The Down Payment Agreement For House is a crucial document in German real estate transactions, typically used when a buyer commits to purchasing a property by making a significant advance payment. This agreement is essential in the German property market where formal documentation and notarization of real estate transactions are legally required. It outlines the specific terms of the down payment, including amount, timing, and conditions for return or forfeiture, while establishing a clear link to the main purchase agreement. The document must comply with German Civil Code (BGB) requirements and includes provisions for notarization, anti-money laundering compliance, and consumer protection where applicable. It serves as a key protection mechanism for both parties, ensuring clarity and legal certainty in the property transaction process.
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1. Parties: Identification of the buyer(s) and seller(s) with full legal names and addresses
2. Background: Context of the agreement, including reference to the intended property purchase and main purchase agreement (if already drafted)
3. Definitions: Key terms including 'Property', 'Purchase Price', 'Down Payment', 'Completion Date', and other relevant terms
4. Property Details: Full legal description of the property including address, land registry details, and any relevant property identifiers
5. Down Payment Amount and Terms: Specification of the down payment amount, payment method, and deadline
6. Purpose and Nature of Payment: Clear statement that the payment is a down payment towards the purchase price, not earnest money
7. Conditions for Return: Circumstances under which the down payment will be returned to the buyer
8. Conditions for Forfeiture: Circumstances under which the seller may retain the down payment
9. Relationship to Purchase Agreement: How this agreement relates to the main purchase agreement and its legal status
10. Notarization: Acknowledgment of notarization requirement and process
11. Governing Law: Confirmation of German law application and jurisdiction
12. Execution: Signature blocks for all parties and notary
1. Escrow Arrangements: Details of escrow account and agent if down payment is held in escrow
2. Time Extensions: Provisions for extending payment or completion deadlines if needed
3. Anti-Money Laundering Compliance: Required when transaction falls under GwG thresholds
4. Real Estate Agent Details: Include when a broker is involved in the transaction
5. Mortgage Contingency: Include when down payment return is contingent on mortgage approval
6. Translation Certificate: Required when any party needs documentation in a language other than German
1. Property Description Schedule: Detailed property description including boundaries, fixtures, and fittings
2. Payment Schedule: Breakdown of payment amounts, dates, and methods
3. Bank Details Appendix: Secure attachment with bank account details for payment
4. Property Documentation: Copies of relevant land registry excerpts and property documents
5. Identification Documents: Copies of parties' identification documents as required by GwG
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