Sole heir – The sole heir is the one who receives the entire estate of a deceased person. Tips: sell your property. However, if there are several legal heirs, the heir becomes the sole heir if he is expressly mentioned as the only one in the will. The acceptance of the inheritance is also accompanied […]
Sole ownership – Sole ownership is the right of the owner of a certain object or piece of land to determine this thing alone. More terms in our property glossary. In the case of real estate, ownership is determined by which owner is registered in the land register. The sole owner of a property has […]
Department (land register) – The land register is composed of three departments. In section I the personal data of a person are registered. If there are several owners, they must all agree to the sale by having the purchase contract notarised. In section II, all encumbrances on the property are noted, with the exception of […]
Foreclosure Procedure – Property owners, like any other person, have expenses and obligations that they must meet and pay. If a property owner is insolvent and cannot pay certain debts, it may happen that a foreclosure sale of a property takes place. Such a proceeding is initiated by the creditor in the appropriate county court. […]
Distance area – The distance area is the area that must be kept free from the border of the neighbouring property. The area to be kept clear is not only intended to ensure the best possible fire protection, but also that the neighbour’s property is not visually restricted. The minimum distance to be maintained from […]
Brexit – This week’s property news also deals with the topic of Brexit. Manager Magazin writes about analysts revealing that there could be a special risk for Aareal Bank, Deutsche Pfandbriefbank as well as Deutsche Hypothekenbank. These banks are particularly focused on financing commercial property deals in the UK property market. The Frankfurter Allgemeine reports […]
Real estate annuity – If the buyer of a property cannot immediately or fully raise the financing, it can be agreed that the purchaser pays the seller an ongoing annuity. The purchaser’s payment obligation must be secured in rem in the land register, as the real estate annuity is long-term and the seller must protect […]
Furniture for your garden – Lying on the lawn of your own garden in summer, enjoying the sun in the Hollywood swing or having breakfast comfortably with the family. For many people, a garden is a great luxury that can increase the value of a property immensely. In order for the garden to become a […]
Partition agreement – If a partition agreement is adopted, the co-owners of a property declare to the land registry that they wish to divide the property they own into co-ownership shares. This creates special or part ownership, which is allocated to the individual co-owners after the property has been divided. The co-ownership that existed until […]
Partition auction – If several people own a property and one owner refuses to sell the property, he or she can pursue a partition auction. All steps explained: selling tips. This means that the local court orders the forced sale of the property upon request. Similarly, in the case of joint heirs, each co-heir has […]
Partition measurement – Partition measurement plays an important role in the division of a plot of land. If the partial area of a property is to be sold and given its own sheet in the land register, a partition survey must be carried out, which records the new property boundaries in the real estate cadastre. […]
Declaration of division – In the declaration of division, a property is divided into co-ownership shares. This means that the owner specifies that the ownership of a property is to be divided in such a way that each share is associated with the separate ownership of an apartment or a room not used for residential […]
