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FAQ

Procedure
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What is the time schedule after the purchase contract has been notarised?

The times displayed here are rough estimates. These can vary greatly depending on the buyer.


After notarisation, what other responsibilities does the notary’s office have?

In connection with the execution of the purchase contract, the notary’s office is also responsible for notifying the financial authorities as well as the expert committee about the purchase. It supervises the entry in the land register, ensures that all certificates and approvals for processing are obtained, and that the buyer and seller are notified of when the purchase price becomes due.

Who can I contact in case of any questions following the purchase?

Feel free to contact us at any time after the purchase. We will do our best to answer any questions you may have or forward them to the departments responsible. Our contact details

Purchase Price
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When will I receive the invoice for the payment of the purchase price?

The buyer is notified of the purchase price due date approximately 4-10 weeks after notarisation. The notary’s office will only send this notification once it can guarantee to the buyer that he/she will receive the service as promised, namely unencumbered ownership of the property, when the purchase price is paid.

Among other things, the following requirements must be met:

  • the reservation of ownership (also known as priority notice protecting conveyance of ownership) must be entered in the land register for the buyer
  • all documents necessary for the contractual transfer of ownership are available to have the registered land charges and mortgages extinguished in the land register
  • in the case of rented apartments (the tenants do not exercise their statutory right of first refusal and do not enter into the sales contract)

The notary will do everything necessary to ensure that the due date requirements are met. As soon as these are available, he shall inform the contract parties accordingly. The buyer must not pay the purchase price until he has been notified of the due date.  

When is the purchase price due for payment?

From the moment the buyer receives the written notification from the notary’s office of the purchase price due date, he/she can make the payment at any time. The latest date for payment is specified in the purchase contract and can be agreed individually with each buyer.  

Why can the purchase price be paid to different accounts?

A purchase price payment can be made to various accounts if, for example, a direct loan redemption for the seller is the case. This means that, in accordance with the trust order, a part of the purchase price is transferred directly to the account of the land charge creditor bank. What is left of the purchase price is then transferred to the seller’s business account.

Transfer of Benefits/Encumbrances
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When does the transfer of benefits/encumbrances take place?

The transfer of benefits/encumbrances takes place approximately 6-12 weeks after the notary appointment and is accompanied by the complete payment of the purchase price. From this point, ownership, benefits, burdens and safety obligations are transferred to the buyer. The buyer thus becomes the “perceived owner”. The formal transfer of ownership only takes place with the entry of the buyer into the land register, which is commissioned by the notary after the payment has been made.

When does the purchase apartment become my property?

In most cases, the complete formal transfer of ownership only takes place 5-12 months after notarisation. Once the payment has been confirmed, the notary’s office submits to the land registry the application for transfer of ownership to the buyer. Furthermore, the notary must submit the so-called tax clearance certificate from the tax office to the land registry office. This certificate is only issued when the real estate transfer tax has been paid.

As soon as the buyer is registered in the land register as the new owner, the notary will send him a written notification of registration.

Rent & Tenants
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Who informs the tenant about the transfer of ownership?

As soon as the transfer of benefits/encumbrances is complete, the tenants of the newly purchased apartment are notified by the property management of the transfer of ownership.

Does the rental agreement have to be adjusted after the transfer of ownership?

Amendments to the rental agreement after the transfer of benefits/encumbrances are not a necessity, and the agreement is fully valid in its existing form. The landlord`s name can be adjusted at the same rental conditions (rental object, rent, etc.).

How do I receive my rent?

After the property management has been informed about the transfer of benefits/encumbrances, a new offer is usually sent to the new owner over further service and support of the property. If this offer is accepted by the buyer, he/she can contact the property management to open an account for the rental income or to specify his/her own account. In this case, the administration will take care of everything else.

Should the buyer wish to manage his apartment himself, he must contact the tenant directly to inform them of the new account details.

When will I receive my rent?

After the transfer of benefits/encumbrances has taken place, you are entitled to all rental income from the acquired property.

Property Management
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Am I obliged to commission a property management company?

After the transfer of benefits/encumbrances you have the choice between commissioning a new property manager or conclude a contract with the existing administration. For this you will generally receive an offer from the existing administration. However, you are not obliged to have your property managed by a property management company. In the case of rented apartments, however, we strongly recommend to have your apartment professionally looked after. Please keep in mind that with the transfer of benefits/encumbrances, the contract between the existing property manager and seller automatically comes to an end. This contract must be newly concluded with the new owner.

Am I obliged to cooperate with the existing property management company?

You do not necessarily have to cooperate with the existing property management company for your individual ownership property (the apartment itself). You have the choice to entrust another administrator or to look after the apartment yourself.
Often, however, a property management company of the WEG (Wohneigentümergemeinschaft – community of owners) is stipulated in the purchase contract for a certain period of time. This is to ensure that the communal property of the object is properly taken care of at the time the community of owners is founded. This only applies to the communal property and not to your individual property (the apartment itself).

Contact

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