Buying a property is a significant milestone, but the organisational side of things only really begins once the purchase agreement has been signed. Many buyers ask themselves: how long does it take from the offer being accepted to the handover of the keys? Who arranges the appointment with the solicitor? And what tasks still need to be completed after the purchase, such as changing your address, taking out insurance or registering the property in the land register? In this blog post, you’ll find out what to expect after buying your property and how to prepare for the transition as effectively as possible.
1. How long does it take from the time the purchase is agreed to the handover of the keys?
The time taken from the purchase agreement to the final handover of the keys may vary, but is usually between six and twelve weeks. The exact timeframe depends on several factors:
1.1 Notarial certification of the contract of sale
Once the purchase has been agreed, an appointment with a notary is arranged to have the contract of sale officially notarised. It usually takes one to three weeks, until this appointment takes place, depending on how quickly the buyer and seller can agree on a date.
1.2 Notice of due date and payment of the purchase price
Once the contract of sale has been signed, the notary checks the land register and ensures that there are no obstacles to the transfer of ownership. Only when all the requirements have been met does the notary send a Notice of due date to the buyer. This usually takes two to four weeks. The buyer then has a period (often one to two weeks), in order to transfer the purchase price.
1.3 Land Registry entry and transfer of ownership
Once payment has been received, the buyer will be entered in the land register as the new owner. This process may take varying lengths of time, depending on the relevant authority four to six weeks make use of. Only then, in most cases, will the keys be handed over definitively.
1.4 Individual agreements on handover
In some cases, the keys may be handed over earlier if the buyer and seller agree to this on an individual basis – for example, if the seller has already moved out of the property.
2. Who arranges the appointment with the notary?
2.1 The notary’s responsibilities
The notary plays a key role in the purchase process. They ensure that all legal requirements are met. Typically, the appointment with the notary is organised by one of the two parties; often, the seller or their estate agent takes on this task. Alternatively, the buyer may suggest a notary of their choice.
2.2 How the appointment with the notary works
At the appointment with the notary, the contract of sale is read out and explained. The buyer and seller have the opportunity to ask questions and discuss any amendments. Once all uncertainties have been clarified, the contract is signed. The notary then carries out the following tasks:
- Application for the registration of a priority notice of conveyance in the Land Register
- Assessment of any potential risks
- Preparation of the due date notification
- Registration of the transfer of ownership with the Land Registry
2.3 Costs of the appointment with the notary
The notary’s fees are usually paid by the buyer and amount to approximately 1.5 % to 2 % of the purchase price.
3. What else do I need to do after making the purchase?
Once the keys have been handed over, there are still a few organisational matters that buyers should bear in mind:
3.1 Changing your registered address
Anyone moving into the new property must, within two weeks Re-register with the relevant Residents’ Registration Office. The following documents are required:
- Identity card or passport
- Landlord’s certificate (if the property is rented)
3.2 Registering for electricity, water and gas
If the utility contracts are not taken over from the previous owner, buyers will need to take out new contracts for electricity, water, gas and internet. It is advisable to compare prices in order to find the best deals.
3.3 Taking out or amending insurance policies
Insurance cover should be clarified at an early stage. The following points are particularly important:
- Home contents insurance:Protects the house against damage caused by fire, water or storms.
- Home contents insurance:Covers damage to contents caused by burglary, fire or water.
- Third-party liability insurance:This is particularly advisable for flats, in the event of damage to the communal parts of the building.
3.4 Entry in the Land Register
Once the purchase price has been paid, the buyer is officially entered in the land register. The notary arranges for this to be done, but buyers should ensure that the entry has actually been made. Only once the entry has been made in the land register is the owner fully protected.
3.5 Payment of land transfer tax
Within a few weeks of the purchase, buyers will receive a letter from the tax office Notice regarding land transfer tax, which is payable within one month. The tax rate varies depending on the federal state and ranges from 3.5 % and 6.5 % of the purchase price.
3.6 Property management and maintenance reserve (for flats)
Buyers of flats should contact the property management company to obtain all the relevant documents and information regarding the maintenance fund. It is also advisable to attend the first owners’ meeting.
3.7 Renovation and modernisation
If major renovation work is planned, this should be organised as soon as possible after the purchase. This includes, amongst other things:
- Painting and flooring
- Renovation of heating systems or bathrooms
- Energy-efficiency improvements such as insulation or new windows
3.8 Tenancy management (for let properties)
If the property is let, new owners must provide the tenants with a Notice of Change of Ownership send to them. In addition, existing tenancy agreements should be reviewed and, where necessary, amended.
Conclusion
Once the purchase has been agreed, there are still a few steps to complete before the keys are handed over, including the notarisation of the contract, payment of the purchase price and registration in the land register. The appointment with the notary is usually organised by the seller or estate agent, whilst the buyer should make the necessary financial and organisational arrangements. After the purchase, you will need to update your address, take out insurance and deal with the relevant authorities to finalise the transfer of ownership.
If you’re well prepared, you can get through the process without a hitch and soon settle into your new home with peace of mind.
