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Release Of Mortgage Document

Release Of Mortgage Document Template for Germany

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Key Requirements PROMPT example:

Release Of Mortgage Document

"I need a Release of Mortgage Document for a commercial property in Berlin, where Deutsche Bank AG is releasing their mortgage following full repayment of the loan; the property is being sold to a new owner and the release needs to be completed by March 2025."

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Document background
The Release Of Mortgage Document (Löschungsbewilligung) is a crucial instrument in German real estate transactions, typically used when a mortgage has been fully repaid or when refinancing occurs. It's required by the German land registry (Grundbuch) to formally remove a mortgage encumbrance from a property's title. This document becomes necessary upon full repayment of a mortgage loan, property sale with mortgage satisfaction, or refinancing situations where an existing mortgage needs to be released. The document must comply with German Civil Code (BGB) requirements and Land Registry Act (GBO) specifications, requiring notarization and containing specific details about the property, mortgage, and all relevant parties. It serves as the legal basis for the land registry to update the property's title record.
Suggested Sections

1. Declaration Header (Überschrift): Title of document identifying it as a Mortgage Release Declaration (Löschungsbewilligung)

2. Creditor Details: Full legal name and address of the mortgage holder/bank (Gläubiger)

3. Property Owner Details: Full legal name and address of the property owner(s) (Eigentümer)

4. Property Description: Exact legal description of the property as registered in the land register, including land register details (Grundbuchblatt, Flurstück)

5. Mortgage Details: Specific details of the mortgage being released, including registration details from the land register and original amount

6. Release Declaration: Formal declaration of release and consent to deletion from the land register (Löschungsbewilligung)

7. Execution Block: Space for date, signatures, and notary authentication

Optional Sections

1. Power of Attorney Reference: Required when the release is being signed by an authorized representative rather than the mortgage holder directly

2. Partial Release Details: Required when only a portion of the mortgage is being released, specifying exactly which part remains and which is released

3. Multiple Properties Section: Required when the mortgage covers multiple properties and specifies treatment for each

4. Consideration Statement: Optional section confirming that the underlying debt has been paid in full

Suggested Schedules

1. Land Register Extract: Current extract from the land register (Grundbuchauszug) showing the registered mortgage

2. Power of Attorney: If applicable, the power of attorney document authorizing the representative to sign

3. Property Plans: Required in cases of partial release where specific portions of property need to be identified

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
Land Register (Grundbuch)
Property (Grundstück)
Mortgage (Hypothek/Grundschuld)
Mortgagee (Grundpfandgläubiger)
Mortgagor (Grundstückseigentümer)
Land Registry Office (Grundbuchamt)
Mortgage Certificate (Hypothekenbrief/Grundschuldbrief)
Land Register Folio (Grundbuchblatt)
Plot Number (Flurstück)
Registration District (Grundbuchbezirk)
Release Declaration (Löschungsbewilligung)
Authorized Representative (Bevollmächtigter)
Notarial Deed (Notarielle Urkunde)
Registration Fee (Eintragungsgebühr)
Security Interest (Sicherungsrecht)
Relevant Industries

Banking and Financial Services

Real Estate

Legal Services

Mortgage Lending

Property Development

Construction

Housing and Residential Property

Commercial Property

Relevant Teams

Legal

Real Estate Operations

Mortgage Administration

Loan Operations

Property Management

Compliance

Document Management

Banking Operations

Title Administration

Relevant Roles

Mortgage Officer

Real Estate Lawyer

Property Manager

Legal Counsel

Banking Operations Manager

Loan Officer

Notary Public

Real Estate Transaction Manager

Title Officer

Mortgage Administration Specialist

Real Estate Portfolio Manager

Compliance Officer

Industries
German Civil Code (Bürgerliches Gesetzbuch - BGB) §§ 873, 875: These sections govern the general principles of property law changes and the requirements for releasing real property encumbrances, including mortgages
German Civil Code (BGB) §§ 1153-1190: Specific provisions regarding mortgage law (Hypothekenrecht), including the requirements and procedures for terminating mortgages
German Land Registry Act (Grundbuchordnung - GBO) §§ 13, 19: Regulations concerning the formal requirements for land registry entries and deletions, including the removal of mortgage entries
German Notarization Act (Beurkundungsgesetz - BeurkG) § 29: Requirements for notarization of documents submitted to the land registry, including authentication of signatures on mortgage release documents
German Banking Act (Kreditwesengesetz - KWG): Relevant sections governing banking institutions' procedures in releasing mortgages and related security interests
Teams

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