- The purchase of real estate must be certified by a notary
- Notaries are subject to strict professional law and are impartial. They check the sales contract, teach about the consequences and apply for entry in the land register
- The land registry at the relevant local court keeps the land register. Documents, legal relationships (owner, mortgage, encumbrances). Heritable building rights and residential property have their own land registers
- Prospective buyers can view the land register at any time. You can rely on the correctness of the entries (public belief in the land register)
- In order to know advantages and disadvantages of a location, you should always consult a broker before buying
- An existing residential property should be assessed by a sworn expert (price, building services, repair backlog, if necessary monument protection costs). The market value can also be requested from the municipal expert committee
- When purchasing a large residential property or a rented apartment building, it is advisable to consult a lawyer (building and tenancy law) and tax advisor
- The buyer should contractually ensure that he will not incur any notary or land registry costs in the event of unintentional reversal
- The purchase price is paid into a notary trust account. The payment will only be made if all requirements have been completed
- Bargains can be found at foreclosures. The competent local court will inform you about dates and the differences in the purchase process
- Additional purchase costs:
Notary and land registry costs 1 to 1.5% (the costs are paid by the buyer);
Land transfer tax 3.5% (regional differences); Broker's commission 2% up to 6.9% plus VAT; possibly fees for appraisers, legal and tax advisors - Running costs
Quarterly property tax (varies depending on the property and city)