Property Buyer Checklistfrom Financing to Key Handover
Buying property involves many individual steps, and each one can make the difference between success and costly trouble. This checklist helps you forget nothing.
This guide in one minute
The key points of this guide as a short video. All details and worked examples are in the text below.
No narration, background music only.
Inhalt dieser Seite (17)
- Phase 1: Preparation
- Phase 2: Property Search and Viewings
- Phase 3: Checking the Property – Documents and Condition
- Phase 4: Purchase Decision and Negotiation
- Phase 5: Notary Appointment and Completion
- Phase 6: Key Handover
- How Much Property You Can Afford
- Ten Questions for the Seller or Agent
- House or Flat: What Else to Check
- Special Cases
- After Moving In: the First Two Years
- The Purchase Decision: a Simple Cross-Check
- Negotiating with Facts
- Documents for Your Bank
- Checklist for Handover Day
- Checklist for Investors
- When Several Buyers Are Bidding
Currently for sale: See 3 houses and buildings from €130,000
Key points at a glance
- Settle your budget and financing limits before you view. With a financing confirmation you are the more attractive buyer for sellers.
- In Bavaria, plan for around 5–9% in purchase costs on top of the price.
- The land register, energy performance certificate, building permits and, for flats, the minutes of owners' meetings should all be checked before the notary appointment.
- Subsidies usually have to be applied for before the contract is signed.
- Under the GEG, new owners of houses have two years for certain mandatory upgrades.
Phase 1: Preparation
- Clarify your budget and financing limits (bank or mortgage adviser)
- Work out your equity (rule of thumb: at least 10–20% plus purchase costs)
- Calculate what you can afford monthly (no more than 30–35% of net income)
- Obtain a financing commitment or confirmation from the bank
- Define your search profile: location, size, number of rooms, year of construction, fittings
- → Financing: equity vs. loan
Phase 2: Property Search and Viewings
- Search the property portals (ImmoScout24, Immowelt)
- Contact a regional estate agent (→ Estate agent in Hof)
- Carry out the first viewing in daylight
- Second viewing (different time of day, possibly with a surveyor)
- Check the surroundings: infrastructure, public transport, schools, shopping, neighbours
- Ask the seller/agent questions (reason for sale, defects, neighbours)
Phase 3: Checking the Property – Documents and Condition
Documents to request from the seller:
- Land register extract (Grundbuchauszug; check sections I–III: owner, encumbrances, land charges)
- Energy performance certificate (Energieausweis)
- Floor plans and living area calculation
- Building specification / construction plans
- Breakdown of service charges for recent years
- For flats: declaration of division (Teilungserklärung), service charge statements (Hausgeld), minutes, reserve fund balance
Check for yourself:
- Check building permits for all parts of the building at the building authority (Bauamt). Bavaria has no register of building encumbrances (Baulastenverzeichnis); third-party rights are recorded in the land register
- Check the register of contaminated sites (Altlastenkataster) (for former commercial sites)
- Look at the development plan (Bebauungsplan) (scope for extension?)
- Compare standard land values (Bodenrichtwerte) via BORIS Bayern
- Commission a building surveyor (approx. €400–800)
- Bring in an energy adviser (if renovation is needed)
- → Common mistakes when buying property
Phase 4: Purchase Decision and Negotiation
- Estimate the market value (comparable data, standard land values, valuation)
- Calculate renovation costs realistically (→ Properties in need of renovation)
- Calculate the total cost: purchase price + purchase costs + renovation if needed
- Negotiate the price (or let the agent do it)
- Check subsidies: KfW, BAFA, BayernLabo (before completing the purchase!)
Phase 5: Notary Appointment and Completion
- Review the draft purchase contract at least 2 weeks before the appointment
- Clarify open questions with the notary (Notar) (→ Notary appointment)
- Have the financing finally confirmed
- Attend the notary appointment and sign the contract
- Budget for land transfer tax (Grunderwerbsteuer) (3.5% in Bavaria → Land transfer tax)
- Transfer the purchase price after the notice that payment is due (Fälligkeitsmitteilung)
- Wait for the change of ownership in the land register
Phase 6: Key Handover
- Arrange the handover date
- Prepare a handover report (condition, meter readings, keys)
- Transfer utility contracts (electricity, gas, water, internet)
- Take over the buildings insurance or take out a new policy
- Register your new address (residents' registration office, deadline: 2 weeks)
- Property tax (Grundsteuer): wait for the municipality's assessment notice and set up payment (the change of ownership is reported via the notary and the land registry)
How Much Property You Can Afford
A simple household budget before you start searching prevents disappointment. Example: a couple with one child, combined net income of €4,600 a month, equity of €70,000.
| Item | Amount |
|---|---|
| Net income | €4,600 |
| − Living costs, car, insurance, savings | − €2,700 |
| = available for housing | €1,900 |
| − Running costs and reserve for the house | − €450 |
| = possible loan instalment | €1,450 |
| Loan at 3.8% interest and 2% repayment (approx.) | €300,000 |
| + Equity | €70,000 |
| − Purchase costs (approx. 9%) | − €30,500 |
| = possible purchase price | around €340,000 |
With this framework you know what you are looking for and can decide quickly at viewings. Financing details are in the Financing Guide and under Mortgage brokerage.
Ten Questions for the Seller or Agent
- Why is the property being sold, and how long has it been on the market?
- Which modernisations were carried out and when – are there invoices?
- Has there been water damage, damp, mould or pest infestation?
- How old are the roof, windows, heating and electrics?
- How high were heating and running costs in recent years?
- Are there third-party rights (right of way, right of residence, right of first refusal)?
- Are all parts of the building approved (extension, garage, loft conversion)?
- What is included in the price (kitchen, furniture, awning, heating oil)?
- When is handover possible?
- For flats: are there special levies (Sonderumlagen) already decided or planned?
Write down the answers. Important assurances should be included in the purchase contract. More points to check are in the Viewing Checklist.
House or Flat: What Else to Check
| Check | Detached house | Owner-occupied flat |
|---|---|---|
| Building fabric | check everything yourself, surveyor recommended | your own unit yourself, common property via the minutes |
| Maintenance | plan your own reserve | check the size of the maintenance reserve |
| Plot | boundaries, access, development plan, flooding | special rights of use (garden, parking space) |
| Running costs | property tax, insurance, energy, servicing | service charge (Hausgeld), including reserve and management |
| Say in decisions | complete freedom of decision | resolutions of the owners' association |
| GEG obligations | mandatory upgrades for new owners | the association decides on heating and insulation |
More on flats in the guide Owner-occupied flats, WEG and service charges, and on older houses under Buying an older building.
Special Cases
New build from a developer (Bauträger):
- Have the notary explain the developer contract
- Check instalment payments by construction progress under the Estate Agents and Developers Ordinance (Makler- und Bauträgerverordnung, MaBV)
- Read the building specification carefully (fittings, energy standard, completion date)
- Check the developer's creditworthiness and references
- Carry out the acceptance inspection with a surveyor
- more under Developers
Let flat as an investment:
- Check the tenancy agreement, rent history and the tenant's payment record
- Deposit: provide for its transfer to the buyer in the purchase contract
- Notice for personal use (Eigenbedarf) is only possible to a limited extent – do not count on it
- Calculate the yield, see Calculating rental yield
Buying from abroad:
- Interpreter for the notary appointment, powers of attorney, tax ID
- more under International buyers
After Moving In: the First Two Years
- Check mandatory upgrades under the Building Energy Act (GEG) (top floor ceiling, pipe insulation, old boilers) – see Heating law
- Take out or check buildings insurance with cover for natural hazards (Elementarschadenschutz)
- Take over or take out new servicing contracts for the heating and chimney
- Apply for subsidies for planned renovations before awarding contracts
- For let properties: inform tenants of the change of owner and the new bank details
- Keep all the house documents in one place – for the next sale or an inheritance
The Purchase Decision: a Simple Cross-Check
Before you make an offer, a sober overall calculation is worthwhile. An example for a detached house from the 1980s in Lichtenfels:
| Item | Amount |
|---|---|
| Purchase price | €265,000 |
| Purchase costs (approx. 9%) | €23,850 |
| Work needed immediately according to the surveyor (bathroom, some electrics) | €28,000 |
| GEG upgrades (ceiling, pipes) | €6,000 |
| Medium term: heating in 5 years | €35,000 |
| Total investment over 5 years | €357,850 |
| less possible subsidies | – €10,000 to – €20,000 |
Only with this calculation can you judge whether the price is right, and which arguments belong in the negotiation. Compare the result with similar houses that have already been renovated. Tips on negotiating: Determining property value.
Negotiating with Facts
A successful price negotiation rests on arguments that can be followed, not on poker:
- Research comparable prices for similar properties in the area
- Document defects with a cost estimate (surveyor, tradesman's quote)
- Check whether the asking price already takes these defects into account
- Enclose a financing confirmation – it signals reliability
- Offer flexibility on the handover date if that helps the seller
- Submit your offer in writing, with a validity period
An offer that is too low and has no justification often ends talks before they have begun. A reasoned offer, on the other hand, is taken seriously – especially by sellers who value a quick, secure transaction.
Documents for Your Bank
So that the bank can decide quickly, have these documents ready:
- ID card, payslips for the last three months, employment contract
- For the self-employed: annual accounts and tax assessments for the last two to three years
- Proof of equity (bank statements, securities account, building savings contract)
- Overview of current loans and commitments
- Exposé, land register extract, floor plans, living area calculation, energy performance certificate, photos
- For flats: declaration of division, service charge, minutes
Checklist for Handover Day
- Purchase price paid in full and confirmed by the seller
- Joint walk-through of all rooms, cellar, loft, garden
- Compare the condition with the state at the viewing
- Note any new damage or missing items included in the sale in the report immediately
- Read and photograph all meters
- Count the keys, take over garage door openers and codes
- Receive operating instructions, servicing records and plans
- Have the report signed by both parties
Checklist for Investors
If you are buying a property as an investment, also check:
- Actual rent under the tenancy agreement, not just the "achievable" rent
- Rent history in recent years and the tenants' payment record
- Service charge and Hausgeld statements for the last two years
- Maintenance reserve and upcoming special levies
- Rent index (Mietspiegel) or comparable rents for possible increases
- Yield calculation with all costs and a vacancy scenario
Calculating rental yield shows how to calculate the yield in full. Tax aspects are explained in Depreciation (AfA) on property.
When Several Buyers Are Bidding
With sought-after properties, several buyers are sometimes interested at the same time. Then price is not the only thing that counts. Sellers look for:
- proven financing or equity,
- a reliable impression and fast, clear communication,
- flexibility on the handover date,
- as few conditions in the offer as possible.
Do not bid above your upper limit out of nervousness. A written offer with proof of financing and a realistic price often convinces more than a higher but uncertain bid. In a bidding process the agent announces the rules in advance – ask if anything is unclear.
FrankenImmo – Results-driven brokerage
Phone: 0151 58363197 | Request a free consultation
Frequently asked questions
Can I buy a house before mine is sold?
Yes, but only with solid planning. Either the bank temporarily finances both properties with bridging finance, or the purchase is agreed with a later handover date. Have the value of your current house realistically assessed beforehand so that the numbers add up.
What do I do if I notice new damage at handover?
Record the damage in the handover report, ideally with photos, and agree with the seller how it will be repaired or compensated. Damage that occurred after the notary appointment and before handover is generally the seller's responsibility.
How far below the asking price should I bid?
There is no blanket rule. If the asking price is in line with the market, large discounts are unrealistic. If it is clearly above comparable sales or defects have not been priced in, 5 to 10% or more is negotiable. What matters is a justification that can be followed.
Do I need a lawyer for the purchase?
As a rule, no. The notary is neutral and explains the contract to both parties. In complex cases – hereditary building rights (Erbbaurecht), rights of residence, commercial property, buying from a developer – an additional legal review can make sense.
When should I commission a building surveyor?
For older houses always before the notary appointment, ideally at the second viewing. For newer houses and well-maintained flats, checking the documents may be enough. A cost of a few hundred euros is out of all proportion to the risks.
What is a financing confirmation, and why does it matter?
With it, a bank confirms that it is in principle willing to lend to you for a property in a certain price range. When there are several interested parties, sellers and agents almost always choose the buyer with proven financing. It is not yet a binding loan commitment for a specific property.
Can I withdraw from the purchase contract?
After notarisation only if the contract provides a right of withdrawal or the other party breaches its obligations. There is no general right of cancellation as in online shopping when buying property. So check everything before the notary appointment. How a property purchase works explains the process and obligations.
Sources & further reading
- boris-bayern.de – BORIS Bayern: official standard land values
- gesetze-im-internet.de – § 17 BeurkG: draft contract at least two weeks before notarisation
- gesetze-im-internet.de – § 3 MaBV: instalment payments when buying from a developer
- lfu.bayern.de – Bavarian Environment Agency: contaminated sites
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