We understand that purchasing property in a foreign country can be daunting, but it doesnt have to be that way, we make the process easy!
Sneddon & Lock uses Escrow to protect buyers funds until your ownership is true in the land registry. Note we always use a notary (The only legal way to transfer property in Germany), the Escrow service is only one part of the process.
The land registry (Grundbuch) shows
- the names of the current and previous owners,
- third party rights in rem (e.g. mortagage),
- discription of the property
Our recommended Escrow agent, Transpact, is:
- Authorised and Regulated by the Financial Conduct Authority under the PSR 2017: No. 546279
- Registered with HM Revenue & Customs as a Money Services Business: Registration No. 12541653
Transpact uses tried and tested procedures to protect both buyer and seller during the whole process.
Transpact guarantees buyers receive exactly what they paid for, or their money back; and guarantees sellers receive 100% of their due payment.
As added peace of mind, the Metropolitan Police recommends the services of Transpact.
The Escrow process is shown below:
Step 2: We create a Transpact agreement, the agreement is drafted by a qualified legal professional versed in real estate law.
Step 3: The agreement is sent to both parties. The other party (Buyer) must then (register and) log in to Transpact to review the transaction terms. If the buyer agrees with the terms laid out, they click 'Accept and Agree to Terms', and a confirming email is sent to both parties.
Step 4 (optional): If the buyer isn’t entirely happy with our offered terms, they can make changes and click on the 'Submit Changes to other party' button, which sends an email to both parties detailing the amended terms. This process continues until one of the parties accepts and agrees the latest terms offered.
Step 5: Both parties receive confirmation of the agreed terms which will govern the Transpact, a reference number and Transpact's payment instruction and bank details.
Step 6: When we receive full payment from both parties, Transpact will notify you that the transaction is now live, as can and should be confirmed by logging on to Transpact and checking the Transpact status. Your money will be safely and securely held by Transpact until either party instructs payment to the other side, by logging in to Transpact and clicking the 'Make Payment' button and following the Make Payment procedure. You will be able to approve the payment once the land registry document arrives showing your new ownership status, or when we prove this to Transpact. As soon as the payment instructions are completed, we transfer the money into the sellers bank account . This ends the Transpact.