The contract will usually include:

- Confirmation that the names and addresses of the buyer and seller and the property details are correct.
- The agreed purchase price and the payment arrangements.
- Details of penalties if either party defaults on the contract

The buyer can only take possession of the property once the relevant entry is made in the land register at the local courthouse, when it is confirmed that any existing mortgage arrangements have been settled, and when it is confirmed that the buyer has no property taxes outstanding. When this is complete, the purchase price is transferred to the seller via the notary.

Added March 2007 by Therese:
Indeed, housing prices are very expensive in Germany, but unless you are a student it is, in fact, much more common to own the house you are living in, and generally, when people buy a house they usually plan to live in it for the rest of their lives, especially if they build their own house.

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