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Several
reasons to buy
real estate in Germany

Reasons to buy real estate in Germany.

Germany is the leading EU country, the most developed and economically stable state of the Old World. It means this is a good place for business. Living standards in Germany are high. In Germany there lives a several thousand strong Russian-speaking community that is a large advantage for Russian businessman starting their business in German market. Germany on purpose creates the most favored nation treatment for foreign businessmen. Germany is profitable with regard to investments into real estate - it is a key location between Eastern and Western Europe; one of the most economically developed countries on the international scene; third place in the list of economically developed nations; World-famous entities and labels; Stable economical development and low rate of inflation; Effectively operating legislation; Reliable bank; Developed infrastructure; nice ecology and many other things. To buy real estate in Germany (a flat, a land plot, a cottage, and commercial real estate) is profitable even from the viewpoint of investments. Every owner has a right to lease real estate. To do that it is necessary to conclude a lease contract with a real estate tenant. Such agreements are concluded for a period of one year and more. A tenant pays insurance sum on the basis of 2-3 monthly rent sums to the owner. This sum guarantees a reimbursement to the owner in case of tenant's inability to pay or coverage of cost for repairs of an object after breaking of a lease contract. Germany is a country of high social security. The state pays for people who do not have constant profit. That is why there is always demand for housing. Price of flats, land plots and other real estate grows constantly in Germany. With investments into mixed objects (building combining housing, trade and other areas) profit rises by 15 % and more. German legislation allows citizens of other countries to buy real estate on the federation territory on equal terms with German citizens. Russian citizens that own housing in Germany have a right for tourist visa for up to 90 days per year. Those who have business contacts may claim for business visa - 6 month a year or sometimes even more.

 

How to document real estate in Germany

According to German legislation both physical and legal bodies can purchase real estate in Germany. Foreign citizens can purchase both domestic and commercial real estate without any restrictions.

Any real estate in Germany should be registered in ownership register where you can get full information on the following: who is the owner of this real estate, what its appraised value is, accurate size of a land plot and buildings, and also about possible debts of the owners.

In favor of a buyer a document is issued then this document gets its own registration number, number of record, a sheet and volume for an entry into register.

Only an owner himself or a person designated by an owner who has power of attorney verified by a notary can sell real estate. As a rule a right for sale is designated to a lawyer. After a client chooses an object and decides to buy it a contract of purchase and sale is drawn in which terms and form of payment are stated in particular.

The contract is signed at the notary's who is protecting interests of both parties. At the signing of a purchase and sale contract or directly after the signing a buyer deposits in cash or through a bank to a notary. In the following 28 days the remaining sum can be paid to special bank account controlled only by a notary. Money from this account will be used to pay for the purchased property. The notary will check the object being purchased for presence of debts or any other obligations and will pay broker a provision (commission of a dealer if any) and expenses regarding registration in the land register. After signing of a bilateral contract and payment of a bargain to the mentioned above account a buyer becomes an owner of the purchased property. The notary sends documents to the Property registration department and within two months the buyer receives the purchase and sale contract by post certified by the notary. For additional payment you can order an extract from Property register but this is not obligatory. Simultaneously with the contract the notary sends an invoice for his services by mail. It makes from 0.7 % to 1.5 % of real estate value. The buyer pays notarial fee. As all payments are done through bank account controlled by the notary and the seller gets his money after the buyer receives the right of ownership, all fraud with real estate transactions are shut out.

 

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