If the real estate purchaser needs to take out a mortgage for the purchase, he or she will incur additional Land Registry and notary fees for the preparation of what is known as a Schuldbrief (mortgage certificate).
The mortgage certificate is a form of security for the purchaser’s bank. If the mortgage can no longer be paid at some point, the bank is entitled to foreclose on the property in question.
The fees become payable because the mortgage certificate must be entered into the Land Register. The charges are based on the mortgage debt and can vary between 0.1 % and 0.3 % of this amount.
The costs of registering the mortgage certificate are borne solely by the purchaser of the property. And so our tip: If a schuldschein (promissory note) already exists, it can be worthwhile to take it over. Both parties should seek an open discussion on this.
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