Purchase contract – Your dream property has been found! After a detailed assessment of the situation, a commercial check and a
Documents of the contract of sale: What do I need?
Here we have summarized step by step the structure of a sales contract for a condominium.
Part 1: Master data buyer and seller
First of all, the master data of the buyer and the seller, which should be listed first on every contract. Here should be noted in any case the full name, address and date of birth of both sides.
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- Master data buyer and seller
Part 2: Master data of the property
The apartment being purchased should also be described in detail in the purchase agreement. The data of the apartment, such as address and number of the housing unit, also includes the land register sheet number or the extract from the land register.
- Master data of the property
- Land register excerpt
Part 3: Purchase price of the property
Next, the purchase price of your apartment including all additional costs must be listed, as well as the day by which the payment must be received at the latest, i.e. the payment deadline.
- Purchase price and payment term
Part 4: Tenant data
If you are buying your apartment as an investment, you should add the leases of the future tenants both to the documentation for the bank and as the next page of the lease.
What else is listed:
- Tenant data / Tenant list (as attachment)
- Current status of tenancies
- Deposits paid by tenants
- Confirmation: No rent arrears
Part 5: Promises of the seller
It is important for you as a buyer to have listed in the lease agreement all previously verbally agreed commitments of the seller. This includes, for example, renovation work in the apartment or similar.
Should be listed:
- Representations of the seller
Part 6: Billing and costs
You have finally decided to rent out your apartment. To do this, you also need the tenant’s statements of account and the cost claims of the residents’ contributions.
If the economic transfer takes place before the middle of the year, the settlement must be taken over by the seller. If it takes place after the middle of the year, you as the buyer must take care of the settlement.
- Before mid-year: Seller
- After mid-year: Buyer
The costs of the adjoining owners must also be taken into account and listed. Separation is made from the moment of transfer of the apartment. Costs incurred before the transfer are borne by the seller. All costs thereafter must be borne by the buyer.
- Separation from the date of transition
- Before transition: Seller
- After transition: Buyer
What else is there to do?
If you are already a little deeper into the subject, you should definitely know that you should separate items of an apartment. Separate things such as outdoor facilities, garages, fitted kitchens, but also furniture taken over, which reduces land transfer tax. In addition, an assignment of claims against craftsmen should be made. If you have already received the documents from your bank before the notary appointment, you should also have the land charge documents ready.
What else should be in the lease?
- Separate items
- Assignment of claims against craftsmen
- Land charge documents
The first step: types of real estate
The first own property, but in which type of real estate should I invest best? This question is often asked by young investors and this is exactly where we have the answers for you! Whether it’s a house, apartment building, condominium, special real estate or commercial real estate, we have put together a comparison of all types of real estate. With this guide, you’ll find the easiest entry into the real estate world. Besides the profitable sides, the real estate industry also holds some risks for you. In order to keep these as low as possible, we have put together a guide to buying your first property!