Purchasing Process
Point 1: Purchase proposal in writing
If you have decided to buy a property, the first step is to sign an "irrevocable proposal to purchase property". With this proposal you commit yourself for a certain period of time to buy the property at a fixed price. By way of confirmation of your purchase decision you will give the Real Estate Agent a sum of money as a fiduciary deposit, which will be immediately returned to you if the seller does not accept your proposal by the deadline. When the Seller accepts your purchase proposal, the amount deposited with the Real Estate Agent will be forwarded to the Seller. If you should be able to distance yourself from your intent after signing the purchase proposal and you do not wish or are no longer able to purchase the property, the sum deposited will remain with the Seller. If the Seller no longer wishes to sell to you, because he has received another more advantageous offer, he must return the amount deposited without interest.If everything proceeds as agreed and the Seller accepts your offer, a preliminary contract of sale is concluded.
Point 2: Preliminary contract
The most important step of a purchase is the private writing of the compromise or preliminary sale. With this, both parties undertake to enter into the purchase contract. The compromise is a private contract that is legally binding. The compromise contains all the details of the property, the Buyer and Seller, the price and the method of payment. At the moment of the stipulation of the compromise a deposit (as a deposit) of 10-30% of the sale price is paid. Payment may be made by bank transfer or cheque. The fundamental rule of the down payment regulates in case of non-fulfilment by the Buyer, that the Seller Party may retain the amount paid. If, on the other hand, the Seller Party fails to fulfil its obligations, the Buyer Party may demand the refund of the amount paid and increased by the same amount, or double the deposit paid, as a fine. It is recently compulsory to register the compromise with the Property Register. This task is carried out by the Real Estate Agent.
Point 3: Notarial deed
The stipulation of the notarial deed is the fulfilment of the compromise. The Buying Party shall choose the Notary for the stipulation. With the signature of the notarial deed the ownership and possession will be transferred and consequently the obligation to pay will take over. The transfer of the sum takes place at the moment of the stipulation of the notarial deed by means of non-transferable bank cheques in the Seller's name.
* the cadastral value is calculated on the basis of the cadastral rent, which is shown in the cadastral survey. The cadastral value of a property is generally always lower than the market price.