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Process of property purchase?

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Hi,

 

I have a few questions about the process of buying a property and wonder if anyone can help.

 

I know the process up to signing the contract at a notary and then the notary receives the payment for the property.

What happens after that?

 

Q1. When does the notar transfer the money to the seller?

Q2. Also when does the the buyer receive the key to the property?

Q3. When does the Makler receive the Provision? After handing the key or before?

Q4. How long does it take before a property is registered to the buyer's name in the Grundbuchamt?

 

Thank you all for reading!

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NoahBerlin,

 

I'll share my experience in buying an apartment from a family friend.  It may not be the same as your situation:

 

  • Beginning of September I received a draft copy of the Verhandelt (2-3 weeks before the scheduled meeting with the Notar) for review and comment.  I made a couple small changes/clarifications.  Received back an updated draft copy of the Verhandlelt.
  • End of September 2018 met at the Notar's office with my family friend and the Notar.  The Notar read the contract in it's entirety.  Answered questions along the way.  After reading through everything, I signed, my family friend signed and the Notar signed.  I had the keys after the signing (since it was a family friend).
  • About 2-3 weeks later (mid October) I received the bill from the Notar.  Paid that.
  • Mid November 2018 I received a bill for the land registry court costs.  Paid that.
  • Early December 2018 Notar informed me I could now pay my family friend for the apartment.  Paid him.
  • A couple days later received a bill for the property transfer tax.  Paid that.
  • Mid January 2019 received a bill for shared used of the apartment (family friend can keep some books there).  Paid that.
  • About a week later the final entry was made in the Grundbuch and the property was officially in my name.  

 

So from the time I met with the Notar and signed the Verhandelt to the Grundbuch recording, it was about four months.  I'm not sure if that is fast, normal, or slow.  Hope that helps

 

S.

 

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Thank you for your reply. It is of great help.

I hope someone else can give me some information of the usual procedure.

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I dont think there is a "usual proceedure".. 

 

With my purchases...

The First one needed time to vacate the apartment... Took a few weeks )

 

The second one Gave me the keys after I knocked up my own sales agreement with them.... ( It took almost 8 months to get everything done, then another 13 month to get the grundbuch eintrag completed)

 

The Third one took 3 weeks from start to finish... 

 

I met the owner at 10.00 on the monday.. The owner and sister on the Tuesday... 

 

We all signed another "Pre-nup" that my lawyer friend scribbled down for me... then we waited until the Makler contract had expired..  

 

Once that was done... 6 weeks until we got a notar appointment..

 

The notar has the cash in his bank on the day... the owners were informed the transaction was made and they handed me the keys.

 

Then 3 weeks to sort everything... again the Grundbuch eintrag was the delay..  

 

One thing that was key in all of the sales/Purchases is the need to have and be able to prove the properties will be insured for Fire/Water/Lightning dammage. 

 

Mine were all purchase from private with no debts against the property.. 

 

As yours isnt "From Private" and has possibly debt to a 3rd party... your purchase may not be so quick, but it will be done "The German way"... 

 

 

 

 

 

 

 

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On 4/26/2019, 11:10:39, NoahBerlin said:

There is how it worked when we bought. It usually is specified in Detail in the notary contract.

 

Q1. When does the notar transfer the money to the seller

 

We had to transfer directly to the sellers given Bank Account. In our case 2 different accounts. One to take care of open debts against the property and the remainder to another account.

 

Q2. Also when does the the buyer receive the key to the property?

 

It was called Zug um Zug. The money has to settled by date x if the property was handed over by date x. Prepare for a Blitzüberweisung to transfer money same day.

 

Q3. When does the Makler receive the Provision? After handing the key or before?

 

After notary contract has been signed independent of further agreed timing of money or handover of keys the courtage is earned. See makler condition.

 

Q4. How long does it take before a property is registered to the buyer's name in the Grundbuchamt?

 

If I remember correct the first step was a auflassung which sort of block the owner selling the plot to someone else. After transfer of money notary sent a request to Grundbuchamt that we were to be registered. Took some weeks. Can't remember the exact timeframe though

 

 

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I have bought two properties in Germany. This is how it worked each time:

 

Q1. When does the notar transfer the money to the seller?

Property #1. The money was transferred directly to the seller, not through the notary.

Property #2.  The money was transferred directly to the seller, not through the notary.

 

 

Q2. Also when does the the buyer receive the key to the property?

Property #1. 30 seconds after I signed the contract and before I transfered the money.

Property #2.  The property was a new build and wasn't finished yet, so I got the keys later on. There was a handover process.

 

Q3. When does the Makler receive the Provision? After handing the key or before?

Property #1: After signing. Usually maklers introduce a clause in the sale contract about when they should be paid.

Property #2: After signing.

 

Q4. How long does it take before a property is registered to the buyer's name in the Grundbuchamt?

Property #1: I can't remember really. I think a few weeks.

Property #2: I can't remember really. I think a few weeks.

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