Notarial purchase agreement of a property

Hello

My wife and I want to purchase a plot of land from a company and have it developed by a building contractor under a contract for work and services. The plot is being newly subdivided, which is why the various plot numbers are also listed in the contract.

Since we are not very familiar with the technical terms, we wanted to know if the contract listed below is okay.

Please assist

THX

From
S.






URNr. /2011 H
[CENTER]Register of Documents No. /2011 H
[/CENTER]


[CENTER]P u r c h a s e A g r e e m e n t
[/CENTER]

Today, the
two thousand eleven,
[CENTER]- -
[/CENTER]
appeared before me,
[CENTER]Kurt xxxxxx
[/CENTER]
[CENTER]Notary with official seat in xxxxx
[/CENTER]
at the office in xxxx, xxx street


1. As Seller:

The company
[CENTER]xxxx
[/CENTER]

represented herein by Mr. Wolfgang xxxx, surveying engineer, with business address in xxxx, personally known,

based on the power of attorney presented today in original, of which a certified copy is attached to this deed.

2. As Buyer:

The married couple, Mr. xxxxx, born on x. xx 19xx, and Mrs. xxxx, born xxxx, born on xxx 19xx, according to their statements ………., residing in xxxxx
identified by their identity cards.

After informing about the content of the land register, I certify at the request and in the simultaneous presence of the persons appearing their declarations according to the following


[CENTER]P u r c h a s e A g r e e m e n t:
[/CENTER]

The buyer received the draft of this agreement fourteen days prior to notarization. The buyer declares that he had sufficient opportunity to review the subject matter of the notarization in advance.


[CENTER]§ 1
[/CENTER]
[CENTER]Preliminary remarks
[/CENTER]

In the land register of the district court xxxx
the company xxxx in xxxx,
is registered as owner of the following real estate:
[CENTER]District xxx
[/CENTER]

Serial No. 778
Parcel No. 5080/1 Building and open space,
xxxxx with 548 m²,

Serial No. 779
Parcel No. 5080/2 Building and open space,
xxxx with 533 m²,

Serial No. 780
Parcel No. 5080/3 Building and open space,
xxxx with 471 m².

These plots are recorded free of encumbrances in sections II and III of the land register.


The seller is registered in the land register under xxxxxx. If necessary, correction of the land register will be applied for.

The company xxxxxx has concluded an agreement regarding the settlement of the development contribution for the real estate. Furthermore, the city of xxxx has levied a one-time sewage contribution with a contribution notice for the real estate.

The settlement amount and the contribution have been paid.

The aforementioned plots were merged and subdivided into different plots according to the continuation notification, file no.: …… by the surveying and cadastral office xxxx. Among others, the following new plot areas have arisen:

The parcel numbers listed below are provisional parcel numbers; after submission of the continuation notification, these will be replaced by the new official parcel numbers:

Parcel No. 5080/D approx. 326 m²,

Parcel No. 5080/G approx. 137 m².

The location of these plot areas is shown in the site plan attached to this deed, which was presented to the parties for review.


[CENTER]§ 2
[/CENTER]
[CENTER]Sale, Buyer's obligation
[/CENTER]

The xxxx, represented as stated,
- hereinafter "the seller" -
sells
[CENTER]to
[/CENTER]
the married couple xxx and xxxx
as co-owners each with half,

- hereinafter "the buyer" -

a) the above-described newly created plot
Parcel No. 5080/D,

b) as well as a co-ownership share of 1/5 in the
above-described newly created plot
Parcel No. 5080/G,

with all associated rights, components and accessories.

The object of purchase (Parcel No. 5080/D) is to be developed with a detached single-family house.

[CENTER]§ 3
[/CENTER]

[CENTER]Purchase price
[/CENTER]

The purchase price amounts to xxxx,-- EUR
- in words xxxxxx-----.

This purchase price includes the costs of initial development.

The seller declares regarding the tax number xxxx:
This purchase contract is settled as a VAT-exempt service according to § 4 number 9 letter a) of the German VAT Act.

This real estate purchase price is to be paid no later than
on ………..

The purchase price is to be paid exclusively to the seller's account at xxxxxx.

The payment reference to be stated is: "Plot sale xxxx, Buyer xxxx".

The entry of a priority notice of conveyance as a condition for maturity was waived after instruction by the notary.

From the due date on, the unpaid portion of the purchase price shall bear statutory default interest pursuant to § 288 of the German Civil Code until credited to the recipient's account, without this constituting a grace period.




[CENTER]§ 4
[/CENTER]
[CENTER]Submission to enforcement
[/CENTER]

The buyer submits to immediate enforcement out of this deed with regard to the obligation to pay the purchase price against all of his assets.

Multiple buyers are jointly and severally liable.


[CENTER]§ 5
[/CENTER]
[CENTER]Financing of the purchase price
[/CENTER]

Among other things, the buyer intends to encumber the purchase object with land charges before the change of ownership, with any amount, content and rank.

To enable the buyer to do so, the seller undertakes to cooperate in the establishment of enforceable land charges (also according to § 800 ZPO) as the current owner of the property.

This obligation to cooperate exists only if the following agreements are included in the land charge deeds:

1. The land charge holder may realize or retain the land charge only to the extent that payments with redemption effect on the purchase price have actually been made. If the land charge is to be returned, only its cancellation can be requested, not assignment or waiver. All other declarations of purpose, security and realization agreements inside or outside this deed only apply after the full payment of the purchase price. From this moment on they apply for and against the buyer as the new security provider.

2. Payments by the creditor up to the amount of the purchase price are to be made exclusively to the account of the seller named in § 3 of this deed.

Payment instructions to the creditor shall be irrevocable.

3. The seller assumes no personal payment obligations in connection with the land charge ordering. The buyer undertakes to indemnify the seller from all costs and other consequences of the land charge ordering.

The seller grants the buyer power of attorney to represent him in all the aforementioned legal acts. The buyer is also authorized to give rank declarations of all types and to assign ownership rights and claims to himself conditionally pending full payment of the purchase price. He is exempted from the restrictions of § 181 German Civil Code to this extent.

This power of attorney is unlimited externally; it can only be exercised at the notary offices of notaries xxxxx and xxxx in Sxxxxt.


[CENTER]§ 6
[/CENTER]
[CENTER]Possession, benefits, risk and burdens
[/CENTER]

1. Possession and benefits pass to the buyer as of the payment of the purchase price.

2. The risk of accidental loss and accidental deterioration passes to the buyer as of the time of transfer of benefits. The duty to take care of traffic safety also transfers to the buyer at this time.

3. Property tax shall be borne by the buyer from ……..

4. All contribution notices issued from ………
as well as all public charges and burdens are to be borne by the buyer from the same time.
[CENTER]§ 7
[/CENTER]
[CENTER]Warranty
[/CENTER]

The seller undertakes to provide the buyer the property free of registered rights of third parties in the land register.

The seller has no knowledge of any existing old easements or building encumbrances.

The property is neither rented nor leased.

The property was thoroughly inspected by the buyer and is sold in its current condition, as it stands today.

Accordingly, all rights and claims of the buyer due to defects of the contractual object are excluded, especially regarding the area size, usability and condition of the property, as well as harmful soil changes or contaminated sites. The seller assumes no special guarantees.

However, the seller cannot invoke the above exclusion of liability if he has fraudulently concealed a defect.


[CENTER]§ 8
[/CENTER]
[CENTER]Right of pre-emption, approvals
[/CENTER]

The notary is commissioned to send a copy of this deed to the city of Ludwigshafen am Rhein and to request a statement as to whether it exercises its right of pre-emption.

All declarations and notices, including those of the parties, shall be deemed served upon receipt by the notary and thus legally effective.

[CENTER]§ 9
[/CENTER]
[CENTER]Powers of attorney
[/CENTER]

1. The parties authorize for themselves and their heirs the
notary to do everything necessary or deemed expedient by him within the scope of executing this contract. In this context, the notary is authorized to approve the entry of the change of ownership, to submit applications to the land registry office and other authorities, to amend, supplement and withdraw them, to submit applications separately, to combine applications, to correct substantive declarations if necessary also in content e.g. by changing and supplementing approvals, as well as to receive approvals for the parties.

The notary is exempted from the restrictions of § 181 German Civil Code.

At the same time, the parties authorize each employee at the notary's office, in particular the notary assistants Mrs. xxxx and Mrs. xxx, individually and freed from § 181 German Civil Code, to issue and receive further declarations if they prove to be necessary or expedient afterwards.

Insofar as the buyer applies for the entry of a priority notice of conveyance, the authorized persons are also entitled to approve and request the deletion of the priority notice of conveyance then created in favor of the buyer. This power of attorney is restricted internally in such a way that it may only be exercised on instruction of the acting notary. The notary is instructed to issue this instruction only if the seller has informed him in writing that he has withdrawn from the purchase contract and the buyer does not prove within 3 weeks after request at the last known address that the purchase price has been paid. The land registry office has no duty to examine in this respect.

All powers of attorney expire upon completion of the land registry entry.


2. The buyer authorizes the seller, freed from the restrictions of § 181 German Civil Code, to establish a building encumbrance on the aforementioned property Parcel No. 5080/G to secure supply and disposal lines, if this is necessary for the future development of the adjoining residential plots. Accordingly, the seller is authorized also on behalf of the current buyer to issue and receive all declarations required or expedient for the registration of building encumbrances. Any building encumbrances thus established shall remain in effect and be assumed by the buyer.
[CENTER]§ 10
[/CENTER]
[CENTER]Notes
[/CENTER]

The notary pointed out in particular the following:

1. All agreements, especially the purchase price, must
be correctly and completely notarized.
Agreements not notarized are ineffective and call into question the validity of the entire contract.

2. The buyer becomes owner only upon entry of the change of ownership in the land register; this entry can only be made when the tax clearance certificate has been issued, confirmation is available that no statutory right of pre-emption exists or is exercised, and full payment of the purchase price is proven.

3. The notary has not inspected the register of building encumbrances.



[CENTER]§ 11
[/CENTER]
[CENTER]Declarations to the Land Registry Office
[/CENTER]

[CENTER]C o n v e y a n c e
[/CENTER]

1. The parties agree on the agreed transfer of ownership in the right of entitlement according to § 2.

This material agreement does not include approval of the land register. The approval of the entry of the change of rights is made by power of attorney through the notary.

2. The entry of a priority notice of conveyance is not desired despite instruction by the notary.

3. The parties exclude forever the right to demand the dissolution of the community regarding the plot
Parcel No. 5080/G (§ 1010 German Civil Code) and
approve and apply for the entry of this
exclusion in the land register.

4. Insofar as documents are submitted to the land registry office for the purpose of release from encumbrances, the parties simultaneously agree and apply for the execution.

5. Execution notifications from the land registry office shall be requested to be sent to the notary and all parties.


[CENTER]§ 12
[/CENTER]
[CENTER]Submission block
[/CENTER]

The seller instructs the notary to submit this contract
to the land registry office for change of ownership only when the seller has confirmed the payment of the purchase price in writing.


[CENTER]§ 13
[/CENTER]
[CENTER]Costs, taxes and copies
[/CENTER]

1. The costs of this deed, of the land registry execution as well as the applicable real estate transfer tax shall be borne by the buyer.

2. The seller and the buyer each receive one original and one certified copy of this deed.

The necessary copies for the land registry office and other authorities are to be made.


[CENTER]Read aloud by the notary,
[/CENTER]
[CENTER]approved by the parties
[/CENTER]
[CENTER]and signed in person:
[/CENTER]

Hello Tom,

...Since we are not really familiar with the technical terms, we wanted to know if the contract listed below is okay

Legal advice cannot be given to you here, as such advice in Germany is exclusively reserved for the consulting professions (lawyers).

Best regards

Thank you for the response.

And what if this contract were a sample contract that I had to check for accuracy for my seminar paper? (-;

Hello Tom,

And what if this contract were a sample contract that I had to check for correctness for my seminar paper? (-;

Then the libraries of the law faculty where you study would be available to you; quite certainly a doctoral advisor

Kind regards