TECHNICAL FIELD

[0001] As discussed in more detail below, the present disclosure provides methods and systems for leasing and transferring real estate.

BRIEF DESCRIPTION OF THE DRAWINGS

[0003] FIG. 1 shows a diagram of parties of methods and systems for leasing and transferring real estate in accordance with the present disclosure;

[0004] FIG. 2 shows a flow diagram of an exemplary method for leasing and transferring real estate in accordance with the present disclosure; and

[0005] FIG. 3 shows a diagram of a computer system for leasing and transferring real estate in accordance with the present disclosure.

DETAILED DESCRIPTION

[0006] Referring to FIG. I, a diagram 10 of a parties participating in the method and system for leasing and transferring real estate is shown in accordance with embodiments of the present disclosure. The parties include the customer(s) 12, the investor(s) 14, the initial real estate owner(s) 16 that own one or more parcels of real estate 18, and the developer(s) 20 that receive instructions or orders from the investor(s) 14. The parties may be natural persons or corporate entities, or any combination thereof. For example, the customer(s) 12 may be natural persons, the investor(s) 14 may be limited liability companies (LLC) or corporations and the initial real estate owner(s) 16 may be natural persons. There may be any quantity of any party 12, 14, 16, 20, but for the sake of simplicity the parties 12, 14, 16, 20 will described hereinafter in the singular form. In some embodiments, the developer 20 and the investor 14 are one and the same, or the developer 20 is a part of the organization or corporation that constitutes the investor 14.

[0007] Referring to FIG. 2, a flow diagram 22 of an exemplary method according to the present disclosure is shown. The method begins at block 24 where the customer 12 selects one or more parcels of real estate 18 owned by the real estate owner 16 and provides this selection to the investor 14. The investor 14 may also assist the customer 12 in selecting the one or more parcels of real estate 18. At block 26, it is determined whether or not development of the selected parcel(s) of real estate 18 is needed or desired. If development is needed or desired, at block 28, the customer 12 further selects a building specification suitable for building on the selected parcel of real estate 18 and provides this selection to the investor 14. In general, the one or more parcels of real estate 18 may be undeveloped parcel(s) of real estate, so that development is required. The investor 14 may provide the customer 12 with a catalogue of suitable building specifications from which the customer 12 may select a building for the selected one or more parcels of real estate 18. In some embodiments, the investor 14 transacts with the initial real estate owner 16 in order to acquire ownership of the selected parcel of real estate 18. In some embodiments, the investor 14 may have already acquired the selected parcel of real estate 18 from the initial real estate owner 16 before the customer 12 has made the selection.

[0008] At block 30, after acquiring ownership of the selected parcel of real estate 18, the investor 14 coordinates with the developer 20 to develop one or more buildings on the selected parcel of real estate 18 that is built according to the selected building specification or substantially according to the selected building specification, or to conform one or more existing buildings according to the building specification or substantially according to the building specification (collectively "development").

[0009] In some embodiments, the building to be developed is a single-family house. In these embodiments the method and system for leasing and transferring real estate may be marketed under the trademarks GECCI or GECCI Rent & Buy. In some embodiments, the building to be developed is a condominium or an apartment or an apartment building. In these embodiments the method and system for leasing and transferring real estate may be marketed under the trademarks GECCI or GECCI Living. In still further embodiments, the building to be developed is a city block or an entire or part of a city quarter. Furthermore, the building to be developed may be commercial real estate.

[0010] Before or after the development of the building(s) on the selected parcel of real estate 18, at block 32, the customer 12 and the investor 14 execute a lease- contract and a real estate transfer contract. The lease-contract and the real estate transfer contract may be executed contemporaneously (or substantially contemporaneously) and the real estate transfer contract provides that the real estate transfer contract is not valid (or does not come into effect) unless one or more condition precedents are satisfied. In some embodiments, the lease-contract provides an agreement to execute the real estate transfer contract at a later date if one or more condition precedents are satisfied. In some embodiments, the execution of the contracts may happen before or during the development occurring at block 30. The lease-contract and the real estate transfer contract may be separate contracts in separate documents to be signed individually or the lease-contract and the real estate transfer contract may be joint contracts in a single document to be signed collectively. In some embodiments the real estate transfer contract does not specify a final payment for the real estate transfer contract to come into effect. Thus, in these embodiments the real estate transfer contract is not configured as a contract to purchase real estate nor does the real estate transfer contract comprise provisions typical or indicative of a contract to purchase real estate.

[0011] The lease-contract provides that the investor 14 conveys a leasehold to the customer 12 for the selected parcel of real estate 18, including one or more of the buildings that have been developed, are being developed or will be developed. The leasehold duration may be indefinite or for a particular duration of time. The lease- contract provides that the customer 12 promises to pay the investor 14 (or entity of the investor's 14 choosing) periodic lease payments during the duration of the leasehold, or during the particular duration of time. For example, periodic lease payments may be weekly, monthly, or yearly payments. The duration of time may be any duration of time such as between 23 and 32 years, or the duration of time may be 15 years, 20 years, or 35 years.

[0012] In some embodiments, the lease-contract provides that the investor 14 conveys a right to sub-lease the selected real estate parcel 18 to a third party via a sub-lease agreement. [0013] In some embodiments, the lease-contract provides that the leasehold to the customer 12 terminates if the customer 12 terminates or breaches the contract (e.g. through failure to make promised payment(s)) and the customer 12 loses all rights concerning the selected parcel of real estate 18 (or loses substantially all rights concerning the selected parcel of real estate 18 or surrenders all rights allowed by law in the applicable jurisdiction(s)).

[0014] The lease-contract may provide for a plurality of other conditions, promises and/or conveyances. For example, the lease- contract may provide that utility costs for the selected parcel of real estate 18 are fixed and the customer 12 promises to pay the fixed utility costs, or the utility costs are subject to an inflation rate or other metric for higher/lower utility costs.

[0015] In some embodiments, the investor 14 has no possibility to terminate the lease-contract and/or the real estate transfer contract as long as the customer 12 is making the promised payments at the promised times.

[0016] In some embodiments, the lease-contract and/or the real estate transfer contract provides that a priority notice of conveyance for the benefit of the customer 12 is entered in the land register. The priority notice of conveyance may be registered with a waiver of objection and and/or a waiver of the plea of lapsed time. With the priority notice of conveyance the customer 12 may be protected against insolvency of the investor 14 and/or the developer 20. The priority notice of conveyance also prohibits the investor from selling or leasing the real estate 18 to a third person, thus providing additional insurance to the customer 12.

[0017] Following execution of the contract(s), at block 34, the customer 12 obtains the leasehold in the selected parcel of real estate 18 as outlined in the lease- contract provisions. Then, at block 36, the customer 12 makes the promised payments until the full price of the selected parcel of real estate 18 is paid, including any applicable interest or fees. Then, at block 38, the real estate transfer contract becomes effective due to the condition precedent of the full price being paid through lease payments being paid and the customer 12 acquires ownership of the selected parcel of real estate 18 including the one or more of the buildings that have been developed.

[0018] The ownership of the selected real estate parcel 18 remains with the investor 14 until the price for the selected real estate parcel 18 is paid in full, including any applicable agreed upon interest, if any. In some embodiments, the customer 12 has no contractual privity with the initial real estate owner 16 and/or the developer 20 at any point during the method according to the present disclosure.

[0019] Referring to FIG. 3, an exemplary computer system 40 is shown in accordance with present disclosure. The computer system 40 includes a computer server 42 configured to send and receive information to a customer device 44 and an investor device 46. The computer server 42 is operatively connected to a database 48. The computer server 42 is configured to effectuate at least some steps of the method of FIG. 2. For example, the computer server 42 may receive selection(s) from the customer device 44 indicating the selection of the customer 12 of the selected parcel of real estate 18 and/or the selected building specification. The computer server 42 is configured to send the selection to the investor device 46 and/or store the selection in the database 48. Further, the lease-contract and/or the real estate transfer contract can be distributed, negotiated and/or executed through communications through the computer server 42 with the use of known "e-signature" contractual methods and/or devices. The computer server 42 may store the executed contracts in the database 48. Further, the computer server 42 may record payments made by the customer 12 and provide an estimated date of full price being paid based on price of the selected parcel of real estate 18 entered by the investor or administrator of the computer system 40.

[0020] An exemplary lease-contract in accordance with the present disclosure is provided herewith as Appendix A and entitled "Model Tenancy Agreement Gecci - Rent and Buy." The Appendix A lease-contract includes a plurality of provisions. However, it is within the scope of the present disclosure to have more or less provisions in a lease- contract and/or different substantive provisions than those provided in the exemplary lease-contract of Appendix A. Further, the lease-contract according to the present disclosure may have different lease provisions based on the applicable laws in the jurisdiction of the selected parcels of real estate 18.

[0021] An exemplary real estate transfer contract in accordance with the present disclosure is provided herewith as Appendix B. The Appendix B real estate transfer contract may have to be notarized and includes a plurality of provisions. However, it is within the scope of the present disclosure to have more or less provisions in a real estate transfer contract and/or different substantive provisions than those provided in the exemplary real estate transfer contract of Appendix B. Further, the real estate transfer contract according to the present disclosure may have different provisions based on the applicable laws in the jurisdiction of the selected parcels of real estate 18. Similarly, real estate transfer contracts in accordance with the present disclosure may include a plurality of provisions that may differ from contract to contract as desired by the customer 12 and investor 14, and/or as required by law.

[0022] Advantageously, embodiments according to the present disclosure may provide customers (buyers) financial security against possible rising costs/prices, and provide investors (sellers) a better possibility of protecting their real estate assets. In some embodiments, the customer (buyer) declares a submission of execution. This prevents that the investor (seller) must go to court if the buyer does not make the promised payments, but is able to enforce the outstanding payments immediately.

[0023] In some embodiments, the interest factored into the periodic payments (lease payments) is slightly higher than the key interest rate. The final installment of the periodic payments does not need to be greater than the regular periodic payments. In some embodiments, the execution of the contracts provides the customer with the right of refusal such that the customer is not obligated to acquire ownership in the property. In some embodiments, in the event of termination, none of the previously paid payments by the customer will be refunded.

[0024] The present disclosure uses the terms "real estate," "parcel of real estate" and "property" to describe real property. It is within the scope of the present disclosure for any type of real property to be within the scope of these terms in the methods and systems described herein. For example, the selected parcel of real estate may be a single apartment in a skyscraper building.

[0025] While the present disclosure has been illustrated and described with respect to particular embodiments thereof, it should be appreciated by those of ordinary skill in the art that various modifications to this disclosure may be made without departing from the spirit and scope of the present disclosure. List of reference numerals

10 Diagram

12 Customer

14 Investor

16 Real estate owner

18 Parcel of real estate 20 Developer

22 Flow diagram

24 Block

26 Block

28 Block

30 Block

32 Block

34 Block

36 Block

38 Block

40 Computer system

42 Computer server

44 Customer device

46 Investor device

48 Database

Model Tenancy Agreement Gecci - Rent and Buy Tenancy agreement between

(hereinafter Tenant) and

(hereinafter Landlord)

§ 1 Leased object

(1) In the house on ... Street in the following rooms are let in: the front building/middle building/side building/rear building, ... floor, right/left/center, apartment no., consisting of ... room(s), ... kitchen, ... chamber(s), bathroom/water closet, ... water closet, ... (part of) cellar, ... (part of) attic, ..., for residential purposes; additionally the following rooms and areas serving for purposes other than living, ... garage(s), ... parking position(s) no./nos. ... for use as vehicle parking space as well as ... . (garden etc.). The Tenant has planned the construction of the leased object together with the Landlord before the signing of the agreement, wherein the Tenant's individual wishes and ideas regarding the execution of the construction were taken into account.

(2) For the tenancy period the Tenant is given the following keys by the Landlord: ...

(3) Items not explicitly mentioned in §1 sect lare not part of the tenancy agreement and are not leased out.

§ 2 Duration of the tenancy, premature termination of the tenancy

(1) The tenancy commences on ... with the start of construction of the planned property. It is established for an indefinite period of time. (2) For the termination of the tenancy, generally the statutory reasons for termination - in particular the termination provision according to §§ 573 ff. BGB (German Civil Code) - apply, however, with the following limitation:

In the period from ... to ... (for 23 years to 32 years) the Landlord may terminate the tenancy only for extraordinary reasons, for example for reasons according to § 543 BGB in connection with § 569 BGB.

An extraordinary termination by the Landlord according to § 564 BGB is also excluded.

§ 3 Lease, operating costs, submission to execution proceedings

(1) For example, the monthly lease payment here is EUR 1,100.00, in words one thousand and one hundred EUR plus lease payment for garage/parking position ... EUR plus monthly advance payments for the operating costs according to § 2 Regulation on Operating costs (attachment) ... EUR, in total ... EUR per month. In case of an increase or launch of allocatable operating costs the Landlord may allocate these within the scope of legal regulations.

(2) Operating costs for heating are covered by the Landlord up to an amount of EUR 600 per annum. Operating costs exceeding this amount are covered by the Tenant.

Operating costs for hot water are charged according to the decree on heat cost allocation. Further, the operating costs are allocated according to the share of floor space.

(3) The monthly advance payments for operating costs are settled after the expiry of the annual accounting period according to the legal regulations. Possible additional payments or credits are to be balanced immediately.

(4) Regarding the due date of the lease payment, § 556 b sect. 1 BGB applies, so the lease is to be paid to the Landlord in advance by the 15th working day of each month at the latest, to the account no. ... at ... , bank code .... Advance payments of the operational costs are to be paid together with the lease payment. Timeliness of the payment is not determined by the date of sending, but by the date at which the amount is received in the Landlord's account.

(5) Several tenants are liable as joint debtors. Each of them submits himself to the immediate compulsory execution into his total assets, due to the obligation to pay the lease and the operating costs as well as possible interests for delay. The Landlord may be granted an executable copy of this certificate at any time without any proof of the facts justifying the occurrence or the maturity of the lease receivable. Due to the principle of clarity and definiteness of the compulsory execution, interests for delay in the amount of eight % are considered as owing, starting from the date of certification.

§ 4 Use of the object of the agreement

(1) During the duration of tenancy the Tenant is entitled to use the residential building located on the premises covered by the contract for his own residential purposes as well as to use the premises as a garden.

Without the consent of the Landlord, the keeping of animals is not allowed on the leased premises. This does not apply to small animals (e.g. hamsters, domestic birds, ornamental fish, turtles, cats, non-poisonous reptiles, domestic pigs, dogs not exceeding a withers height of 80 cm and not subject to fighting dog regulations).

(2) Without the consent of the Landlord, the Tenant is not entitled to leave the use of the leased property to a third party, in particular to sublet the leased property.

§ 5 Liability of the Landlord, compensation, retention

(1) The liability regardless of negligence or fault of the Landlord according to § 536 a sect. 1 BGB for material defects present at the time of the conclusion of the agreement is excluded. (2) The Tenant may declare the compensation with a demand according to § 536 a BGB and for reimbursement of lease payment that had been overpaid due to abatement, or may claim a right of retention. The Tenant may compensate other claims or claim a retention only if they are undisputed or established as final and absolute or ready for decision. If the compensation or the right of retention of the tenant is admissible, he has to notify the Landlord at least one month prior to maturity of the Tenant's demand.

§ 6 Security deposit

(1) The Tenant pays to the Landlord a security deposit according to § 551 BG in the amount of 3 monthly lease payments ... EUR (in words: ... EUR) for the performance of his duties.

(2) If the Tenant pays the security as a sum of money, he is entitled to three identical monthly installments; the first installment is due at the beginning of the tenancy.

§ 7 Amendments of the leased property

Without the consent of the Landlord, the Tenant may not carry out any structural or other amendments exceeding the use according to the agreement within the leased object or of the furnishings and facilities.

§ 8 Decorative repairs, maintenance and repair of the leased object

(1) The Tenant is obliged to treat the leased object (if applicable, also the common facilities) as well as the furnishings and facilities therein with care and to heat and vent the leased object sufficiently, according to the technical circumstances. (2) The Tenant is obliged to carry out the decorative repairs professionally. This does not apply to decorative damages not caused by lease use; these are to be removed by the Landlord.

(3) The Tenant is obliged to bear the costs for small repairs of those parts of the leased object which are exposed to his frequent access, such as objects of installation for electricity, gas and water, heating and cooking facilities, window and door locks, locking devices of window shutters, roller shutters, awnings, blinds and fitments possibly also included in the tenancy, such as fridges, washing machines, as far as the costs for the single repair do not exceed EUR 100 and the annual expenses arising for the Tenant by this do not exceed 5% of the annual gross lease excluding heating (lease plus utilities excluding heating costs).

(4) The Tenant is obliged to inform the Landlord immediately about damages to the leased object.

(5) The Tenant is indemnifiable for damages to the leased object as well as to the furnishings and facilities present in the leased object, if and as far as they were culpably caused by himself or - in violation of the duties regarding custodial care and circumspection incumbent on the Tenant - by persons belonging to the household, by subtenants or third parties to whom the use of the leased property was let, by visitors, the appearance of which can be attributed to the Tenant, by suppliers or craftsmen commissioned by the Tenant .

(6) An obligation of the Landlord to carry our decorative repairs is given only if and as far as they are agreed upon in writing in this tenancy agreement or in a supplementary tenancy agreement.

§ 9 Condition of the leased object at the beginning of the tenancy

The rooms mentioned in § 1 sect. 1 and serving for residential purposes are handed over by the Landlord in a newly built condition free from defects (completion on ... ). § 10 Entering the leased premises by the Landlord

(1) In case of imminent danger the Landlord, a person appointed by the Landlord, or both are entitled to enter the leased premises for assessment and execution of the measures necessary for averting the danger.

(2) If the tenancy is terminated, the persons named in the above mentioned sect. 1 are entitled to enter the leased premises for inspection together with prospective buyers or tenants after a prior appointment with a reasonable period and at reasonable times.

§ 11 Termination of the tenancy period

In case of a premature termination of the tenancy period due to a termination by the Tenant or an extraordinary notice of cancellation by the Landlord, the leased object is to be handed over in a cleaned condition and with returning all keys. It is referred to § 8.

§ 12 Several persons as tenants

(1) If several persons are tenants, they are liable for all obligations arising from the tenancy as joint debtors.

(2) Declarations of intent have to be provided by or to all tenants. The tenants give each other an authorization that can be revoked at any time to receive or make such declarations; however, this authorization does not apply to the consent to a request for a lease increase, to a notice of termination, to a request for extension of the tenancy as well as to cancellation and amendment agreements. § 13 Miscellaneous

(1) During the period of time mentioned in §2 sect. 2, during which a unilateral cancellation of the tenancy agreement - other than by extraordinary termination - is excluded, the Landlord may not request a lease increase.

(2) If and as far as the aforementioned regulations are not opposed, furthermore the legal regulations apply to the tenancy, in particular for a possible increase in lease after expiry of the period of time mentioned in sect. 1, and for the right of the Landlord to terminate the tenancy without notice due to delayed payment of the Tenant in compliance with § 543, sect. 2, page 1, no. 3, page 2 and 3 BGB in connection with § 569 BGB.

(3) The attached house rules are part of his agreement.

(4) ....

(signature of the parties)

I received the model tenancy agreement above today and have taken note of it before giving my agreement declaration.

Place, date Name of the Tenant or beneficiary

Signature of the Tenant Deed roll no . /20

Today, on . two thousand . . 20 . appeared before me at the same time . notary public in . , in my office in . :

1. born on living in . , according to his account married in statutory matrimonial property regime, but not possessing his predominating assets/married and having separate property/unmarried/neither married nor living in civil union/widowed and not living in continued matrimonial property. and his wife living at the same place . , both identified by a valid German identity card,

2. born on living in . , according to his account married in statutory matrimonial property regime, but not possessing his predominating assets/married and having separate property/unmarried/neither married nor living in civil union/widowed and not living in continued matrimonial property. and his wife living at the same place both identified by a valid German identity card.

The party named in 1. is hereinafter called "the transferring party", the parties named in 2., even if they are several persons, are called "the receiving party".

When asked by the notary, the parties negated a prior involvement in terms of § 3 sect. 1, sentence 1 no. 7 Authentication Act. They declared with a request for certification:

§ 1

State of cadastral register and state of affairs

The cadastral register of the local court . of . folio . was inspected on

.... is registered there as sole owner of the following property:

Cadastral unit no . of . sqm.

This property is mortgaged in the cadastral register as follows:

Section II: .

Section III: .

(in case a security interest in real property is registered: according to the declaration of the seller, the aforementioned land charge values in an amount of approx . EUR)

The property is covered with an approx . year old single family house, further, it is a garden area and usable floor space.

This property is hereinafter called "the object of the agreement".

§ 2

Conveyance of property 1. The transferring party conveys the named object of the agreement with all connected rights and the accessories (section 97 BGB) to the receiving party for sole property.

The parties of the agreement are already connected to each other by a lease agreement regarding the object of the agreement. With the full payment of the lease determined in the separately stipulated and notarised lease agreement for the total duration of the agreement stipulated there, the object of the agreement shall be transferred to the receiving party as property.

In order to secure the stipulated acquisition of property, the transferring party allows and the receiving party requests to file a priority notice of conveyance in his favour regarding the object of the agreement immediately at the next open position. The receiving party allows and requests to cancel this priority notice of conveyance during the transfer of property, if no subordinate entries remain which he did not agree to.

The contractual conveyance agreement under the law of obligations is, however, concluded subject to the condition precedent.

The condition is considered satisfied if the receiving party declares that he wishes the conveyance agreement, as it is stated in this certificate, to be binding for him. This declaration has to be notarized.

The declaration for the satisfaction of the condition can initially only be declared until (end of the lease period of 23 years to 32 years) ... To meet the deadline, the notarization of the exercise declaration is sufficient. However, the receiving party is obliged to instruct the notary notarizing this declaration to submit a copy to the transferring party immediately.

If the declaration is not given until this point in time, the transferring party may set a deadline of one month for the receiving party, after the expiry of which a satisfaction of the condition cannot be declared any longer. The setting of the deadline is to be done in writing. Essential for the meeting of the deadline, on the other hand, is the notarization of the exercise declaration. A satisfaction of the condition is no longer possible if the tenancy agreement stipulated between the parties of this certificate is effectively terminated. Both parties ae obliged to inform the notary of this.

§ 3

Total amount, crediting provision, maturity and delay

1. The total amount is

. EUR (monthy lease payment x 12 months x 23 to 32 years)

- in words: . EUR -

Several receiving parties are liable as joint debtors.

2. All lease payments without operating costs (only water and electricity; costs of heating up to 600 € annually are carried by the transferring party) agreed upon in the lease agreement and made to the transferring party as well as the deposit amount paid plus any interest received will be deducted on the total amount at the time of its maturity.

Effective from the payment of the total amount the transferring party transfers to the receiving party all property rights and re-transfer claims regarding the encumbrances on property of the object of the agreement and allows their transfer.

§ 4

Transition of property, use, charges and dangers

The proprietary possession and the uses, the danger and the charges including all rights and obligations arising from insurances regarding the object of the agreement as well as the general safety obligations are transferred to the receiving party effective from the day of the complete payment of the total price (without possible interest for delay).

§ 5 Facts regulated by public law

Entries in the land charges register, take-over of distance spaces, easements according to old law not entered in the cadastral register, encroachments or conditions not complying with building regulations are not known to the transferring party.

The transferring party, however, guarantees the following circumstances:

The current site development regulated by public law according to BauGB (Town and Country Planning Code) and Local Tax Act with street development and de-watering as well as the connection to the public water supply are finally settled and paid.

§ 6

Legal defects

The transferring party is obliged to provide unhindered ownership and unencumbered property to the receiving party when the condition under § 3 of this agreement is met, unless otherwise agreed in this certificate.

The parties agree to the cancellation of all not adopted liabilities as well as all changes of priority with the request for execution; in case of joint rights also regarding all other cadastral register positions mentioned in the joint liability notes.

Entries in the land charges register, take-over of distance spaces, easements according to old law not entered in the cadastral register, encroachments or conditions not complying with building regulations are currently not known to the transferring party. The receiving party will be notified about entries occurring after the conclusion of the agreement.

§ 7

Material defects

Rights of the receiving party due to a material deficiency of the property, the house and movable objects possibly also sold are excluded, however, with the exception of: 1. quality agreements and guarantees possibly contained in this certificate

2. defects intentionally induced or fraudulently concealed. The transferring party declares that he did not conceal any defects known to him, harmful soil modifications or contaminated soils, a hint to which the receiving party may have expected in light of their meaning and the other condition of the object of the agreement.

§ 8

Execution order

All parties instruct and authorize the officiating notary, his official representative or successor in office

• to represent them in the matter of cadastral register without restrictions,

• to request and receive the approvals and declarations necessary for the effectiveness and the execution of this certificate.

Contestable communications, however, are to be submitted to the parties themselves; a copy to the notary is requested.

The parties authorize the employees of this notary firm - the naming of which the office holder will be authorized - to submit, alone or exempt from sect. 181 BGB, declarations, approvals and requests of substantive or formally legal type for supplements or amendments of the agreement, as far as they are to the purpose of rectifying official or judicial objections.

§ 9

Declarations of the receiving party

1. The notary and court fees for the conveyance agreement as well as for the registration of the priority notice, if applicable, also for the cancellation of the latter, are paid by the receiving party, also the property transfer tax, as well as all cadastral register and official costs arising from this conveyance agreement. The receiving party authorizes the notary to allow and to request, at his expense, the cancellation of the priority notice of property registered for him, as far as the possibility of executing the right to acquire a property has ended without an execution having occurred. The notary is irrevocably instructed already today to use this authorization if the transmitting party orders him to do so, after the period of commitment has expired, and the receiving party does not prove the timely execution to the notary within a period of 14 days after a respective request to the address given in this certificate or notified by the receiving party at least 4 weeks before the expiry of the period of commitment.

§ 10

Authorization

The transferring party hereby authorizes the receiving party, under exemption from the limitations of sect. 181 BGB and extending beyond death, in the certificate in which the execution of the acquisition right is declared, to declare or receive the conveyance of property regarding the object of the agreement. The authorization does not give the right to allow the entry of the change of right in the cadastral register. It can only be executed at the notarial office of the officiating notary.

§ 11

Instruction to the Notary / Execution of the Transfer of Ownership

The transferring party authorizes the notary certifying the declaration of execution irrevocably and extending beyond death to allow the transferofownershipforhim. All parties instruct the notary according to § 53 Authentication Act to initiate the transfer according to this authorization by self-certification only after the transferring party confirmed the receipt of the owing amount by original document or alternatively the receiving party verified the payment of the agreed total amount (without interest, respectively) by bank confirmation.

§ 12

Mutual authorisation The receiving parties mutually authorize one another to bindingly represent each other in all matters concerning this agreement, its processing, amendment and rescission, in particular in the submission and receipt of declarations of all kind.

§ 13

Remarks

The notary or his official representative has explained the conditions of the agreement and, in closing, pointed put the following:

• The property is not transferred to the receiving party today, but only after the full payment of the lease and the following transfer in the cadastral register.

• For this, the clearance certificate of the tax and revenue office (after payment of the property transfer tax), obligatory approvals and the waiver declaration of the community regarding legal rights of pre-emption are necessary.

• By act of law, the respective owner is liable for backward public charges (e.g. development costs, property tax, compensation balance according to the Federal Soil Protection Act).

• Independent of internal agreements in this certificate, all parties, by act of law, are liable for the property transfer tax and the costs as joint debtors.

• All arrangements have to be correctly and completely notarized, otherwise the whole agreement may be void.

• The notary did not provide any fiscal counsel, but he pointed out the possible tax liability of a sale of a not owner-occupied property before the expiry of ten years ("speculative transaction") and in case of business assets.

§ 14

Costs, copies The costs for the notarization, possible approvals and the execution of this agreement as well as the property transfer tax are paid by the receiving party; if he does not pay these costs at the latest immediately after the first reminder, the transferring party may withdraw from the agreement. The transferring party pays the (additional) costs of a possible release from encumbrances at the notary, creditor and cadastral office. The following copies of this certificate are submitted:

Official copies:

• to the parties

• to the cadastral office

Certified copies:

• to the appropriate territorial authorities for declaration regarding possible pre-emption rights (upon request)

Simple copies:

• to the tax and revenue office - department for property transfer tax

• to the advisory committee

Read aloud by the notary, approved by the parties and signed by their own hands: