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Buying real estate: How long does it take from the notary appointment to payment of the purchase price?

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Anyone who has ever sold or bought a property knows that it is a complex process. It can take a lot of time. But how long does it take from the notary appointment to payment of the purchase price? This article provides the answer.

From the notary appointment to payment of the purchase price

The buying process can be complicated. When the notary appointment approaches, a lot has already been achieved. However, even once the purchase agreement has been signed, some time may still pass before the purchase price has been paid and received by the seller. Only then does the property change hands.

In order for sellers and buyers to enjoy greater security and fully understand the process, a few things need to be clarified about the procedure from the notary appointment to payment of the purchase price.

Conditions for payment of the purchase price

How long it takes from the notary appointment to payment of the purchase price depends on a number of factors. Firstly, the requirements for payment of the purchase price after the appointment with the notary must be mentioned.

1. land register application

As part of the property purchase process, the purchase contract must be registered with the land registry. The buyer is registered as the future owner. This secures the property for the buyer until the full purchase price has been paid.

2. deletion authorization

If encumbrances such as land charges are still entered in the land register and these are not to be transferred to the buyer, they must be deleted before payment is made. This is possible with a so-called deletion permit.

3. official permits and approvals

Sometimes a permit or approval from the authorities is required when buying a property. For example, where the protection of historical monuments plays a role in an area with conservation statutes.

4. notification of due date by the notary

As soon as all requirements for payment have been met, the notary will send the buyer a due date notification. This notification is the starting signal for payment of the purchase price. The buyer then has around 4 to 8 weeks to pay for the purchased property.

5. indication of the payment account

The notary will inform you to which account the purchase price payment should be made. As a rule, the transfer is made to the seller's account. Sometimes there is also a notary's escrow account, so that the seller receives the transfer from the notary. This provides additional security, which is desired or required in some cases.

This means that the purchase price can only be paid once all of the above requirements have been met and the buyer has received the due date notification. This means that it usually takes up to 14 days from the notary appointment to payment of the purchase price.

Can the process be accelerated until the purchase price is paid?

If you want to speed up the process from the notary appointment to payment of the purchase price, the seller or a real estate agent such as Sotheby's International Realty can prepare a few steps, such as:

  • Clarify existing land charges
  • Submitting applications for official approvals
  • Request approvals
  • Prepare the required documents
  • Check and enter payment account

Of course, communication with the notary also plays a role. If he is informed about everything necessary, the process from the notary appointment to payment of the purchase price is often quicker.

How does the payment process work after the notary appointment?

When the buyer receives the due date notice, this is considered confirmation that all the necessary conditions for payment have been met. However, there is more to the notification, namely:

  • the date by which the amount is to be paid (payment deadline)
  • the account details of the recipient

This means that nothing stands in the way of the buyer making the transfer. When the payment has been received, this is confirmed by the notary or the bank. The seller has received the purchase price in full.

The next step is the handover of the property. As a rule, the keys are handed over together with a handover protocol. The condition of the property is documented, the buyer gets an overview of the property and finally the owner changes.

Conclusion: Allow up to two weeks

A few conditions must be met before the sale of a property can be completed. There are usually 4 to 8 weeks between the notary appointment and payment of the purchase price. The sold property is then transferred to the new owner.
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