The real estate sales are only valid if made in the presence of a notary. The contract is declared the object of the sale, the terms of payment and guarantees.
The costs are borne by the buyer and relating to the tax on the purchase of real estate (Grunderwerbsteuer), the notary fees, stationery and agency commission. The seller is entitled to the costs of any cancellation a mortgage on the property. In some cases the Notary, to facilitate the execution of the contract, is responsible for the payment of such taxes. The buyer in this case will have to pay in advance, in an account in the deed, all the projected costs and give a proxy to the Notary for the execution of payments on its behalf.
MORTGAGES on the property
The transfer of ownership can only happen if all mortgages on the property have been canceled. All mortgages are recorded in the Book Fondiario. What is not in the Book Fondiario has no legal value. This creates transparency and security in the transaction for the buyer.
RIGHT OF FIRST REFUSAL tenant
According to Article 577 of the German Civil Code, the tenant it is in some cases a right of first refusal, which enables him within two months of signing the contract and under the same conditions, to purchase the property.
DECLARATION OF FRAGMENTATION
The building and grounds are divided according to the so-called Declaration of Split, a notarial document that governs the relationship between the customer and identifies the duties of the administrator condominium relatively common and particular properties. It is the “law” of the building. Without this document you can not sell a single condominium.
The buyer takes over the management contract existing condominium and agrees with the assignment given to the administrator condominium. The administrator is a key figure and is responsible for the proper management of the building.
The purchase contract rule of individual guarantees: mainly the object of sale is purchased in its present state in which he is, without warranty by the seller about the hidden defects of the apartment or the building.
IMPLEMENTATION OF FORCED SUBMISSION
To ensure all buildings, each of them submits, for an amount equal to a year of joint quota, levy of execution on its assets. This means that if a condominium does not pay the fee pool, the administrator, after several reminders, can register a mortgage on the amount due, without having to go to court. In this way they will not be honest condos have to pay the arrears.
METHODS AND TERMS OF PAYMENT OF THE PURCHASE PRICE
The manner and terms are defined in the contract. The payment is never context but the deed is done by bank transfer, within the date agreed between the parties (usually 30 days). Payment can be made to an account of warranty deed or directly to the seller. In the case of a direct payment to the seller, the buyer must wait for a written communication from the Notary Public before you do so (even if it exceeds the limit specified in the contract). In fact, he should first have verified that all the conditions for payment, not least the cancellation of any mortgage on the property.
DELIVERY OF REAL ESTATE
The buyer receives the keys to the house on the first day of the month following the payment of the purchase price, unless otherwise agreed between the parties. The delivery of the property takes place even before the final transfer of ownership. That is needed is the inclusion of a reservation of transfer of ownership in the land to give the necessary guarantees that all is done properly. With the delivery of the property, then the buyer gets possession (not ownership) of the apartment and can enjoy the benefits: to live there, rent, renovate and even sell it.