Buying property is a pretty big stress for everyone. But it only grows, when you decide to buy property abroad. We all know that the price of real estate is rarely the final number. What other expenses are waiting for you? How much does it cost to become an owner? Find out in the new article on Prian.info.
Property acquisition tax
It is mandatory to pay a property acquisition tax to entry into the land register. It is mandatory. The taxation depends on the Federal land where the property is located, therefore, check the amount beforehand. For instance, tax rate in Berlin is 6%.
Please note that a buyer and seller are both responsible for paying this tax. Commonly, the sale contract specifies that all associated costs are borne by the buyer.
The seller pays for removing the encumbrances from the land register as well as additional certification of the contract (Nachgenehmigung), if they were unable to attend the main certification (Beurkundung).
Expenses on the part of the buyer are:
a property acquisition tax,
notary services,
costs for registration of property rights,
broker's commission.
The land registry does not make a final re-registration of ownership rights unless taxes are paid.
Payment for notary services
A notary calculates expenses according to a special notarial table and charges a certain amount for each operation carried out in the process of the sale deal. The average amount of notary expenses is about 1.5%, but if a property’s cost is low, the amount of notary expenses may be about 2-3%. And vise versa, if the price of property is high, the notary’s expenses may be even lower than average.
The cost of re-registering property rights in the land register is on average 0.5%. But can be up to 1%, if the cost of real estate is low.
Payment of agent’s commission
The broker's commission is 3 to 6% + VAT on average. It is usually paid by the buyer.
Sometimes commission or it’s part in included into the price of a property and paid by the seller.
For cheaper properties real estate agents can set a fixed amount of commission independently.
Property acquisition tax
3.5%-6.5% from the cost of a property depending on the Federal land
Notary services
0.7%-3% depending on the price of a property
Legal expenses (registration, extract from the Land register)
0.3%-1% from the cost of a property
Broker’s commission
3%-6% from the cost of a property + VAT
Residential property in Germany
640 400 €
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Flat in Berlin, Germany
107 sq.m322
Apartment in a new residential project, which is being built in the business district of Berlin, a 10-minute drive from the city center, on the border of the Mitte and Friedrichshain districts. Two towers will rise above the embankment of the Spree, providing residents with magnificent views of the river and the city. The ensemble of houses will...
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72 sq.m321
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Flat in Berlin, Germany
98 sq.m322
Apartment in a new residential project, which is being built in the business district of Berlin, a 10-minute drive from the city center, on the border of the Mitte and Friedrichshain districts. Two towers will rise above the embankment of the Spree, providing residents with magnificent views of the river and the city. The ensemble of houses will...
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465 000 €
Flat in Berlin, Germany
64 sq.m21
1 bedroom apartment in a new residential project in the business quarter of Berlin in the Friedrichshain district. Two towers will rise above the embankment of the Spree, providing residents with magnificent views of the river and the city. The apartment has panoramic Windows and ceilings of 3 m. For the convenience of residents, a concierge...
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124 sq.m322
View apartment with 2 bedrooms in a new residential project, which is being built in a growing business district in the Friedrichshain district. There are many IT startups, offices of Mercedes-Benz, PORR, Zalando Shoes and Fashion, MTV, Universal Music, Coca-Cola, a new Google campus, a multifunctional Mercedes-Benz Arena stadium, several art...
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137 sq.m543
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64 sq.m211
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Apartment in Berlin, Germany
109 sq.m22
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