The Joint Mortgage Agreement is essential when multiple parties wish to jointly obtain financing secured against real property in Germany. This document is commonly used by married couples, domestic partners, family members, or business partners who wish to purchase property together. The agreement must comply with strict German legal requirements, including notarization and registration in the Grundbuch (land register). It contains detailed provisions about the property, loan terms, joint liability, and security rights of the lender. The document follows the requirements of the German Civil Code (BGB) and related banking regulations, making it a crucial instrument for both residential and commercial property financing. The Joint Mortgage Agreement is particularly important as it establishes clear rights and obligations among all parties, helping prevent future disputes and ensuring proper security for the lender.
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1. Parties: Identification of all parties: the lending institution and all joint borrowers
2. Background: Context of the joint mortgage agreement, including the purpose of the loan and relationship between joint borrowers
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Legal description of the mortgaged property, including land registry details
5. Loan Amount and Purpose: Specification of the total loan amount and its intended use
6. Joint and Several Liability: Terms establishing how the joint borrowers are liable for the mortgage debt
7. Interest Rate and Calculations: Details of the interest rate, calculation method, and adjustment provisions
8. Repayment Terms: Schedule and methods of repayment, including installment amounts
9. Security Provisions: Details of the mortgage as security, including ranking and registration requirements
10. Borrower Covenants: Obligations of the borrowers regarding property maintenance, insurance, and use
11. Lender Rights: Rights of the lender, including inspection rights and enforcement measures
12. Default Provisions: Consequences and procedures in case of default by any joint borrower
13. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
1. Life Insurance Requirements: Required when the lender mandates life insurance for the joint borrowers
2. Property Management: Included when specific property management requirements are imposed
3. Additional Security: Used when additional collateral or guarantees are required
4. Prepayment Provisions: Include when early repayment options are offered
5. Change in Parties: Required when provisions for changing joint borrowers are needed
6. Cross-collateralization: Include when multiple properties secure the same loan
7. Special Purpose Provisions: Used for specific loan purposes like construction or renovation
1. Schedule 1: Property Description: Detailed legal description and land registry extracts
2. Schedule 2: Payment Schedule: Detailed amortization schedule showing payments and interest
3. Schedule 3: Insurance Requirements: Specific insurance requirements and minimum coverage
4. Schedule 4: Property Valuation: Official property valuation report and methodology
5. Schedule 5: Joint Borrower Information: Detailed information about each joint borrower
6. Appendix A: Required Documents: List of documents required from borrowers
7. Appendix B: Property Inspection Report: Initial condition report of the mortgaged property
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