Real estate loan agreement

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The Immobiliardarlehensvertrag under German law a special form of consumer loan agreement and after § 503 BGB a consumer loan contract, by mortgages is protected and conditions is concluded that for mortgage-secured loans are common.

Building loans in which the building society due to a negative pledge on the registration of a mortgage waived, are also among the Immobiliardarlehensverträgen.

For real estate loan contracts, there are initially some simplifications compared to other consumer loan contracts : For example (according to Art. 247 § 9 Paragraph 2 EGBGB ) the total amount of the installments is not specified in the contract if the term of the loan contract depends on the time of the allocation of a home loan and savings contract . In contrast to other consumer loan contracts, the default interest in accordance with Section 497 (4) BGB for real estate loan contracts is only 2.5% above the base rate (instead of 5% plus base rate).

Since the Risk Limitation Act came into force, the real estate loan contract must contain a note as to whether the loan can be assigned to third parties (until June 11, 2010, Section 492 (1a) BGB, since then Article 247, Section 9 (1) EGBGB ).