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Mortgage Assignment Agreement

Mortgage Assignment Agreement Template for Germany

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Key Requirements PROMPT example:

Mortgage Assignment Agreement

"I need a Mortgage Assignment Agreement under German law for transferring a commercial property mortgage from Deutsche Bank AG to Commerzbank AG, with completion scheduled for March 15, 2025, and including provisions for ongoing servicing arrangements."

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Document background
The Mortgage Assignment Agreement is a crucial document used in German real estate and banking transactions for transferring mortgage rights from one party to another. It is commonly used in portfolio sales, loan refinancing, or restructuring scenarios where mortgage rights need to be transferred while the underlying property ownership remains unchanged. The agreement must comply with strict German legal requirements, including the provisions of the BGB (German Civil Code) regarding both assignment of rights and real estate security interests. The document typically includes detailed provisions about the mortgage being transferred, the underlying property, consideration for the transfer, and necessary steps for registration in the German land registry (Grundbuch). It is particularly important in the German market due to the formal nature of property transactions and the need for proper documentation for land registry purposes.
Suggested Sections

1. Parties: Identification of the Assignor (current mortgage holder) and Assignee (new mortgage holder), including full legal names, registration details, and addresses

2. Background: Context of the assignment, including details of the original mortgage, the underlying property, and the reason for the assignment

3. Definitions: Defined terms used throughout the agreement, including 'Mortgage', 'Property', 'Completion Date', 'Assignment', etc.

4. Assignment: Core provision detailing the assignment of the mortgage rights from Assignor to Assignee

5. Purchase Price: Details of the consideration paid for the assignment, payment mechanics and timing

6. Completion: Specifications for the completion process, including timing, deliverables, and registration requirements

7. Assignor's Representations and Warranties: Confirmations regarding the validity of the mortgage, absence of encumbrances, authority to assign, etc.

8. Registration and Notifications: Provisions regarding land registry registration and required notifications to relevant parties

9. Costs and Taxes: Allocation of costs, including registration fees, notary fees, and any applicable taxes

10. Governing Law and Jurisdiction: Confirmation of German law as governing law and jurisdiction of German courts

Optional Sections

1. Security Assignment: Additional provisions where the mortgage assignment is itself being provided as security for another obligation

2. Consumer Protection Provisions: Required when the underlying mortgage relates to residential property and involves a consumer

3. Portfolio Assignment Provisions: Required when the assignment is part of a larger portfolio transfer of multiple mortgages

4. Data Protection: Specific provisions regarding handling of personal data, required when the underlying mortgage involves personal data of natural persons

5. Further Assurance: Additional provisions regarding cooperation in obtaining necessary consents or completing formalities

6. Servicing Arrangements: Required when the servicing of the mortgage will be handled by a third party or the assignor post-assignment

Suggested Schedules

1. Property Description: Detailed description of the mortgaged property, including land registry details and cadastral information

2. Mortgage Details: Full details of the mortgage being assigned, including registration details, principal amount, and key terms

3. Form of Land Registry Application: Draft of the required application for registration of the assignment in the land registry

4. Form of Notices: Templates for notices to be sent to the property owner/mortgagor and other relevant parties

5. Completion Checklist: List of actions, deliverables and requirements for completion of the assignment

6. Power of Attorney: If required, form of power of attorney for registration purposes

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
Assignee
Assignor
Assignment
Completion
Completion Date
Consideration
Effective Date
Encumbrance
Facility Agreement
German Civil Code
Grundbuch
Grundbuchamt
Land Charge (Grundschuld)
Land Registry
Loan
Mortgage
Mortgage Certificate
Mortgaged Property
Mortgagor
Notary
Original Lender
Property
Property Owner
Registration Requirements
Related Rights
Relevant Period
Security Interest
Security Purpose Agreement (Sicherungszweckvereinbarung)
Transaction Documents
Transfer Documentation
Underlying Loan Agreement
Working Day
Relevant Industries

Banking & Financial Services

Real Estate

Investment Management

Commercial Lending

Mortgage Services

Property Development

Asset Management

Financial Technology

Relevant Teams

Legal

Real Estate

Finance

Risk Management

Compliance

Credit Administration

Portfolio Management

Transaction Management

Asset Management

Banking Operations

Loan Administration

Investment

Property Finance

Relevant Roles

Legal Counsel

Real Estate Manager

Mortgage Officer

Finance Director

Credit Risk Manager

Portfolio Manager

Transaction Manager

Compliance Officer

Real Estate Finance Manager

Banking Operations Manager

Property Finance Director

Loan Administration Manager

Asset Manager

Investment Director

Industries
German Civil Code (Bürgerliches Gesetzbuch - BGB): Primary legislation governing property rights, mortgages (§§ 1113-1190), and assignment of rights (§§ 398-413). Contains fundamental provisions about the creation, transfer, and termination of mortgage rights.
German Land Registration Act (Grundbuchordnung - GBO): Regulates the formal requirements for registering changes in land rights, including mortgage assignments, in the land register (Grundbuch).
German Notarization Act (Beurkundungsgesetz - BeurkG): Sets forth the requirements for notarization of real estate transactions and related agreements, including mortgage assignments.
German Banking Act (Kreditwesengesetz - KWG): Relevant when the assignment involves credit institutions, particularly regarding regulatory requirements and banking supervision aspects.
German Consumer Protection Act (Verbraucherschutzgesetz): Applies when the mortgage involves residential property and one party is a consumer, ensuring proper consumer protection measures are in place.
Money Laundering Act (Geldwäschegesetz - GwG): Requires certain due diligence and documentation when handling real estate transactions to prevent money laundering.
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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