When demand is high, professional brokers filter out suitable prospective buyers and clarify, for example, whether the property fits within the buyer's budget before arranging a viewing.
How long do I have to wait between the notary appointment and the purchase price payment?
Many sellers wonder when the money for the property they have sold will be credited to their account. It often takes some time for this to happen. Why is that?
An important prerequisite for the payment of the purchased property is the so-called purchase price due date. The notary determines when this date falls after various events have occurred.
Necessary steps before payment is made
First, the transfer of ownership must be entered in the land register. It is not possible to determine in advance when this will happen, as the completion of this administrative act depends on the capacity and speed of the respective land registry office. In cities, this process can take several weeks.
Another necessary administrative act is the deletion of any existing land charges. As a rule, a land charge is still registered even if the property sold has already been paid off in full by the previous owner.
In some cities and municipalities, there may also be a right of first refusal. This means that you have to wait and see whether the municipality wishes to exercise its right of first refusal or waives it.
In the case of condominiums, the consent of the property manager may be required. Here, too, there may be a waiting period if the property management company is overloaded or has to cope with staff shortages.
If all of the above conditions are met and the notary is satisfied, the purchase price is due in the next step. this should usually be done within 14 days. It is irrelevant whether the money is transferred to a notary's escrow account or directly to the seller's account.
Can the period between the notary appointment and the purchase price payment be shortened?
Good preparation is everything. Professional real estate agents ensure that all the necessary conditions are in place during the marketing phase to keep the so-called transfer of ownership as short as possible and avoid long waiting times.
Are you planning to sell your property? Let us advise you as your local quality real estate agent. Make an appointment with us at any time. We are happy to assist you.
Notes:
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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