The process to buy or sell a property

• Author: Pinkel, Tobias
• Pages: 29-39

Consum er mar ket stud y on the fun ctio ning of the r eal estate servi ces for consum ers in the EU – Coun try Fiche Germ any

29

5. The process to buy or sell a property

5.1 Main st eps in t he transaction process to buy or sell a pr oper ty

Ta ble 9: M ai n st ep s of th e p roc ess t o buy or se ll a pr opert y

Ma in st ep s

Ma in f unct ion

Applicab le

Na ti ona l sp eci fici tie s/ a ddit ion al

fu nct ions/ m ain act ors

Est ate age nt ser vice s

Mat ching th e par ties

Usual

Alt er nat ive mat ching devi ces

Mat ching th e par ties

Usual

Pr elim ina ry cont ra ct

Securing t he t ransa ction befor e th e final

con tra ct i s con cluded

Unusual

Not arisat ion r equi red to be v alid

Pr eli mina ry che cks (la nd regi ste r,

ad mini strat ive pe rm its)

Ensur ing t hat t he buy er k nows all legal

oblig ati ons a nd r elev ant featur es r elat ed

to th e pr oper ty

Yes

Professional duty of the n otar y

Dr aftin g t he sa les con tract a nd/ o r d eed

of con vey an ce

Sum marising th e agreem ent of the

part ies

Yes

Professional duty of the n otar y

Lega l a dvi ce or cou nse lling

Ensuring t hat t he t ransact ion is valid

and th at th e par ties k now ab out t heir

rights an d du ties

Yes

Professional duty of the n otar y

Cer tifica tion of sig natu re s

Ensu ring the validi ty of th e ag reem ent

Yes

Not arisat ion r equi red to be v alid

Con tract exe cut ion (tra nsf er of p aym ent )

Execu tin g the cont ract ( and secur ing

th at bot h p arties perf orm th eir

obl ig at ions)

Yes

Differed secur ity m echan ism s are

avail able such as pri orit y n oti ces

for convey ances

(Auflassungsv orm erku ng)

acco rding t o section 88 3 Ger man

Civi l Code ( BGB) in t he Lan d

Register (Gru ndbu ch). Thi s is

wi dely used . Paym ent via a notary

tr ust accoun t ( Not ar-And erko nto) ,