Is the financing commitment binding or not?

Hello everyone,

The following situation: I want to buy a condominium and want to finance it through Volksbank. Received an offer, then got a non-binding commitment. For the next 3 weeks, they kept requesting documents. Now since last Friday (07/06/2018) everything has been submitted and I recently received a “binding financing commitment.” But this binding financing commitment does not state any conditions. Only that my financing request was approved and that they will provide me with the amount. Then there is a sentence which I do not fully understand: “A condition for the loan granting is that our credit and collateral agreements are legally bindingly signed and that the financing conditions stated there (e.g. Grundschuldbestellung) are fulfilled.” They told me I can now sign the purchase contract and that the loan contract will follow afterwards. I already have the Grundschuldbestellung. Can something still go wrong? The whole process has been going on since 06/04/2018. The banker and my financial advisor told me that the application is with the credit department and that the creditworthiness has already been checked. I already had to postpone the notary appointment once and the whole thing has taken a long time. I don’t know what to do next or whether I should just trust it. I hope you understood what I wrote. :P

Thanks in advance

What nonsense. You don't even know the final condition yet! Only go to the notary once you have the loan agreements and have understood or accepted everything.

This is what this binding commitment looks like.

yes nice... so you get money. But the conditions are not stated. So there could be some that you don't necessarily agree with.

Right ... 6% and 35 years term. And then??

I don't see the problem right now. What is stopping you from making an appointment to sign the contract and then looking at the numbers? 99.9% of the time, they are the ones from the preliminary approval, otherwise you would have been informed accordingly.