The process of buying a property in Germany
Buying a property in Germany
The process is broadly similar to the UK. In simple terms, the following steps will be undertaken:
1. Investor carries out background research into the region (you are doing that now!).
2. A number of properties are inspected and selected for purchase.
3. Investor puts the finances in place.
4. A contract is drawn up and signed in the presence of a Notary in Germany.
5. The completion date is set and payment made to Notary in good time.
6. Investor’s name is written into the Land Register – the property is yours.
The buying process in Germany is quite similar to that in the UK. The main difference is the requirement to have the contract signed in the presence of a notary. Once you have found a property that you like, you need to make a formal offer.
With the sale price agreed you will need to have a solicitor who is employed by you to look after your interests. It is also quite common to give your solicitor ‘Power of Attorney’ so that they can continue to represent your interests and indeed subsequently complete your purchase at the notary without your presence.
The purchase contract will include all property details such as the agreed price, completion date, payment conditions and stipulations regarding either party withdrawing from the purchase. In order to complete on the sale, both parties need to be present to sign the final contract before the notary. With ‘Power of Attorney’ your solicitor will complete the formalities on your behalf.
Once the contract has been signed the deal is complete, and the notary will list the change of ownership with the land registry, the property is yours and you can start collecting rents.
