→ Buying a property in Berlin is simple, straightforward and can be a relatively quick process in comparison to elsewhere. To begin the purchasing process, the buyer will pay a 1% holding deposit which gives them 4 weeks in which they have the exclusive right to complete the sale. This is something many of our international clients often aren’t aware of as it is quite unique to Berlin and Germany.
Once a deposit has been paid, it is then time for the buyer to appoint a lawyer and they can be English-speaking if necessary to make it a highly transparent process. With the paperwork all in place, the lawyer checks through all of the necessary documents and a notary appointment is arranged. The contract is then read line by line with all parties present, and with a translator present if necessary, giving the buyer a better understanding of what they are buying, what their responsibilities and rights are etc. and ultimately provides the buyer with a full understanding of their purchase.
This process of the contract being read aloud and in person isn’t necessary if the buyer gives the lawyer power of attorney but many people choose to do it because it makes the process feel real and tangible.
So long as the buyer has got to the stage where they have signed the contract with the notary within the four weeks they will get a completion statement and will officially have bought their property.