Once the purchase contract for a property has been concluded before the notary, the seller and buyer must wait for the purchase price to become due.
The buyer therefore does not have to pay immediately and the seller can save himself the trouble of checking his account balance every day from now on.
Maturity of the purchase price
The purchase price should only be paid by the buyer when it is certain that he will receive the promised benefit, namely the unencumbered ownership of the property. Therefore, the purchase contract almost always provides that the purchase price is only paid when certain conditions are met.
The due date of the purchase price is usually made conditional upon
all the necessary permits have been obtained
the so-called priority notice of ownership (also called priority notice of conveyance) has been entered in the land register for the acquiring party - this "reserves" the property for them -,
the documents are available which are necessary to delete registered and not taken over encumbrances in the land register, especially land charges,
the municipality does not exercise its right of first refusal (under certain legal conditions the municipalities are entitled to a right of first refusal in land purchase contracts).
The notary arranges everything necessary to ensure that the conditions for maturity are met. As soon as these are fulfilled, the parties to the contract are informed.
Maturity notice
The purchase price does not have to be paid until the acquiring party has received the due date notice. For this purpose, the buyer receives from the notary - and only from him - the so-called "due date notification". This contains the notary's confirmation that all security requirements for the buyer have been met and that the purchase price must therefore be paid within the agreed period. The seller receives a copy of the due date notice so that he knows that he can expect the purchase price within the contractually agreed deadlines. As soon as the seller has received the purchase price, he has to confirm this to the notary.
In case of financing the purchase price
If the purchase price has been financed, the buyer passes on the due date notice to his financing bank, which then makes the transfer directly to the seller and any creditors to be redeemed.
Read carfully
When the property purchase contract is being processed, other mail arrives from the notary and offices. It is advisable to read the contents carefully and, in the case of mail from the notary, to proceed according to the contents.
