Buying Property via Berlin Capital Investments
After you have made your decision to purchase property in Berlin, you make a reservation. The reservation is binding after signing the reservation form and paying the reservation fee of €3000.
Solicitor’s assistance / Assigning a mandate
To protect the investor and facilitate the purchasing process, we highly recommend you retain the services of an English speaking solicitor based in Germany and specialized in property acquisition in Berlin. We will introduce you to one of Berlin‘s leading international law firms. This law firm also has professional indemnity insurance coverage with a limit of one Million EUR per case. The solicitor will provide you with a brief Legal Review Report on the property, summarising the findings of the legal due diligence as well as containing a summary of the purchase contract. The solicitor will also set up a special escrow account in your name into which you will be required to pay an advance on the side costs. Side costs include Property Acquisition Tax (4,5%), notary fees (1-1,5%) and land registry charges (approx. 1%). Thus, the solicitor will be in a position to pay the various side costs as they accrue during the purchasing process. We have arranged a flatrate of €1500 to €2000 especially for our clients for the solicitor‘s assistance.
In order to retain legal representation and meet the notary to prepare the Power of Attorney (P.O.A.) we recommend putting aside at least half a working day during your trip to Berlin. If you are not planning to be in Germany during the purchasing process, you will need to sign a certified POA which enables your legal representative to act in your name and on your behalf. This POA has to be recognized at the German Embassy or at a Notary Public of your choice.
If you decide to use the services of a Notary Public you will need to send the POA on to the Foreign Office in London in order to receive an Apostille.
Side costs
An appointment with the Notary Public and lawyer for signing the Deed will be set. It is important to understand that this contract is irrevocable. The contract will include the purchase terms and all conditions thereof, such as the day of payment, the delivery date to the new owner, any needed repairs or other actions to be carried out by the seller and any other specifications as required.
Financing
If you have proof of existing funds or other investment papers you may purchase property in Germany. If you are seeking to finance your purchase with a mortgage from a German bank, however, you will be required to present an irrevocable acceptance of loan financing from a reputable bank. We have partnerships with several financing banks and will introduce you to a mortgage advisor who can assist you. Financing foreigners who are not residents in Germany and who do not have income in Germany is possible under certain circumstances but should not be expected to exceed 60% of the buying price. Once all of the required documents have arrived, the bank needs approximately 1 week to prepare and issue the mortgage contract. Usually, German banks provide a fixed rate for 10 years. All our projects have been evaluated by leading banks. That means that for your safety the location, the developer and the valuation are genuine. In principal mortgages are assured.
Next: Frequently Asked Questions
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