Berlin Property for Sale
A web resource for UK and Irish buyers looking to invest in Berlin propertyBerlin Property for Sale
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| The Purchase Process | ||
| After a sale price has been agreed, a sales contract is created, which includes full details of the property, conditions surrounding the payment and other clauses detailing the course of action should either the buyer or the seller fail to complete the contract. For non German speakers the contract must be translated into English by a certified translator. |
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A German Notary is then
appointed who takes responsibility for managing the legal and administrative
sides of the transaction, including checking the status of the property
with the Land Registry, witnessing all signatures and dealing with
the transfer of funds upon completion. Following completion the
Land Registary is notified of the change of ownership and, upon
payment of stamp duty, the property is registered in the name of
the new owner. |
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| Purchase
Costs Purchase costs in Germany are relatively high in comparison to other countries, and this is undoubtedly one of the factors that historically has led to low levels of home ownership and a rental culture in the country. A typical breakdown of purchase costs in Berlin is: • Notary fee: 2% • Stamp duty: 4.5% (this increased from the previous rate of 3.5% in Berlin as of 1st January 2007) • Estate agents fees: 3 – 6% + VAT |
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