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Buying A Property In Germany – The Process
•
Step 1 - Agree A Price
• Step 2 - Initial Contract
• Step 3 - Completion
German
Public Notaries are independent of both buyer
and seller and their role is simply to carry out the transaction
in the correct, legally-binding way.
Here's an overview of buying in Germany.
Once you have found a property you would like to purchase, you'll need to negotiate with the seller and agree the terms and conditions of sale, verbally.
This process is much the same as in all countries and at this point you are not formally committed to the purchase.
Step 2 - Initial ContractYou will now need to engage a local, independent solicitor to oversee the drawing up of an initial contract of sale.
This will contain all the terms and conditions of sale, the completion date and the agreed price.
Any
requirements for legal checks and searches
will also be included here.
It's important to note that you must have an independent solicitor
to represent you in this process.
You must also ensure that they speak good English, or that you employ the services of a translator to translate both documents and conversations for you - naturally, all documentation relating to the sale will be in German.
Step 3 - Completion
To complete the sale, the services of a local Notary (Notar)
will be required. Their role is to oversee the signing of the
final contract and to register the sale with the Land Registry.
If you are not fluent in German you should also ensure a translator
is present at completion.
You will need to be ready to transfer payment for the
German property at this time, and will need to bring
your passport with you (as well as any other documents requested).
The closing costs for the purchase will now also be due - these typically total around 7% - 10% of the purchase price, and include:
- Transfer Tax (Grundwerbesteuer): Approx. 3%
- Notary's Fee: 1.5%
- Estate Agent's fee (6%, split between seller and buyer)
- Land Tax: 1%
- Wealth Tax for non-residents: 0.5%
There may be some other costs depending on your location - check with your solicitor or estate agent.
Read On
•
Introduction
• Buying A Property In Germany – 3 Easy Steps
• Should I Get A UK or German Mortgage?
• Getting A Mortgage In Germany
• Other Things To Consider Before Buying In Germany
• Glossary of Key German Terms
Buying Overseas Property and Mortgages
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