What happens at the Notary meeting?
- ID Check: The notary verifies the identities of all parties using passports or ID cards.
- Reading Aloud: The notary is legally required to read the entire contract out loud. This ensures everyone understands the legal obligations.
- Explanation: During the reading, the notary explains complex legal terms and answers questions. Minor last-minute changes can still be made.
Signatures: Both parties sign the document, followed by the notary's signature
Securing the Transaction
(Post-Signing)
After the meeting, the notary acts to protect both sides:
- Priority Notice of Conveyance (Auflassungsvormerkung): It prevents the seller from selling the property to someone else or taking out new loans on it.
- Authorities: The notary informs the tax office (Finanzamt) regarding property transfer tax and contacts the local municipality to check for any "right of first refusal."
- Clearing Debts: If the seller still has a mortgage on the property, the notary coordinates with the seller’s bank to ensure those debts are cleared using the purchase price.