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Joint Mortgage Agreement

Joint Mortgage Agreement Template for Germany

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Key Requirements PROMPT example:

Joint Mortgage Agreement

"I need a Joint Mortgage Agreement under German law for three family members jointly purchasing a commercial property in Berlin, with a loan amount of €2.5 million and special provisions for business use of the property, to be completed by March 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Joint Borrowers
Lender
Property
Mortgage
Grundbuch
Security Interest
Principal Amount
Interest Rate
Payment Date
Default Rate
Repayment Schedule
Joint and Several Liability
Security Period
Permitted Use
Insurance Requirements
Business Day
Land Charge (Grundschuld)
Notarial Deed
Property Register
Valuation Report
Material Adverse Effect
Enforcement Event
Secured Obligations
Interest Period
Additional Security
Property Rights
Registration Requirements
Co-ownership Share
Loan Account
Repayment Terms
Event of Default
Mortgage Certificate
Insurance Policy
Completion Date
Title Documents
Pledge Agreement
Enforcement Rights
Priority Notice (Vormerkung)
Land Registry Office (Grundbuchamt)
Clauses
Parties and Definitions
Loan Facility
Joint and Several Liability
Security Creation
Property Description
Interest and Fees
Repayment Terms
Representations and Warranties
Borrower Covenants
Property Maintenance
Insurance Obligations
Default Events
Enforcement Rights
Assignment and Transfer
Registration Requirements
Notice Requirements
Property Use
Additional Security
Amendment and Modification
Death or Incapacity
Priority and Ranking
Costs and Expenses
Tax Provisions
Information Requirements
Property Inspection
Further Assurance
Severability
Entire Agreement
Governing Law
Jurisdiction
Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Insurance

Construction & Development

Property Management

Residential Housing

Commercial Property

Public Sector Housing

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Real Estate Finance

Property Services

Documentation

Underwriting

Customer Relations

Risk Management

Relevant Roles

Mortgage Advisor

Loan Officer

Credit Risk Manager

Real Estate Attorney

Notary Public

Property Valuation Specialist

Banking Compliance Officer

Real Estate Agent

Mortgage Underwriter

Legal Counsel

Property Manager

Financial Advisor

Banking Relationship Manager

Industries
Bürgerliches Gesetzbuch (BGB) - German Civil Code: Primary legislation governing contracts, property law, and mortgage agreements (particularly §§ 1113-1190 on mortgage law and §§ 433-479 on contracts)
Grundbuchordnung (GBO) - Land Registration Act: Regulates the registration of real property rights and mortgages in the German land register (Grundbuch)
Pfandbriefgesetz (PfandBG) - Pfandbrief Act: Specific legislation governing mortgage banking and the issuance of mortgage-backed securities
Kreditwesengesetz (KWG) - Banking Act: Regulates banking activities including mortgage lending and related financial services
Verbraucherkreditgesetz (VerbrKrG) - Consumer Credit Act: Provides consumer protection regulations for credit agreements, including mortgage loans to private individuals
Makler- und Bauträgerverordnung (MaBV): Regulations concerning real estate agents and property developers, relevant when these parties are involved in the mortgage process
Geldwäschegesetz (GwG) - Money Laundering Act: Requirements for identity verification and documentation in financial transactions, including mortgage agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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