Document background
The Assignment Of Real Estate Purchase Contract is a crucial document used in German real estate transactions when the original purchaser wishes to transfer their rights and obligations under an existing purchase contract to a new buyer. This arrangement is particularly common in property development, investment scenarios, or when the original purchaser cannot complete the transaction. The document must comply with strict German legal requirements, including mandatory notarization under the German Civil Code (BGB). It contains detailed provisions about the assignment of rights, obligations, and liabilities, payment terms, and necessary representations and warranties. The document typically requires coordination with the land registry (Grundbuch) and may need the original seller's consent, depending on the terms of the original purchase contract. It serves as a bridge between the original purchase agreement and the new purchaser while maintaining legal certainty for all parties involved.
