How a transaction is made, money transfer
Igor Grachev asks:
Good afternoon.
Hope to buy an apartment in Munich. A bank account in Germany opened, how will the registration of the apartment be carried out, if it was bought on credit from the seller? I understand that after signing the contract with a notary I transfer money to his account, and he makes the necessary payments to the seller and his creditors? And yet, how to pay the purchase tax, also through a notary? And so that the land tax is debited from my account, what should I do?
Hope to buy an apartment in Munich. A bank account in Germany opened, how will the registration of the apartment be carried out, if it was bought on credit from the seller? I understand that after signing the contract with a notary I transfer money to his account, and he makes the necessary payments to the seller and his creditors? And yet, how to pay the purchase tax, also through a notary? And so that the land tax is debited from my account, what should I do?
Expert answers (2)
(Callidus Invest)
Good afternoon, Igor!
1. All right, the bank receives its part on an open loan, and the seller owns it.
2. As a rule, the tax comes to the address indicated in the contract of sale (this may be the German address of your representative in Germany or the country where you reside).
3. You can also talk with a notary public to pay this tax.
4. Property tax: you need to request a tax form to automatically deduct tax from your account. Fill it out and send back.
If you have questions about the management of the apartment write, we will help.
Sincerely, Alexander.
1. All right, the bank receives its part on an open loan, and the seller owns it.
2. As a rule, the tax comes to the address indicated in the contract of sale (this may be the German address of your representative in Germany or the country where you reside).
3. You can also talk with a notary public to pay this tax.
4. Property tax: you need to request a tax form to automatically deduct tax from your account. Fill it out and send back.
If you have questions about the management of the apartment write, we will help.
Sincerely, Alexander.
28.01.2020
(Campus Property)
Igor, good afternoon!
For your questions:
After signing the contract with a notary, I transfer money to his account, and he makes the necessary payments to the seller and his creditors?
-Not always. If you buy with a notary public trust account, then yes. But if without, then the notary makes a request to the seller’s bank, finds out the remaining loan amount, notifies you in writing. After that, you transfer the amount indicated by the notary to the bank, and the balance directly to the seller.
How to pay purchase tax, also through a notary public?
- It is possible through the same notary trust account, if the transaction without opening a trust account, you will receive it by mail (it is important to have an address in Germany to which letters will be sent, not only from the tax office, but also from the developer and the notary public) asking for payment. Only after payment of the invoice will you be entered into the cadastral register as the owner of the apartment.
And so that the land tax is debited from my account, what should I do?
- in the letter from the tax notice on the amount of tax, the form "SEPA Einzugsermchtigung" will be attached. You fill it out, sends it back to the specified address and the tax is automatically charged once a quarter.
I hope I have answered your questions in sufficient detail.
With respect
Artyom Ter-Minasyan,
Campus property gbr
For your questions:
After signing the contract with a notary, I transfer money to his account, and he makes the necessary payments to the seller and his creditors?
-Not always. If you buy with a notary public trust account, then yes. But if without, then the notary makes a request to the seller’s bank, finds out the remaining loan amount, notifies you in writing. After that, you transfer the amount indicated by the notary to the bank, and the balance directly to the seller.
How to pay purchase tax, also through a notary public?
- It is possible through the same notary trust account, if the transaction without opening a trust account, you will receive it by mail (it is important to have an address in Germany to which letters will be sent, not only from the tax office, but also from the developer and the notary public) asking for payment. Only after payment of the invoice will you be entered into the cadastral register as the owner of the apartment.
And so that the land tax is debited from my account, what should I do?
- in the letter from the tax notice on the amount of tax, the form "SEPA Einzugsermchtigung" will be attached. You fill it out, sends it back to the specified address and the tax is automatically charged once a quarter.
I hope I have answered your questions in sufficient detail.
With respect
Artyom Ter-Minasyan,
Campus property gbr
27.01.2020
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