Steps A - Z of the purchase and financing process
Purchase and financing process
The implementation of a financing solution parallel to a desired property purchase can, with a clear schedule, guide you through the process in a well-structured manner - we will show you the recommended steps below in a smart and digital manner and provide you with the appropriate support.
Active entry into the purchase and financing process
If the initial requirements on your side as a buyer and on the seller's side are correct, initial, more binding statements are required or are often desired. Sellers and brokers want a soft financing confirmation (Financing certificate) in order to have a secure basis for the subsequent processes and the actual feasibility.
Conversely, a declaration of intent to purchase/reservation agreement would also make sense in order to have a time window in which you can complete the tasks you need to complete.
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Complete property documents received
One of the most important points is checking the property documents. This lays the foundation for your personal assessment on the one hand and for the financing institution on the other. If the documents are complete, is the information correct and what aspects arise from it - questions that you should ask yourself. Please feel free to contact us actively to support you in this regard.
Identify, compare and get advice on financing offers with the financing configurator
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One of the most important steps, in addition to selecting the actual property, is finding and implementing a suitable financing solution that takes your individual ideas into account, is tailored to the project and fits your current and future phase of life. In addition to our financing configurator, where you can independently determine and compare numerous financing offers, an advisor is available to you, especially in this step, who will guide you through the financing process.
Digital financing application
Once you have found the right financing offer and you have decided to buy and finance the property, you now need to submit the financing application. One of the requirements that must be met at this point is the availability of your complete credit records as well as the property documents for the property. With our financial configurator you can fully prepare your application, upload all documents and apply digitally.
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Plan the notarization date and make final arrangements
Your financing has been applied for and is in the credit decision process, so all you have to do is wait for the financing approval. Now is the right time to agree on a notarization date that fits into the selected time window. If necessary, a second property inspection and remaining coordination will take place.
Loan agreement, mortgage and commitment
If the financing application has been successfully checked and approved, the selected financing institution creates the loan contracts and the associated mortgage documents. When the aforementioned documents are handed over, one can also speak of a financing commitment. Loan contracts are signed and the mortgage documents are sent to the notary's office.
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Notarized purchase contract signing takes place
Your financing had come about, the notary received the mortgage order documents and the pre-agreed draft purchase agreement is now being read out in its final version, signed and notarized by the notary. The purchase was formally carried out and the transfer of ownership process begins with the notice of conveyance.
Requirements for payment of the purchase price are met and the notary notification is received
If all formal requirements have been checked and successfully implemented by the notary, he will inform the buyer that the purchase price is due. As a buyer, you, in turn, have to ensure that all payment requirements for your loan are met, such as maintaining equity capital or the share you contribute of the purchase price and additional costs.
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Purchase price payment
The purchase price is transferred to the seller. Depending on the financing institution, your equity may be collected and transferred to the seller along with the loan amount. In the first step, you often have to transfer your equity share or the share of the purchase price that is borne by your equity directly to the seller before the loan share is paid out to the seller by the financing institution.
Confirmation of purchase price payment
If the notary has not taken over the monitoring of the purchase price payment using a notary escrow account, he will receive notification from the seller that the full purchase price has been paid, so that nothing now stands in the way of the handover of the property.
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official handover of the property
The purchase price has been received in full by the seller and all other requirements have been formally met so that the handover to you as the buyer can now take place. From now on the economic transition begins and moving into the property is possible.
Land registry office announces transfer of ownership
The actual registration in the land register often takes place several months after the purchase contract has been notarized. Only now are you officially registered as the owner.
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questions and answers