1. Purchasing a Property via Berlin Yield Estate 1. Steps and
Procedures 2. Legal Support 3. Signing the Deed 4. Funds and
Financing
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. 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. 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. 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. 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. 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.