Selling a flat in Germany by proxy means
Selling a flat in Germany by proxy means that the owner does not need to come to Germany to sign the sales contract, which saves time and money.
1. The buyer has decided on the purchase of the property.
2. the property is reserved in order to exit the sales market.
3. A power of attorney is executed at a notary in the owner's country of registration in the national language. The power of attorney is apostilled at the Ministry of Justice.
4. The power of attorney and the apostille are translated into German by a legally recognised translator.
5. A notary in Germany drafts the contract and prepares the required documents. As a trustworthy person the notary is obliged to give full and independent advice to both parties, to draft the sales contract, to check the legal clearance of the property and to notarise the contract.
6. The draft of the contract should include, for example, the price of the property, the terms of payment, the conditions of transfer of possession, the presence or absence of obligations on the part of the seller and other provisions. If the object to be sold is rented, the contract should regulate the issues related to the change of ownership of the property.
7. The owner receives a draft of the contract for review. German law gives both parties to the transaction a certain amount of time to familiarise themselves. The buyer has the right to change or to exclude any provisions which are not in his interest only during this time, i.e. before the preliminary contract is signed.
8. The owner confirms his consent to the conclusion of the contract in his name. The personal presence of the owner is not mandatory. It may be represented by any authorised person on the basis of a power of attorney.
9. The contract of sale shall be signed by power of attorney on behalf of the owner and shall be sent as a certified copy by post. The original remains in the custody of the notary.
10. The full amount for the property is transferred to the buyer in due time. All payments for the purchase of the property are made by bank transfer. For safety and convenience, the transfer is usually made to the notary's trust account, which is responsible for monitoring the legality and transparency of the purchase - sale agreement. In the case of a standard agreement, a down payment of between 20-30% of the purchase price should be made into this account of the Notary. The remaining amount is usually due within 30 days of signing the agreement.
11. Once the notary has made all the necessary payments related to the costs of registration of the transaction, and all the conditions stipulated by law have been fulfilled, the notary shall transfer the proceeds to the seller.
12. After signing the purchase and sales contract and paying 100% of the purchase price, the property becomes the property of the buyer.
13. The data of the new owner will be written into the property registry.
Our company Dominart is ready to coordinate the process of selling your property by proxy.