Congratulations on purchasing property in Germany! You’ve probably sat through the read-through at the notary’s office by now, 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 the documents usually takes more than one week to complete and can cost around 1200 Euros. This is great if you want something on paper. But it might not be necessary to have all that small print translated in detail, and you might not have the time to wait for a translator to slog through it accurately and meticulously. Whatever you do, don’t sit on this letter for weeks and leave this requirement til the last minute!
Save time and money with a talk-through
A meeting with an interpreter is quicker, more practical and more cost-effective. The interpreter still needs a few days notice to prepare your documents. You won’t have anything in writing once the meeting is over – just the statement for the bank. The meeting itself takes around 2 hours and costs around 350-400 Euros including tax (depending on the length of your loan documents). If you’re in a rush, this is probably your best shot.
The translator / interpreter should either be a specialist translator or court-sworn/certified. I (Kathleen) am a specialist translator and all statements I have provided for ING clients have been accepted by the bank in the past.
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 (add the files as attachments) and give me as much information as possible, e.g. do you need the statement by a certain deadline so that the builders get paid? When would you be available to meet?
Once you get the statement, the loan gets paid out, the builders are happy and you’re one step closer to getting the keys. Keep your eye on the prize!