The sales agreement in Germany



The sales agreement in Germany



For an accomlishment of a contract you usually only need the declaration of intent of all parties involved in the contract. When buying a property, the road to signing the contract is a very long one.

In the real estate purchase agreement, all details of the sale are written down, which is why you should consider the individual points of the contract very thoroughly when concluding the contract and always read the contract thoroughly.
As soon as the contracting parties agree, a sales contract is drawn up. All previously made agreements and all discussed details should be included in this contract, because only the aspects mentioned in the contract are legally crucial, everything that is not listed in the contract is void!

Once the contract has been completed, you make an appointment with a notary public. This officially acts as a neutral mediator and is inevitable, because without the presence of a notary no real estate purchase agreement can e done. 

The notary submits a draft contract to each contracting party and reads out all details of the contract to both parties. If all agreements and details of the contract agree, it can be signed and is legally binding by the supervision and the presence of the notary after the signature of both parties.


The most important details of a sales contract:


1. Details of the contracting parties (name, place of residence, date of birth, etc.)

2. a description of the object of purchase (propert, apartment, size, etc.)

3. the purchase price, as well as the payment date

4. Payment details (method of payment, place of payment, etc.)

5. Time of the economic takeover of the object of purchase, as well as the actual handover

6. a late payment interest

As well as

7. Special arrangements (eg taking over a kitchen or a shed or similar)

additional information when buying a condominium:

8. the apartment number

9. a description of the acquired special property

10. Rights of use regarding the community property as well as special use rights (eg underground parking space or similar)

11. Community rules, which specify the costs of maintenance, electricity and water, as well as rights and obligations

As well as

12. the co-ownership share (indicates the proportion of ownership of the entire property)


Features when purchasing a condominium:


When buying a condominium, you not only have to manage your property, the estate in severalty, but also the joint property, which is why you become a part of a community association. The reason for this is that the community property, such as a playground, staircases, roofs and much more is managed by everyone. For the management of the community property, there are owner meetings in which resolutions and decisions are voted on and decided. The co-determination right of an owner depends on the co-ownership shares.

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