When you've decided on the property you would like to acquire, you want to do the following:
1. Choose an attorney at law who is knowledgeable about international tax law and double taxation problems to help you with a transaciton framework that will save on taxes.
2. Get in touch with a notary and aks him to send you a version of the purchase contract - every notary in Germany has his "most liked" template which he prefers to use.
3. Have your lawyer take a look at the draft provided by the notary and propose alterations that are best for you. He'll pay special attention to the payment terms and the way you are protected against not becoming owner of the property.
4. Let your attorney explain you the contract in detail so that you know correctly what the consequences are going to be once you put your signature on the document.
5. If you cannot remain until the signing of the contract, which has to take place before a German notary, give your legal counsel a power of attorney so that he will be able to act on your behalf before the notary and sign as your representative.
6. If you want to approve the agreement personally, make sure the notary speaks English on a conversational level or ensure that a certified interpreter is present and translates all the things the notary says.
7. Make sure that the notary and your legal representative possess a power of attorney permitting them to represent you before German authorities after you leave Germany. Sometimes, small changes are necessary to finalize the ownership procedure or declarations must be submitted to authorities. If your attorney at law cannot act as your representative you will have to come back to Germany to take care of such minor issues in person. That will cost you money and time.
8. Have the notary and the legal counsel keep you up to date as to the progress of the procedure. Under German law, you will become owner of the real estate when you are registered with the Land Registry, what is a German authority. This may take some time, but you're going to be secured against a second sale by the seller until you are properly registered. Simply make sure that you will be informed as soon as the registration is completed and you are the new owner of the house or flat.
The author is an attorney in Berlin, Germany, specialized in buying flats and other properties. To find out more about finding and buying property in Berlin and to get his special report on
How to Buy Houses in Germany for free, visit
http://stawrew-attorney.info
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