When all the necessary permits have been obtain and the transfer date has arrived the parties normally hold a closing meeting at the buyer’s bank to exchange money and documents. Present at such a meeting usually are the parties, the real estate agent and a representative of the buyer’s bank.
The purchase contract normally provides for the seller to carry any and all costs for the real estate until the transfer date and will also enjoy any income of the real estate until that date. From the transfer date these roles are reversed.
A settlement of accounts covering these costs and income is agreed and the net sum arrived at in the settlement is taken into account when deciding on the final amount of money to be paid by the buyer.
The seller will normally have to sign an application for additional mortgages in the real estate necessary as security for the buyer’s loans. It is only the seller who is entitled to make such an application as he or she is the registered owner of the property at that stage. The seller will also hand over any “mortgage letters” held by him. If such “mortgage letters” are in electronic form a re-registration is made.
When the bill of purchase has been signed and the buyer’s bank is convinced that it will receive the necessary security in the property, the purchase price will be transferred to the seller’s bank.
The seller will finally hands over the keys to the building together with any available maps and other documentation related to the real estate to the buyer.