The German government has not posed any restriction on the foreigners who want to buy a property on the German lands. The foreigners can even finance their property purchase but the financing loan will only cover up to 60% of the purchase price.
Here, is the detailed purchase guide of German property.
- First, you need to choose the property and verify the profit in buying the property. You can take the help of a real estate agent for the same.
- After this, make a verbal offer to the seller’s agent or directly to the seller. Make sure your real estate agent will draw this offer since they are familiar with the terms and conditions needed to be included. Also, you need to handle rival bids on the same property because in Germany, until a bid is closed, the property will remain open for sale even though you will be on negotiating terms with the buyer.
- After the acceptance of the offer by the seller, it is the duty of your notary to prepare a contract of sale which should include:
The identity proofs of the buyer and the seller, along with the details of the property. Mistakes must be avoided because that can make the contract insignificant.
The agreed price, the terms and the conditions of the payment
The penalty terms for compensating the failure of either of the parties in continuing with the property deal.
- It is the duty of the buyer to ensure that they have secured their financing either through mortgages or through financial loans.
- The notary then notifies both the parties about the public signing date of the sale deed. Proper vigilance of the document is suggested so as to prevent any fraud events.
- At the date of the public signing, the notary will read the contract aloud and one can object any clause mentioned in the contract if he or she deems it to be imperfect.
- The purchase price should be deposited in a notary account known as Notaranderkonto. The seller gets this price only after the registration of the property is completed.
- The registry is done at the district court after:
An entry is applied for the title change
All the impending mortgages are cleared
The tax office has guaranteed that the seller does not have any impending and unpaid tax
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