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Step 4: How Do I Buy a Home of My Own?

You have finalized the financial aspects; now it's time to tackle the process. Our tips and information will give you the courage to deal with this step.

When Does Ownership Transfer to You?

Signing the contract does not yet automatically make you the owner of your first property.
The purchase must first be entered in the land register. Only when ownership is transferred, which can take place on a different date to the official notarization, will the seller and you as purchaser fulfill your respective contractual obligations: You receive the property from the seller in exchange for paying the purchase price. In general, rights and obligations, as well as benefits and risks, are also transferred when the land register entry is made. Particular attention must be paid to this aspect if the purchase transaction involves a plot of land with a separate contract of works.

When Do I Pay the Purchase Price?

When you actually pay the purchase price depends on the terms agreed in the contract of sale. As a rule, an advance payment (deposit) is made when the contract of sale is signed and notarized. The remainder of the purchase price is then paid at a specified later date, usually at the time that ownership is transferred. For the purpose of the notarization, the bank issues a payment undertaking in respect of the required cashflows provided these are being made from your accounts with us.

What Aspects of the Contract of Sale Should I Pay Attention To?

The contract of sale between you and the seller must be officially notarized. Make sure that any deposits or financial responsibilities have been properly registered. As the bank providing the financing, we will be pleased to check the contract of sale on your behalf.

What Should Be Laid Down in the Contract of Sale?

  • A clear description of the parties to the contract, i.e. the seller and the buyer
  • A description of the property which is being sold, including priority notices, annotations, easements, charges and mortgages on the property
  • The purchase price, method of payment and payment periods
  • Security and interest arrangements for the payment of the deposit and the remainder of the purchase price
  • Matters relating to guarantees
  • Arrangements for paying the fees and tax/stamp duty that are incurred, specifically property gains tax
  • Arrangements governing existing indemnity insurance contracts under civil law
  • Sale of any movable objects
  • Court of jurisdiction and contractual penalties
  • Arrangements regarding commission payable if the sale is facilitated by an agent

The formalities have been completed; now there are only a few days left until you can pack the crates and then unpack them under your own roof.  

  Step 5: What Is Involved in Building a Home of My Own?

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