Viewing
Draft of the purchase agreement
Personalization
Adaptation
Requirements
Maturity
Payment
Confirmation
Handover
Tax
Certificate
Land register
Reservation
Changes
14-day period
Certification
After inspection of the property, clients who are still interested in purchasing the condominium are provided with all the relevant documents on the property. A second or third inspection can also be organized if desired.
The purchase agreement draft is commisioned by the notary.
The standardized draft of the purchase contract is personalized by the notary for the buyer and specific data of the object to be purchased incorporated in the contract. The notary later sends the purchase contract via email.
Adaptation
Before the purchase price can now be paid, all preconditions of maturity (see glossary) stated in the purchase agreement must first be fulfilled. These include entry in the land register and resolution or release of documents for the debits to be assumed.
The notary then notifies the buyer in writing about the due date of the purchase price. This usually takes place within 2-6 weeks after certification. Generally, the purchase price must then be paid within 30 days. This deadline is negotiable and is specified in the purchase contract.
The buyer must pay the purchase price to the seller. However, if there are creditors on the side of the seller, the purchase price is transferred to the creditors and the remaining amount transferred to the seller. Here, the notary shall inform the buyer accordingly in the written notification of maturity.
The notary - i.e. if the transaction is through a notary trust account - or the seller, then confirms receipt of the payment in writing.
The property is then handed over to the buyer (referred to as: transfer of benefits/encumbrances) and a transfer protocol drawn. This protocol is then sent to the house administration for information on the change of ownership and e.g., inform about the housing allowance, etc.
The tax office shall charge the buyer the land purchase tax.
Once the land transfer tax has been paid, the tax office sends the certificate of non-liability to the notary, which then allows for registration in the land register.
The notary can then submit applications for the new owner to be entered in the land register. This can take several months depending on the land registry office. Once the buyer has been entered in the land register, he/she officially becomes the new owner of the apartment.
The buyer signs a declaration of intent to purchase the property and orders the draft of a purchase contract through the broker. After the documents have been examined, the interested buyer can then establish a serious purchase interest through reservation or a declaration of intent to purchase. If an agreement is reached between the buyer and the seller, the object is no longer marketed and the buyer is given ample time e.g., for procurement of funds or other preparations.
Any changes to the purchase contract are discussed and incorporated into the purchase agreement draft.
A 14-day period must then be given for protection of the consumer before certification (see glossary).
After expiration of the given period, the purchase agreement is signed before the notary.
