7. Payment process

In Germany, any estimates for real estate cost must be made in a non-cash form. To do this, the buyer can open an account with a German bank or pay from the account of any foreign bank.

In most cases, the acquisition carried out by transferring the required amount to the trust account of the notary. This method is considered as the most safe and convenient since the buyer can be sure of the reliability and integrity of the notary who controls the transparency and legitimacy of the purchase and sale transaction.

In accordance with the standard sales contract, an advance payment of the purchase amount is transferred to the seller’s account. It is usually 20% – 30%The buyer must pay in full within 30 days from the date of signing the contract.

After that, the notary carries out from this account all necessary payments related to the costs of registering the transaction (state duties, taxes, fees, etc.) and transfers to the seller the amount received for the property sold (if all the conditions stipulated by law are met).

In addition, the land cadaster records a preliminary transfer of ownership of the property that is called Auflassungsvornerkung (German). Thus, the buyer can be sure that his interests will be respected, and he will not be infringed in his rights.