Buy by handshake or with a private purchase contract: This is when buying a car, but not in a property. Here inevitably a notary comes into play. But how does it work and when do you have to contact a notary? In today’s blog post, we have collected for you the most important information on the topic “Buying property and notary visit” and answered the most important questions for you.
The right property is found and you have agreed with the seller on price and delivery date. Unfortunately, the mutual commitment is not much value except the moral obligation . Ideally, you have already checked the financing framework in advance with the trusted financing expert. The next step is to prepare a bill of sale draft with all the essential data by the notary of your choice.
It applies the principle “who pays determines”, the buyer side suggests the notary. The notary and the purchase contract with the land register entries are generally paid by the buyer according to the fixed fee schedule but both parties must agree with the notary. You should calculate the costs for at least 2% of the purchase price of an existing property. Existing land charges of the seller are not normally accepted, the costs for the deletion are borne by the seller.
Within two to three days the draft of the purchase contract should be drafted. However, you should take enough time to review the content. The draft with possible changes of the contractual partners is also the basis for the certification of the purchase. Of course, your financing advisor also looks at the draft from the point of view of financing as to whether all the essential points, such as the power of attorney and a sufficient due date, are in place. Unlike the loan agreement, the notarial purchase agreement has no withdrawal period. If the ink is dry, the contract applies. A roll-back, for example, if the financing should not work, then in any case expensive.
After applying for funding, it usually takes about 1 – 2 weeks before you receive a financing commitment in the form of a loan agreement offer. For the acceptance of the offer you have approximately 14 days and after the signature another 14 days for the right of withdrawal. Within this time should be the authentication date and the land charge order. If the appointment is only after that and the seller then thinks otherwise, it is also expensive. Here, the bank incurs a prepayment penalty amounting to the interest lost.
If the contract is notarized, the notary has to do some homework before the handover date. The maturity requirements with the entry of an order of release, so that the object can not be sold a second time, as well as the clarification of the transfer fees for indemnity are to be fulfilled beside possible further clarifications. Once everything is done, the notary draws up a due date notification with details of the purchase price allocation . However, according to this notice, the bank only pays, even if the mortgage lending is guaranteed by a mortgage. Then comes the big day of surrender and you become owner. Take the transfer date very seriously! If there are any shortcomings, then this is the last opportunity to complain in the handover protocol.
The finance experts of Good Financial Partners will be happy to assist you along the entire path from the initial consultation to the financing framework. About the application for financing up to the timely payment and of course beyond that, we stand by your side.