Anyone who buys a property is looking forward to the future together with the property. However, people who have hardly done any business on the real estate market in their lives are particularly worried. How does the property purchase process work, what do you need to pay attention to and in what order do you need to proceed? With the help of a clear checklist, you will always have an overview of the home buying process. After all, buying a property involves numerous intermediate steps. It is also important to know which party has to carry out which tasks. This can save you time and money. But that’s not all, because with the help of the property purchase checklist you can also spare your nerves.
What to look out for when buying a home?
Numerous factors come together when buying a property. The process should therefore be divided into several areas:
- Search for the right property
- Financing
- Processing of the purchase
During the search for the right property, you need to work through several individual questions. These include, for example, whether you want to use the property yourself or rent it out. The house or condominium must meet your requirements in terms of location, size, style, price and other factors.
Ideally, you should take care of obtaining a financing confirmation in advance. This will save you a lot of time throughout the process. In any case, you should draw up a financing plan before you commit to a property. Don’t forget to take into account the ancillary purchase costs and the ongoing ancillary costs of the property. Find out why it is worth buying a condominium in Berlin despite rising prices here.
The process of the actual purchase can be illustrated using a clear checklist when buying real estate.
Checklist for the home purchase process
Once you have found the right property for your investment and have received a commitment from the buyer, the actual purchase of the property must be completed. The following four steps must be observed:
- The preliminary meeting with the notary and the drafting of the purchase contract: Both parties meet with the notary and answer basic questions about the real estate transaction. The notary checks the ownership structure in the land register and takes on an advisory role for both parties. A draft purchase agreement is drawn up, in which the buyer and seller incorporate their contractual conditions.
- Final viewing of the property and handover protocol: You have already viewed the property in advance and have been able to check whether the property meets your requirements. The final viewing takes place with the owner. Ideally, all rooms will be inspected in detail. You can insist that defects are rectified before the handover or negotiate a price reduction.
- All legal details relating to the purchase contract, land transfer tax and land register entry: The main contract is signed by the buyer and the seller and then notarized by the notary. If mortgages have existed, these must be deleted. The tax office receives the notarized purchase contract and demands the real estate transfer tax from the buyer of the property. Once the amount has been paid, the buyer can be entered in the land register as the new owner of the property.
- Payment of the purchase price and handover of the property: Once all legal steps of the real estate transaction have been completed, the buyer pays the agreed purchase price to the seller of the property. The property can then be handed over to the new owner. When handing over the property, you should go through the handover protocol and check whether any defects have been rectified.
Reduce stress when buying real estate with the checklist
If you have a checklist for the home-buying process, you can keep track of everything throughout the entire process. This is a particular advantage if you are new to the real estate market. But even experts benefit from always having a checklist to guide them. There are also other helpful tips for buying a property.
