Once you have decided on a property we can take you through the registration process. We will help you collect and review the documents for the property to verify that there are no hidden liabilities. We can also refer you to one of our attorneys for a pre-purchase document check or legal Due Diligence.
There is a long list of things to be checked, such as Division of the Property, Owners Association Economic Plan, Condition of the Building, Rent Control applicability, etc. It is not uncommon to find a property in a building in need of extensive repairs and not sufficient funds in the Owners Association Fund. Similarly, issues where other owners are bankrupt or have other high risk attributes are not uncommon.
It is a common misconception by people who are new to Germany to think that a Notary does that. It is not a job of a Notary to check the documents and investigate condition of a building and property. Notary is a neutral party who drafts a Purchase Agreement, manages an Escrow Account and registers you as a new owner.
We will arrange for you to meet with our English-speaking Notary, whose job is to check the land registry, draft a sales contract and register you as a new owner. Notary and Court Fees in Germany are regulated by the State and amount to approximately 1.5% of the value of the property.
We will also arrange for you to meet with our English-speaking tax accountant. We are familiar with tax regulations and can answer most tax questions. However in complex situations, we will refer you to our expert. Your first consultation with the tax accountant is free. Tax registration is approximately 50 € + VAT(19%) = 59,50 €, a onetime charge. Annual income tax filings are approximately 200 € + VAT(19%) = 238 €.
In the year following your purchase you will receive letters, forms and bills from various state agencies such as Land Registry, Court Clerk, and Land Tax Office. We can help answer the letters, fill out your applications and pay your bills as they come in.
We will help register you with your building management company, gas and electric utilities, property insurance, telephone/internet providers, and cable company.
We will also help you open a local bank account to pay bills and receive rents. We will help arrange for automatic bank payments for taxes and services, to minimize work load related to managing your property.
50 €/hr plus VAT
(59,50 €/hr incl. VAT)