Duty of Disclosure – Once a decision has been made to purchase a property, the purchaser must be made aware of all important aspects of the purchase. A duty of disclosure exists when the seller feels obligated to disclose certain facts about the property and the prospective buyer can expect the seller to be honest […]
Upper Floor – In real estate, the term refers to all areas above the ground level floor or a story. More terms in our glossary. Some buildings have multiple upper floors, while the attic does not count. In apartment descriptions on online sites, the term is often shortened to O.G. Overview of the upper floor: […]
Power of attorney – A power of attorney, i.e. authorising a person to act on their own behalf, can be issued informally. Real estate purchase contracts must be notarized. All steps explained: selling tips. For this reason, it is necessary that the authorisation of a third person is also notarised. The registration of the changed […]
Property management contract – condominium associations usually have a property manager who takes over the management of the common property. Explore back to overview. A management contract is drawn up for the transfer of this task. This management contract defines the rights and obligations of the manager vis-à-vis the condominium owners’ association. The administrator’s remuneration […]
Auction – There is on the one hand the forced auction of a property or on the other hand the partition auction. A compulsory auction takes place when the owner can no longer pay the debts relating to the property. A partition auction takes place when the ownership of a property is divided among several […]
A marketing strategy is a structured plan used to sell or rent a property at the right price, to the right target audience, and through the appropriate channels. It includes price determination, target group definition, exposure quality, channel selection (portals, network, off-market), and timing — and in practice, it determines differences of 5–15 % in […]
Market value – The market value of a property determines the combined value of a property in terms of location, popularity and material value. See our property terms. When a property is to be sold, the purchase price is based on the fair market value of the property. An appraiser prepares a market value appraisal […]
Restriction on sale – A person who owns a dwelling or part of a dwelling is entitled to sell this property. Tips: property selling. If the owner is a member of a community of owners, the members of the community have the interest that the new owner is appropriately integrated into the existing group. For […]
Ventilation – Regular ventilation adapted to the season can prevent the development of mould and ensure a good indoor climate. More updates: market news. Disagreement about regular heating and ventilation by the tenant is often the cause of disputes between tenant and landlord. Consumer organisations and landlord associations offer information on this topic. Ventilation at […]
The real estate agent commission has been legally revised in Germany since December 23, 2020 — and exactly that makes it an often underestimated factor in real estate investments. When purchasing a condominium for 500,000 €, the commission in many federal states represents an additional burden of 17,850 € gross, which directly reduces the capital […]
Carport – A covered shelter for vehicles that may have side walls. There are usually no lockable doors, as is the case with a garage. The roofing ensures that the car is protected from environmental conditions such as snow. More: insurance guide. Carport at a glance: Open garage for your car Covered shelter for vehicles […]
As a tenant, a wrong decision is annoying, but does not become a financial fiasco and nightmare. If the apartment you move into does not fit your needs, you can easily reorient yourself and move. When you buy an apartment, you are making a decision that involves a lot of money and is a life […]