WHAT IS A PRIORITY NOTICE OF CONVEYANCE (AUFLASSUNGSVORMERKUNG)?

The priority notice of conveyance plays an important role in a property purchase contract. This notice protects the buyer and is one of the preconditions for payment of the purchase price.

THE PRIORITY NOTICE OF CONVEYANCE PROTECTS THE BUYER

The priority notice of conveyance is entered in the land register so that the seller cannot arrange any further changes to the land register. It serves to protect the buyer, as it is intended to prevent the seller from selling the property or plot several times in the meantime. It acts as a kind of reservation in favour of the purchaser. The notary applies to the land registry for the entry of the priority notice as soon as the purchase contract has been notarised.

It takes a few days or even weeks until the priority notice is entered in the land register and the register is thus blocked in favour of the buyer. This depends on how quickly the land registries process incoming applications. Anyone buying a property in Offenbach should expect a period of approx. 1 to 2 weeks.

APPROVALS AND ENTRIES BEFORE PAYMENT OF THE PURCHASE PRICE

The notary not only ensures that the priority notice is entered in the land register for the buyer but also makes sure that the property is released from all encumbrances that the buyer does not take over. In addition, all necessary approvals must be available, such as the municipality's notice that it will not exercise its statutory right of first refusal. The priority notice is entered in section II of the land register.

Only then will the buyer receive a request from the notary to pay the purchase price. The buyer must then ensure that the purchase price is credited to the seller's account within the period specified in the contract.

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