Real estate law
The purchase or sale of a property eclipses most other transactions in terms of financial significance for most parties involved. Substantial amounts of saved assets must be invested, and additional loans are often required. For the seller too, the real estate often represents the most valuable asset in their own portfolio.
To ensure that both the buyer and seller are properly advised in such a significant transaction and to avoid risks, the involvement of the notary is planned. The notary provides a legally balanced structure and helps to mitigate risks; he obtains the necessary documents for completion and monitors the transfer of ownership in the land register to the buyer.
For example, it must be prevented that the buyer pays the purchase price without actually receiving the property. On the other hand, the seller should not lose their property without receiving the purchase price. The notary discusses the parties' objectives, informs them about the available options for arrangements, and based on that, prepares a fair and balanced draft of the purchase agreement.
Real estate purchase agreements can pertain to various types of acquisitions, such as a building plot, a single-family or multi-family house, a condominium, or even a leasehold interest. The unique features of a property influence the structure of the contract. This is especially true for a so-called "developer contract," where the buyer acquires a piece of land or a share of land in conjunction with a building—either a house or an apartment—that has yet to be constructed. In this case, the seller serves as the property developer.
The following aspects are regulated by your notary in every real estate purchase contract:
Financing should be finalized before the notarization. If a bank loan is utilized, the buyer should consult with their bank on when the loan can be disbursed. The notary will then coordinate the timing of the purchase price's due date with the loan's disbursement schedule. If the financing of the purchase price is already sorted out in detail at the time of concluding the purchase agreement, the land charge or mortgage serving as security for the loan can be notarized immediately following the purchase agreement.
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Your contact in Cologne
Notary Manuel Busch
I am pleased to offer you comprehensive notarial advice in the field of real estate, supported by my skilled team. With our expertise, we aim to ensure that all matters are handled according to your expectations and are legally secure. Should you have any questions or require assistance, please do not hesitate to contact us. We are always available and happy to assist you.