How long do I have to wait from the notary appointment until the purchase price is paid?

The purchase of a property is notarised with the successful notary appointment. Nevertheless, buyers and sellers still have to be patient until the purchase price has been paid and the keys can finally be handed over.

Many sellers wonder when the money for the sold property will arrive in their account. Often some time passes before this happens. Why is that?

An important prerequisite for the payment of the money for the purchased property is the so-called purchase price due date. The notary determines when this is due after various events have occurred.

Necessary steps before payment is due

Firstly, the priority notice of conveyance must be entered in the land register. It is not possible to predict when this will take place, as the completion of this administrative act depends on the capacity and speed of the respective land registry. In cities, this process can take several weeks.

Another necessary administrative act is the cancellation of any existing land charge. As a rule, a land charge is still registered even if the property sold has already been paid off in full by the previous owner.

In some towns and municipalities, there may also be a right of first refusal. This means that you have to wait and see whether the local authority wishes to exercise its pre-emptive right or waive it.

In the case of condominiums, the administrator’s consent may be required. Here, too, there may be a waiting period if the property management company is overloaded or has to cope with staff shortages.

Once all of the above requirements have been met and the notary is satisfied, the next step is to pay the purchase price. This should usually take place within 14 days. It does not matter whether it is transferred to a notary’s escrow account or directly to the seller’s account.

Can the period between the notary appointment and payment of the purchase price be shortened?

Good preparation is everything. Professional estate agents ensure that all the necessary requirements are met during the marketing phase in order to minimise the transfer of ownership and avoid long waiting times.

Are you planning to sell your property? Let us advise you as a local quality estate agent. Arrange an appointment with us at any time. We are happy to help you.

Notes:

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.

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

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