The timeline of purchasing property in Berlin

Purchasing property in Berlin takes about 3-4 months from your decision of buying your desired object until you actually get the keys to your new property. In this step by step guide we will take you through the entire timeline of the purchasing process:

STEP 1 - THE RESERVATION AGREEMENT (3-4 DAYS)

Once you’re decided on buying a property, you sign a reservation agreement and pay the respective reservation fee via bank transfer. It usually takes a few days until the reservation is confirmed.

STEP 2 - THE DRAFT CONTRACT (2-3 DAYS)

When your reservation is confirmed, the notary can then send you a draft of the purchase contract. This usually takes about 2 - 3 days, unless your purchase is a special case that requires a more complicated deal, for example when buying a rooftop attic. This may take a little longer.

STEP 3 - THE COOLING PERIOD (14 DAYS)

After you have received the draft contract, there is an obligatory cooling period of 14 days by law. This serves to give you time to consider the exact conditions of the purchasing contract to withdraw from your previous decision if you should change your mind. The next notary appointment can only be made once these 14 days have passed. 

STEP 4 - FINANCING

We advise to use the obligatory cooling period to sort out your bank mortgage or loan. When you first inquire about a mortgage or a loan, you will have to fill out some paper work about your current financial situation for the bank. It’s entirely up to you and your financial situation how long this step takes, but once all the paperwork is filled out and sent to the bank, they usually send you an offer within 2 days.

This offer by the bank is a legitimate contract that you can sign immediately if you agree to the terms and condition. Once you’ve signed the offer it takes about 2 - 7 days to get a confirmation by the bank.

By the way: If you need an English-speaking financial specialist who can provide you with offers from different banks to compare, contact us and we will connect you with the right expert for your needs. We will charge nothing extra for this service.

STEP 5 - SIGNING THE CONTRACT

Once your financing is confirmed and the obligatory cooling period of 14 days has passed you can set up an appointment at the notary for the signing of the actual purchasing contract. Both seller and buyer have to be present at this appointment, and the notary reads the entire contract out loud in German. This usually takes up between 1 - 1.5 hours, unless you are in need of a translator. In this case the appointment will roughly take twice as long.

STEP 6 - PAYMENT OF THE PURCHASING PRICE & ALL PURCHASING COSTS (8-12 WEEKS)

Often people ask me when the purchasing price and the extra costs have to be paid. The purchasing costs are due right after signing the contract at the notary, once you receive the invoices of the respective parties involved in the purchasing process. You have about 14 days to pay them.

The payment of the actual purchase only takes place after your name is placed in the land registry as the potential new owner of the property. The notary will inform you once he has received confirmation that the purchase price is now due. If you take a loan, he will notify the bank too.

STEP 7 - KEY HANDOVER (12 WEEKS)

Once the purchase price is payed and as a result your name is entered into the land registry as the legal new owner of the property, the key handover can finally take place. This entire process takes about 3 months counting from the date of the contract signing.

So, all in all, if you are very quick with your paperwork, you can purchase an apartment within 21 days after you reserved it, and you will receive your keys within 2-3 months after that.