The purchase contract for your property – making it all go smoothly

There are a few things to take into account to ensure that a property transaction is concluded properly. If your mind has turned to the purchase contract, then you have presumably concluded the negotiations and will soon be visiting the notary. But what arrangements and details in the contract should you be aware of to ensure you don’t incur any disadvantages?

The purchase contract forms the basis for concluding every property transaction. When a house or apartment changes owner, the seller and buyer enter a binding agreement.

What is the role of a notary?

In order to be legally valid, the contract must be notarised. The fee charged by the notary for this service is based on the value of the property and is roughly 1.5 percent of the purchase price. The fee is usually paid by the purchaser. The notary is obligated to remain neutral to both parties and is available for both the buyer and seller to consult.

By when should you have access to the purchase contract?

Both parties should be provided with a copy of the draft contract at least two weeks before the appointment with the notary so that there is the opportunity for it to be critically reviewed, possibly by a lawyer where desired.

What should the purchase contract contain?

Purchase contracts are usually standardised contracts. Along with the necessary information about the buyer and seller, including their bank details, the contract must contain a description of the property (floor plan) and a current excerpt from the land register. If the sale involves a used property, the clause “sold as seen” is commonly adopted. In contrast to new-builds, where the purchase contract is often drawn up by a developer and the contract itself offers the buyer a five-year warranty on the structure, there is no warranty obligation for a used property. Instead, any faults on a second-hand property are explicitly referenced in the purchase contract to additionally safeguard the seller. The agreed deadlines for completion of the sale are also included in the contract. In many instances, the buyer takes over additional items from the previous owner, such as fitted kitchens, garden furniture or heating oil still left in the tank. These separate arrangements should also be included in the purchase contract. When calculating the real estate transfer tax (‘Grunderwerbssteuer’), however, these separate items are not included.

Do you have questions concerning the correct contract content for the sale of your property? Get in touch with us! We are happy to advise you.

 

https://de.wikipedia.org/wiki/Grundstckskaufvertrag

https://de.statista.com/statistik/daten/studie/793159/umfrage/anzahl-der-verkauften-eigenheime-in-deutschland-nach-bundeslaendern/

https://de.wikipedia.org/wiki/Kaufpreis

 

Disclaimer: This article does not constitute tax or legal advice in individual cases. Please consult a solicitor and/or accountant to clarify the circumstances of your specific case.

 

Photo: © Gerd Altmann / Pixabay

Bewerten Sie jetzt Ihre Immobilie!

Kostenfrei | Unverbindlich

Leave the viewing management to a professional!

“Given the current market situation, my little house will practically sell itself”, thought Josef M. After advertising his property on an online portal, he very quickly received enquiries from interested parties numbering in the mid […]

Read more

Was kann ich während der Ausgangsbeschränkung zuhause tun

Homeoffice, Kurzarbeit, Kinder hüten – vielen Menschen bleiben durch die aktuelle Corona-Krise zuhause. Doch bei vielen dauert es nicht lange, bis ihnen die Decke auf den Kopf fällt. Wer bei Netflix schon alles gesehen hat, […]

Read more

Establishing the market value – the first step to selling your property

Perhaps you have inherited a property, or perhaps you have owned one for half your life and now a career change or some other development in your life means that you have to sell up. In either scenario, you are initially simply

Read more

OUR TEAM

with passion for service

Mathilde Allemand

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Junior Project Manager

French, German, English +49 30 88 70 24 08 mathilde.allemand@aden-immo.com

Michael Bautz

Office ADEN IMMOBILIEN
Berlin Friedrichshain

Real Estate Agent

German, English +49 30 29 77 87 80 michael.bautz@aden-immo.com

Isabelle Goncalves

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Real Estate Agent

French, German, English +49 30 887 024 07 isabelle.goncalves@aden-immo.com

Lars Drewes

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Head of Sales

German, English +49 30 23 633 533 lars.drewes@aden-immo.com

Robina Henicke

Office ADEN IMMOBILIEN
Berlin Friedrichshain

Real Estate Agent

German, English +49 30 29 77 87 80 robina.henicke@aden-immo.com

Florence Holz

Office ADEN IMMOBILIER
Paris Courcelles

Client Management

French, German, English +33 1 56 33 70 70 florence.holz@aden-immo.com

Annabel Huard

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Senior Project Manager

French, German, English +49 30 88 70 24 08 annabel.huard@aden-immo.com

Udo Lewin

Office ADEN INVEST
Berlin Wilmersdorf

Real Estate Agent

German, English +49 30 23 633 533 udo.lewin@aden-immo.com

Olivier Montero

Office ADEN IMMOBILIEN
Berlin Friedrichshain

Real Estate Agent

French, German, English +49 30 29 77 87 80 olivier.montero@aden-immo.com

David Nguyen

Office ADEN IMMOBILIER
Paris Courcelles

Managing Director

French, English +33 1 56 33 70 70 david.nguyen@aden-immo.com

Hélène Salvanes

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Marketing & Business Development

French, English, German +49 30 88 70 24 08 helene.salvanes@aden-immo.com
Porträt Arnaud Schott_quadratisch

Arnaud Schott

Office ADEN INVEST
Berlin Wilmersdorf

Managing Director

French, English, German +49 30 23 633 533 arnaud.schott@aden-invest.com

Cihan Selmo

Office ADEN IMMOBILIEN
Berlin Charlottenburg

Real Estate Agent

German, English, Turkish +49 30 220 66 11 77 cihan.selmo@aden-immo.com

Ulrike Siebert

Office ADEN IMMOBILIEN
Berlin Wilmersdorf

Marketing Manager

German, English +49 30 88 70 24 08 ulrike.siebert@aden-immo.com

Julian Strehblow

Office ADEN IMMOBILIEN
Berlin Charlottenburg

Real Estate Agent

German, English +49 30 220 66 11 77 julian.strehblow@aden-immo.com

Jeannette Zentel-Schertlin

Office ADEN IMMOBILIEN
Berlin Charlottenburg

Real Estate Agent

German, English, Spanish +49 30 220 66 11 77 jeannette.zentel-schertlin@aden-immo.com