t.hilo
2018-01-06 10:48:22
- #1
Hello everyone...
Unfortunately, I have not found any suitable answers here in the forum for our specific case. Therefore, here is my concern:
We (mom, dad, child) have applied for a plot of land in a new development area in our community and have now been granted it.
In the letter of confirmation, a confirmation was requested from us and a notary appointment (organized by the community) was announced for the end of March/beginning of April.
Since we are not yet far enough along with the planning of the house to be able to set up financing for it, we would like to purchase the plot independently of a bank loan. However, for this we would use up our own budget and, in addition, take out a loan from the family. We expect from this, on the one hand, that we will be more independent from the bank financing the house later on, i.e., not tied to the bank that finances the plot. On the other hand, this means we are not under pressure to start as soon as possible and can decide and plan more relaxed.
I have three questions regarding the whole matter:
1. In your opinion, is it sensible to buy the plot in advance with our own resources? Or would a joint financing (i.e., including the house construction etc.) be more sensible and cheaper?
2. As mentioned, we still need a private loan of about €30,000 (depending on the final purchase price). Can this amount then be included in the financing later in order to pay it back directly to the family? According to our first discussion at our house bank, this would not be a problem.
3. How much money do we ultimately have to pay to whom after the notary appointment? We would like to know this in order to see what amount we would still need to bridge with a private loan.
The price per square meter in our case is €200. The plot is 517 sqm.
However, we receive a discount of €3,000 (per child). This results in a purchase price of €100,400.
In addition, there is the property transfer tax of 5% in Baden-Württemberg. When is this tax paid to whom?
Notary and court costs?
Development costs? The letter from the community explains that the price already includes the costs for the street, street lighting, water supply, and wastewater contribution. However, other items like further connections (electricity, telephone) are not included and must be borne by the buyer, along with contractual and property transfer costs.
I hope this is not too much at once :-)
Unfortunately, I have not found any suitable answers here in the forum for our specific case. Therefore, here is my concern:
We (mom, dad, child) have applied for a plot of land in a new development area in our community and have now been granted it.
In the letter of confirmation, a confirmation was requested from us and a notary appointment (organized by the community) was announced for the end of March/beginning of April.
Since we are not yet far enough along with the planning of the house to be able to set up financing for it, we would like to purchase the plot independently of a bank loan. However, for this we would use up our own budget and, in addition, take out a loan from the family. We expect from this, on the one hand, that we will be more independent from the bank financing the house later on, i.e., not tied to the bank that finances the plot. On the other hand, this means we are not under pressure to start as soon as possible and can decide and plan more relaxed.
I have three questions regarding the whole matter:
1. In your opinion, is it sensible to buy the plot in advance with our own resources? Or would a joint financing (i.e., including the house construction etc.) be more sensible and cheaper?
2. As mentioned, we still need a private loan of about €30,000 (depending on the final purchase price). Can this amount then be included in the financing later in order to pay it back directly to the family? According to our first discussion at our house bank, this would not be a problem.
3. How much money do we ultimately have to pay to whom after the notary appointment? We would like to know this in order to see what amount we would still need to bridge with a private loan.
The price per square meter in our case is €200. The plot is 517 sqm.
However, we receive a discount of €3,000 (per child). This results in a purchase price of €100,400.
In addition, there is the property transfer tax of 5% in Baden-Württemberg. When is this tax paid to whom?
Notary and court costs?
Development costs? The letter from the community explains that the price already includes the costs for the street, street lighting, water supply, and wastewater contribution. However, other items like further connections (electricity, telephone) are not included and must be borne by the buyer, along with contractual and property transfer costs.
I hope this is not too much at once :-)