How long does it take until the purchase price is paid?

Even after the purchase of a property has been finalized and the closing appointment with the notary has taken place, the buying process is not yet complete. Both seller and buyer need to be patient until the purchase price is actually paid and the handover of the keys completes the process.

The sale is complete, but the money is still pending. Some sellers tend to allocate the funds too quickly for other purposes. However, in many cases, it takes quite some time before the money arrives. Why is that?

The purchase price will be paid out according to the agreed payment schedule, which is determined by the notary. Several steps and events must first be completed before this can happen. Our overview explains the necessary steps.

What conditions must be met for the purchase price to become due?

First step: Registering the notice of conveyance in the land register is an administrative act that depends on the capacity and processing speed of the respective land registry office. Especially in urban areas, you should allow several weeks for this step. With a bit of luck, it might be faster.

The next step is the cancellation of any existing mortgage. It's important to know that the mortgage is usually still registered in the land register even if the previous owner has already fully paid off the property.

Is there a right of first refusal that might still be exercised? This is the case in some cities and municipalities. For both the seller and the buyer, this means a waiting period. It needs to be clarified whether the municipality will exercise its right of first refusal or waive it.

Consideration of the administration

When selling a condominium, it's important to consider the property management company, as their approval may be required. Furthermore, as the seller, you should allow sufficient time for this, as it's not uncommon for property management companies to be struggling with staff shortages or simply overloaded.

Once all necessary steps have been completed and all documents are ready, the notary will ensure that all conditions are met. After that, nothing stands in the way of the long-awaited purchase price payment. The payment will arrive within 14 days, regardless of whether the amount is transferred to the seller's account or to a notary escrow account.

Is it possible to shorten the process from the notary appointment to the purchase price payment?

To ensure the process runs as smoothly as possible, careful preparation is crucial. It is always helpful to contact an experienced local real estate agent, as they can ensure that all necessary prerequisites are met during the marketing phase. This makes the transfer of ownership efficient and avoids long waiting times.

Do you have questions about purchasing a property or other real estate matters? Don't hesitate to contact us! We'd be happy to advise you.

Notes

For the sake of readability, this text uses the generic masculine form. Female and other gender identities are explicitly included where relevant to the statement.

Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.

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