1539 sounds like a plausible terminus ante quem. The late Middle Ages were a fruitful time for ballads, in Germany, in England, and elsewhere. Some influence from France/Provence can be assumed.

Leeneia, obviously you have no difficulty understanding the language. In my interpretation, the last stanza is spoken by the woman. She has "retrieved" the man, who is her rightful "property", i.e. had been imprisoned unjustly.

Herr von Falkenstein is a despot, but has to yield to female charms, persuasiveness, and threat to cause a public scandal. He would have preferred the couple to leave his domain ("Land" = a village and a fortress), so that he is not constantly reminded of his defeat, but he is refused even that.

Any more questions?