A real estate purchase is a complex matter. Here you acquire not only a property against payment of the purchase price, but at the same time a certain right (ownership of the property) is transferred.
GrundbuchThe land register is a limited public register of a district. The legal, ownership and debt relationships of the properties recorded there are noted. Entries or changes in the land register can only be initiated by a notary. In the case of a purchase, the land charge is also entered in the land register as security for the bank. When you buy a property, you or the persons who bought it together are recorded individually in the land register as the new owners of the associated property. Fees of about 0.5 percent of the purchase price are then payable.
NotaryA real estate purchase and land transfer are not possible in Germany without a notary. His task is to monitor the real estate purchase for its legality. He draws up the purchase contract and adjusts it accordingly if the contracting parties wish to make changes. The notary serves both the seller and the buyer as a neutral advisor on legal issues relating to the purchase contract. The notary costs in the purchase of a house are about one percent of the notarized purchase price.
Purchase contractIn the purchase contract, all the rights and obligations of the buyer and the seller are listed. These are, among other things, all the important points of the real estate transaction such as payment terms, mortgages, rights of use or the exclusion of liability.... It forms the legal basis, so to speak, and binds both parties to the contract. The selected notary is responsible for the notarization of the purchase contract and ensures that all contractual points comply with the applicable laws. The contract becomes effective upon notarization. However, the transfer of ownership takes place only with the transcription in the land register, the land register entry.
FinancingWith VON POLL FINANCE you can get advice nationwide regarding the financing of your property. There are many different ways to finance your new home. The ancillary purchase costs, such as notary, land transfer tax, etc., i.e. about ten to 15 percent of the total costs associated with the purchase of the property, should be covered by equity capital. In addition, it is advisable to have about 20 to 30 percent of the purchase price available through saved funds. Our colleagues at VON POLL FINANCE will be happy to help you determine the best offer for you from a comparison of more than 450 banks, savings banks and insurance companies. Find out more here.
TaxesWhoever acquires a plot of land or property must pay a one-time land transfer tax, which amounts to between 3.5 and 6.5 percent of the purchase sum, depending on the federal state. The property tax is paid by the buyer. As a rule, this is due one month after receipt of the property tax assessment notice.