Document background
The Property Ownership Contract is a fundamental legal instrument in German real estate transactions, essential for any transfer of real property ownership. This contract type is mandated by German law and must be executed before a notary public, who ensures compliance with legal requirements and protects both parties' interests. The document encompasses crucial elements such as precise property identification, purchase price, payment terms, warranties, and conditions for transfer of ownership. It serves as the basis for the entry in the land register (Grundbuch), which legally effectuates the property transfer. The contract must address various aspects of German property law, including provisions from the Civil Code (BGB), Land Registration Act, and Real Estate Transfer Tax Act. It's particularly important that the Property Ownership Contract includes all required elements as it forms the basis for the actual transfer of ownership and cannot be easily amended after notarization.
