GERMANY

1. Land transfer tax for properties in Germany is 3,5%.
2. The notarys fee is 1,5% of the sales price.
3. The notary is responsible for the draft contract.
4. The estate agents fee depends on which state the property belongs to. Very often the cost is divided between the vendor and the purchaser and each side pays 3% of the sales price.
5. The cost for registering the land is 0,5%. This amount is often included in the notarys fee.
6. Any extra costs involved with the sales contract must be paid within four weeks.
7. When registering the land, the ownership and mortgages are also registered. The potential purchaser has the right to view the registration.
8. The property tax is an annual community tax.
9. Obvious faults of any property must not be mentioned.
10. We recommend that the vendor of a property ask for a financing bank confirmation of the purchaser before signing any sales contract.