The land register extract consists of three parts. The so-called first part states who is the owner of the land and the property. In the second part, rights and encumbrances are deposited that are connected to the property. These can be residential rights or rights of way. The third section lists encumbrances, usually mortgages. This is because the financing banks have these entered in the land register as security for their financing.
The land register is kept at the competent district court. However, not everyone is allowed to request an extract, for this you have to prove a legitimate interest. For example, you as the owner may request an extract, but a prospective buyer may not. A notary who draws up the real estate purchase contract is also entitled.
When you sell a property, the land register extract is relevant for two reasons. Firstly, it is necessary for the preparation of the purchase contract. In addition, buyers usually want to know whether any rights are registered that could reduce the value of the property. The extract should only be a few weeks old. The local court charges a fee of 10 or 20 euros, depending on whether a certified or uncertified copy is required.
Often owners have paid off their property when selling it, but have not yet deleted the mortgage from the land register. Without this deletion, however, a quick sale is not possible. This is because for the cancellation of the mortgage you have to contact the financing bank, which in turn commissions a notary public with the cancellation. This can take several weeks.
Therefore, you should take care of the land register extract early on and ensure that your land register sheet is free of paid-off loan entries before the start of brokerage.
The purchaser also needs an extract from the land register for his real estate loan. Incidentally, a property can also be transferred that has not yet been paid off. This often concerns divorce properties.
Do you need help with obtaining the extract from the land register? We will be happy to help you.
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