1. 1. Purchasing a Property via Berlin Yield Estate 1. Steps and Procedures 2. Legal Support 3. Signing the Deed 4. Funds and Financing
2. 2. 1. Steps and Procedures Purchasing a Property via Berlin Yield Estate - Steps and Procedures Once a decision was made to buy a property in Berlin, you will make a reservation. After signing the reservation you will pay the reservation fee of 3000.
3. 3. 2. Legal Support Legal Support in order to protect the buyer and to simplify the acquisition procedure, we endorse you retain the services of an international solicitor with property acquisition specialization based in Berlin. We can find you the suitable international solicitors in Berlin. The law firm will offer you with all necessary Legal Review Report regarding the property. This reviews the definitions of the legal due diligence and also comprises a summary of the buying agreement. A special escrow account under your name where you will be required to pay a service charge on the side cost will also be set up by your legal representative.
4. 4. 2. Legal Support Legal Support in order to protect the buyer and to simplify the acquisition procedure, we endorse you retain the services of an international solicitor with property acquisition specialization based in Berlin. We can find you the suitable international solicitors in Berlin. The law firm will offer you with all necessary Legal Review Report regarding the property. This reviews the definitions of the legal due diligence and also comprises a summary of the buying agreement. A special escrow account under your name where you will be required to pay a service charge on the side cost will also be set up by your legal representative.
5. 5. These charges consist of Property Acquisition Tax (6%), a notary service charge of (1-1,5%) and land registry fees (ca. 1%). So, your legal representative will be able to pay the different side costs as they accumulate during the acquisition.In the situation, that you cannot be in Germany for the period of the purchasing process, a certified Power of Attorney (POA) needs to be signed by you. This certifies your legal representative to act in your name and on your behalf. The POA needs to be recognized at the German Embassy or at your chosen Notary Public.By using the services of a Notary Public the POA needs to be on to the Foreign Office of your country in order to receive an Apostil.
6. 6. 3. Signing the Deed Signing the Deed In order to sign the binding Deed, which contains the information of payment,delivery date to the new owner, required repairs or other actions to be carried out by the vendor and any other terms, a meeting with the lawyer and the Notary Public will be set up.
7. 7. 4. Funds and Financing Funds and Financing Everyone with proof of existing finance can purchase a property in Germany. In case of buying real estate with a mortgage provided by a German bank a binding confirmation of loan financing from that bank is needed. We can introduce you to banks and financial institutions, which can provide you the most suitable mortgage and financial products.In this case the financing will lie between 50% - 60%. The bank takes about five working days to arrange and issue the mortgage agreement; after all mandatory documents have arrived. Depending on the bank and mortgage a fix or variable rate will be issued. Turn your Berlin real estate into a main source of income.