Knowing how to do it: Purchase contract

The purchase and sale of real estate are businesses with far-reaching consequences. Therefore, the law provides special regulations. In order to be valid, the purchase contract must be officially notarised. Other agreements or written reservation contracts which do not meet this requirement are, from a legal standpoint, non-binding and worthless.

Don't rush into decisions

It can often be the case that there are more interested parties for good homes in an attractive location than actual properties, but even so don't let yourself be rushed into making a decision! When in doubt concerning any questions on contracts and notarisations, you should turn to experienced experts - such as real-estate attorneys, property-management or building consultants, or naturally notaries who do business in the neighbourhood.

Notarisation and payment

It's the notary's task to work out the contract according to the wishes of the parties involved and inform both the buyer and seller about the terms and conditions. For those who don't understand «legalese» or find certain clauses confusing, they are well advised to ask too many questions rather than too few.

The transfer of the agreed purchase price takes place after the purchase contract has been signed. The business transaction is only finally completed in a further step when you, as the new owner, are entered into the land register.

A notary is obligated to neither party. However, if he determines that certain provisions are too one-sided, he will bring attention to this fact and possibly suggest an alternative. Recommendation: As an inexperienced buyer, you should naturally examine all the documents very closely and ask questions even before your appointment with the notary

The purchase process