Thread: House buying
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Old 01.04.2008, 22:12
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Re: House buying

OK here is a summary of my experience buying in Kanton Zürich:
  • The change of ownership tax is indeed abolished in Zürich (but still applies in other cantons)
  • Banks can lend you 100% (eg Cantonal bank in Zürich gave me 97%) provided you grant them a lien/charge on 20% in the form of pension funds/securities etc.
  • Buyer and seller usually split the Notary costs for the sale between them circa 1.5-2% each depending on the Canton
  • However if you are taking advantage of the lien on 20%, instead of cashing in securities/pensions, there will be additional notary costs of the same amount which you will pay in full (ie the bank won't share these costs like the seller)
  • If you cash in your pension(s) early the taxable rates vary from 2-8% depending on the Canton, you can get info on this from your pension provider
  • Sequencing: Find property, Reserve property (against fee 3% or so), Apply for pension fund statement for liquidation/lien, Arrange finance, sign contract, funds transferred upon copy of contract availability (Notary will ask how many original copies you need for financing parties (eg bank, pension, rich Uncle etc.)
  • Your pension fund may charge a fee if you cash in of circa 400CHF
  • Move in!
Good references: www.homegate.ch, www.hev.ch, www.notary.ch, mortgage sections of banks
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