Buying an apartment is one of the most important financial decisions in life. Besides providing security and stability, real estate is also a long-term investment, with property values typically appreciating over the years. If you plan to purchase an apartment with a mortgage, the process involves multiple documents and steps, but with good preparation and expert assistance, everything can go smoothly and stress-free.
Below is a detailed guide covering the entire mortgage apartment purchase process - from the first viewing to moving in.
1. Choosing the Apartment and Price Negotiations
Once you find an apartment that suits your needs, one of the most critical steps follows - negotiations.
Professional real estate agents have market knowledge and understand fair prices in specific neighborhoods. Thanks to their expertise, they can negotiate on your behalf to achieve a better price, extended deadlines, or improved purchase terms. Often, buyers save thousands of euros this way.
2. Energy Certificate
The seller is obligated to have a valid energy certificate before the sale.
This mandatory document shows the building’s energy efficiency. If the seller doesn’t have one, the agency can arrange for it, speeding up the sales process.
3. Preliminary Contract and Purchase Agreement
The preliminary contract outlines the basic terms - price, deadlines, deposit, and payment method - and is often needed to initiate the mortgage application. After loan approval, the main purchase agreement is signed.
Lawyer’s Fees - What Do They Really Cost?
If you hire a lawyer to prepare or review documents, costs usually depend on the complexity of the case. Current price ranges are:
Fixed fee
- Simple contracts: €200 to €400
- More complex cases: €500 to €1000
Percentage of the Property Value
Some lawyers charge a fee based on the property value. Commonly:
- 0.5% to 1%, and in complex cases up to 2%.
Hourly Rate
- Between €80 and €150 per hour, depending on the lawyer and location.
There is no legal maximum fee; everything depends on the agreement between client and lawyer.
Advantages of Quality Agencies:
Reputable real estate agencies often have in-house legal experts or cooperate with lawyers whose fees are already included in the agency commission. This means buyers usually don’t pay extra for contract preparation as it’s covered by the agency.
4. Solemnization and Notarization
Banks almost always require the purchase agreement to be solemnized (notarized) by a public notary.
Solemnization is an official confirmation that the notary has informed both parties about the contract’s content and legal validity.
After loan disbursement, a tabular statement is signed, allowing the buyer to be registered as the new owner in the land registry. This document is also notarized.
5. Appraisal and Possibility of Mortgage on Another Property
The bank orders an appraisal of the apartment to determine its market value.
If the appraisal is lower than the agreed price, the buyer must cover the difference.
A common solution is to mortgage another property - for example, a family home - to cover the gap until conditions are met to release that mortgage.
6. Intercalary Interest
Intercalary interest is the interest paid between the date the bank disburses the loan and the first repayment date.
Though typically short-term, it’s an important cost to include in your budget.
7. How Long Does the Mortgage Purchase Process Take?
The process usually takes 2 to 6 weeks and includes:
• Gathering all required documentation
• Property appraisal
• Assessing buyer’s creditworthiness
• Loan approval
• Signing and solemnization of the contract
• Disbursement of purchase price
Quality agencies accelerate the process by coordinating all parties: bank, seller, buyer, notary, and appraiser.
8. Creditworthiness and Self-Employed (Flat-Rate Tax) Buyers
Self-employed individuals with flat-rate taxation can also get mortgage loans, but their income is calculated differently from standard employees.
Banks typically apply special coefficients and look at taxable income, which may result in a slightly lower approved loan amount. However, loans are definitely possible if business is stable and properly documented.
9. Real Estate Transfer Tax and Installment Payments
If you are buying a non-new property, a 3% transfer tax applies.
You must report and pay this tax within 30 days of signing the contract.
Buyers can request to pay this tax in installments, which tax authorities generally approve if justified (e.g., waiting for loan disbursement).
Quality agencies can prepare and submit all paperwork on the buyer’s behalf.
10. Land Registry Entry
After payment and the tabular statement, the buyer is entered as the owner in the land registry.
The notary usually submits the registration request, and the agency prepares and verifies documents to avoid delays.
You officially become the owner only after the land registry completes the entry.
11. Utility and Communal Services Registration and Deregistration
Once the purchase is complete, you must transfer utility accounts to your name:
electricity, water, gas, communal fees, building maintenance fees, etc.
Top-tier agencies often offer full service for handling this process, saving buyers time and hassle.
12. Why Hire a Professional and Reliable Agency
A quality real estate agency can handle nearly all aspects of the purchase:
• Negotiating better prices
• Checking legal documents and encumbrances
• Preparing preliminary and final contracts without extra cost
• Coordinating with banks and appraisers
• Organizing solemnization and tabular statements
• Reporting transfer tax and assisting with installment payments
• Submitting land registry applications
• Handling utility registrations and deregistrations
• Advising on mortgages, co-borrowers, and additional securities
This reduces risks, saves time, and ensures a smooth, secure purchase process without unpleasant surprises.
