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Mortgage Purchase Contract
"I need an Austrian law Mortgage Purchase Contract for the transfer of a 鈧2.5M residential mortgage portfolio from Austrian Bank AG to Deutsche Bank AG, with completion planned for March 2025; the transfer includes servicing rights and requires borrower notification."
1. Parties: Identification of all parties involved in the transaction, including full legal names, addresses, and registration details
2. Background: Context of the transaction, including brief description of the existing mortgage and reason for the purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase and Sale: Core terms of the mortgage purchase, including identification of the mortgage being purchased and sale price
5. Property Details: Description of the underlying property, including land register details and property address
6. Purchase Price and Payment: Detailed terms of the purchase price, payment method, and timing
7. Transfer of Rights: Provisions regarding the transfer of mortgage rights and related security interests
8. Seller's Representations and Warranties: Warranties regarding the validity of the mortgage, absence of defaults, and other key assurances
9. Land Register Registration: Requirements and procedures for registering the transfer in the land register
10. Costs and Taxes: Allocation of transaction costs, taxes, and registration fees
11. Notices: Communication requirements and contact details for formal notices
12. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction for disputes
13. Execution: Formal execution requirements including notarization provisions
1. Borrower Consent: Required when the original mortgage agreement requires borrower consent for transfer
2. Due Diligence: Detailed provisions about the buyer's due diligence process, used in larger transactions
3. Regulatory Approvals: Required when the transfer needs regulatory approval, especially for bank-related transactions
4. Servicing Arrangements: Used when specific arrangements are needed for ongoing mortgage servicing
5. Insurance: Special insurance requirements or transfer of existing insurance policies
6. Conditions Precedent: Specific conditions that must be met before completion, used in complex transactions
7. Post-Completion Obligations: Any specific requirements after completion of the transfer
1. Schedule 1 - Mortgage Details: Detailed description of the mortgage including principal amount, interest rate, payment terms, and maturity date
2. Schedule 2 - Property Description: Detailed property description including land register extract (Grundbuchauszug)
3. Schedule 3 - Outstanding Balance: Current balance and payment history of the mortgage
4. Schedule 4 - Transfer Documents: List of all documents required for the transfer
5. Schedule 5 - Related Security Interests: Details of any additional security interests being transferred
6. Appendix A - Form of Transfer Notice: Template for notifying relevant parties of the transfer
7. Appendix B - Registration Forms: Required forms for land register registration
Authors
Banking
Financial Services
Real Estate
Investment Management
Legal Services
Mortgage Lending
Asset Management
Property Development
Legal
Real Estate
Banking Operations
Risk Management
Compliance
Investment Management
Portfolio Management
Transaction Management
Asset Management
Property Finance
Due Diligence
Legal Operations
Legal Counsel
Banking Attorney
Real Estate Lawyer
Mortgage Officer
Portfolio Manager
Transaction Manager
Risk Manager
Compliance Officer
Real Estate Manager
Investment Director
Asset Manager
Banking Operations Manager
Property Finance Manager
Due Diligence Specialist
Legal Operations Manager
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