Dear Friends,

Does anyone on this forum has experience of selling a residential property in Germany ?
I own an apartment and I am planning to sell it. There are some people interested to buy it.
Now I like to know the process.  I still have the home loan from the bank running. So theoretically I have to close the loan to release the property from the bank, for which I have to receive the money from the buyer. But the buyer will pay the money only after the registration, right ? So how can I do the Notary registration ?

When I bought the property, the seller had no home loan. So I/bank just transferred the money to their account.

Can someone advice me how does it work in my case ?

Thanks.

Hi,

I am not an expert in this area and this is of course no legal advise!

The selling/buying of a property (house, ground, apartment) is realized with the help of a Notary. Buyer pays the money on a so called 'Notar-Anderkonto' (Notary Trust Account) Notary check the status of ownership at the 'Grundbuchamt' (registry of deeds) and as soon as you are confirmed as the owner, the Notary allows you to get the money.

In your case you should talk to your Bank who gives you the loan and ask how to proceed. I am quite sure that your case will not be the first one for the Bank, so they should know what to do. 

Good luck

Detlef