Find the right property The search for a home begins and you should contact one or more banks to clarify the financial framework for a future purchase at an early stage. All other things being equal, finances are often very important when buying a home.
The purchase agreement Once the buyer and seller have agreed on the main terms, the estate agent draws up a purchase agreement. The main issues will usually be the purchase price and the date of transfer, but will depend on the individual transaction.
If the purchase agreement is only signed by one party, this is considered as an offer to the other party. Once the purchase agreement has been signed by both parties, it is generally binding.
As a buyer, you have the right to cancel your purchase within 6 business days after the conclusion of the agreement. However, exercising this right will result in the buyer having to pay the seller a compensation of 1% of the purchase price. With a lawyer's reservation in the purchase contract, you can - typically within a period of 3-6 working days - withdraw from the deal without any cost to the seller.
Lawyer's reservation We strongly recommend that you ensure that there is a lawyer's reservation in the purchase agreement before you sign the purchase agreement. This means that, despite the buyer's signature, the deal is not binding if it turns out that the buyer's advisor cannot approve the deal.
In this way, the retention of title allows the buyer to be released from the contract and thus avoid paying compensation. It also allows the buyer to act quickly and subsequently review the transaction with his lawyer.
The property lawyer's survey The housing lawyer then reviews the purchase agreement and the other documents of the deal. If you choose BB Boligadvokat as your advisor, we will at this stage approach you with our immediate comments on the deal - we may say that everything is as it should be, but we may also have some points that we think you should be aware of/address.
Usually, the buyer's housing lawyer will then approve the purchase agreement to the seller/broker, possibly with reservations or conditions on changes, which are set out in an approval letter.
If the buyer has not already obtained a binding commitment from the bank for the assumed financing, the buyer's lawyer will ensure that a financing reservation is inserted in the approval letter.
At the latest in this context, the buyer discusses the financing options and the possibility of exchange rate hedging with his bank.
Deposit of payment and bank guarantee Once the purchase agreement is signed by both parties and the transaction is final, the payment is deposited with the real estate agent and the buyer's bank provides a bank guarantee for the balance of the purchase price, which is replaced by a deposit of the balance of the purchase price on the day of the transfer.
Title deed Once all the conditions and requirements of the transaction have been met, the buyer's lawyer creates the deed digitally at www.tinglysning.dk. The deed is signed by the buyer and the seller using NemID / MitID.
Once the deed is signed, the settling party registers the deed, after which the buyer's bank registers and collects the buyer's loan, and the seller's bank redeems and cancels the seller's loan.
Takeover On the day of acquisition/disposal, the buyer and seller jointly read the water, electricity, gas, oil, etc. and notify the relevant utility companies of the change of ownership.
Reimbursement statement The buyer's lawyer then prepares a refund statement, which is sent for the buyer's and seller's signatures. The reimbursement statement is a statement of any outstanding financial debts between the buyer and the seller. The most common items are a conto paid utility bills and property tax.
For example, the seller may have paid property tax for a period of 6 months, of which the buyer owns the house for 3/6 months. The buyer must therefore refund 3/6 of the property tax paid to the buyer.
Deposit released The deposit is released when the deed is available without any remark about the seller's loan and at the earliest on the day of acquisition. The deposit (purchase price) is released to the seller, possibly with a small amount withheld to cover any refund balance in favour of the buyer if the refund statement has not been approved by the parties at that time..
Trade concluded Once the refund has been clarified, the deposit has been released and the deed has been registered without any remarks, the transaction can be completed.
