Congratulations on purchasing property in Germany! You probably sat through the read-through at the notary’s office, and if your German isn’t terrific, chances are you had an interpreter tag along to help you out. Now the bank wants proof that you understand the loan documents before they pay out. What’s the easiest and most cost-effective way to get the money rolling?
ING Diba, for example, usually wants you to either get a written translation of your loan document and all attachments or meet with an interpreter to speak through them. The loan document is around 30 pages long and the attachments are also extensive – keep in mind this could be many thousands of words altogether. A written translation of all documents usually takes more than one week to complete and can cost more than 1000 Euros. It might not be practical to have everything translated in detail, and you might not have the time.
A meeting with an interpreter is quicker and more practical, but the interpreter still needs time to prepare and you won’t have anything in writing in English once the meeting is over – just the statement for the bank. The meeting itself takes around 2-3 hours and the interpreter has done all the groundwork in advance. If you’re in a rush this is probably your best shot. Whatever you do, don’t sit on the documents and leave this requirement til the last minute!
The translator / interpreter should either be a specialist translator or court-sworn/certified. I (Kathleen) am a specialised translator and I have provided statements for clients that have been accepted by ING Diba in the past. I’ll be court-sworn in 2020.
If you’d like me to read out your documents and give you a statement for your bank, send all the documents to me by e-mail or using the Take a Translator form (you can add attachments) and give me as much information as possible, e.g. do you need the statement by a certain deadline? When would you be available to meet?
Once you get the statement and the loan gets paid out, the builders (or the seller) is happy and you’re one step closer to getting the keys. Keep your eye on the prize!