What is a priority notice?

What is a priority notice? A lot of clients ask me, what this priority notice means and why that is necessary.

As the land registry is involved in regard to buying property (a house, a flat, an apartment),
this is the way to protect the buyer.

You have to imagine this as the sign in the garden with the notice “SOLD”. So everyone can
see that this property is sold. The ownership has not been transferred yet, but the purchase
agreement has become valid. So the seller can not walk around, schedule several notary
appointments and cash in the purchase price several times. The lawmaker is always assuming
the worst case scenario.

And the buyer is protected in case the seller goes bankrupt.

So the priority notice is the main security mechanism to protect the buyer. The notary will not
ask the buyer to pay the purchase price before the priority notice has been entered.

I am happy to consult and advise in all matters regarding buying or selling an apartment or house.
Why the timing is important regarding the financing, why and how you can save some
propery purchase tax and why you should always check the protocols.

A priority notice is the most important