, renting before completion is completely normal. It's not a legal pitfall. Just as normal as developers selling their apartments and houses long before they are built.

Yeah yeah, got it already. We’ll call the bank directly tomorrow morning, like I said. But if you only get such a nasty surprise late in the evening, it’s understandable that you hope to get a preliminary assessment of the situation. Eventually, you have to go to sleep...

Still pretty surprised that people rent apartments before they’re finished. As a tenant, I would never in my life come up with the idea to rent a "pig in a poke." "Yes, it all looks like junk now, but it’ll be really nice. You can trust me on that. Please just sign here."