Sell your Apartment / Condo: Evaluation, procedure, taxes and tips
Apartment / condominium sale – From valuation to speculation tax. In this guidebook you will find all important factors simply explained. Learn step by step how to sell an apartment or condominium so that you can also answer the question: Selling with or without an estate agent? The private sale of real estate involves many risks and sources of mistakes, starting with the apartment valuation, the offer price and the individual marketing, from “advertising” to internal customer network and off market real estate sales. Learn in the following the answers to questions like: When is a good time to sell your apartment? What documents do you need in advance to sell? And can you sell your apartment if it has not yet been fully paid for?
Sale of apartment explained: Initial situation
Before we get step by step deeper into the subject “selling an apartment”, first a value factor you surely know: “location, location, location”.
In all areas, the location of the property is what counts most, not only when selling your condominium. Regardless of whether you are selling your land, selling your house or even selling your apartment building, the location is a central valuation factor for the selling price of your property. Selling privately or “free of charge” and without an estate agent bears risks and makes the sale as well as the entire transaction (valuation up to notary and contract of sale) prone to mistakes. Selling real estate needs a good network of buyers, often real estate is not presented publicly, but only internally as off market property.
Situation, location and reason for sale: Basics
No matter what reason motivates you to sell: a fast processing and a sales price according to your requirements are essential. Is the condominium in a sought-after location where there is a shortage of apartments and buyers are already looking for an apartment in advertisements? Then the chances for a sale from private are very good. Nevertheless, you should be aware of the complexity of the matter and act professionally from the first moment on.
Foreword – Free tips? Yes!
All my tips in this guide are free of charge for you. As real estate agents we arrange real estates starting from 1 million euro Verkerhswert, free-hold apartment under the category luxury real estates. We give you here gladly Tipps and cheat for your sales, free of charge, in detail and step by step explained. Please also pay attention to our links, here you will find more detailed information on the individual topics. Should you wish to sell your property with us: Do you know what our unbeatable advantage is? We independently reach more than 250,000 readers per month, which means 3 million people per year. We are independent from common real estate portals and reach a solvent, special target group. In addition, we offer internal buyer groups and investors in our Off Market area, to whom you have no access via usual offers. Read more here: Real Estate Agents.
Move, divorce, separation or liquidity
There can be different reasons for selling a condominium. You have bought the apartment as a capital investment and are forced to part with the condominium due to a financial shortage? Or have you lived in the apartment yourself and are moving to another city for professional or personal reasons? No matter what reason motivates you to sell: A quick settlement and a sales price according to your ideas are certainly important to you.
If you have a very emotional attachment to the apartment, for example because you are selling it as a result of a divorce or after another drastic experience, you should carefully consider selling it privately. With emotional ties, a realistic valuation is difficult and you will face problems at the latest when it comes to negotiations about the purchase price.
Emotive bond vs. realistic valuation
When selling an apartment you should be aware of the complexity of the matter and act professionally from the first moment. If you have a very emotional attachment to the apartment, for example because you are selling it as a result of a divorce or after another drastic experience, you should carefully consider selling it privately.
With emotional ties the realistic evaluation of condition, location, furnishings etc. is much more difficult and you will face problems at the latest when it comes to negotiations about the purchase price. New owners do not pay the ideal value of the condominium, but the real value from their perspective (and also the market conditions). So even at this early stage of the sales process, the first pitfalls for the seller are waiting.
Flow: Sell apartment in fast forward
The emotional bond just described, a realistic purchase price, negotiations, all these are reasons why real estate agents are commissioned. And, just think of the many viewing appointments, the negotiations with potential property buyers or investors and the credit checks that have to be carried out in advance.
Checklist: Owner questions before the sale
Long before the sale of your condominium, you still have to take precautions. One of the most important questions is certainly whether you already have a (secure) follow-up property in prospect. The renovation of apartments, especially the renovation of old buildings, can increase the value of your condominium before the sale. While we are on the subject of renovation and existing buildings, you have already gathered all the necessary documents, such as floor plan, extract from the land register, floor plans and energy performance certificate. Here is a quick overview of the most important questions before you start selling your apartment.
9 questions that you as the owner must ask yourself before the sale:
- Do you have a connecting property in prospect ?
- Is there a renovation / renovation needs of the apartment ?
- Are all documents and papers available?
- Are early repayment fees to be paid ?
- Are partition deed, building insurance, minutes of owners’ meeting, housekeeping bills, list of rents, etc. available?
- Are there any statements about the maintenance of the condominium (maintenance costs) ?
- Do you want to sell inventory?
- Is there a right of first refusal?
- Value of the apartment?
Checklist: Time expenditure, dates, creditworthiness and viewing
Then it goes only really into the matter in the apartment sale. Here it concerns in particular experience in the real estate trade, in order to avoid risks and mistakes with the housing sales in the apron. Actively it concerns in addition the marketing of the real estate. The correct platform must be found or also not, keyword off market real estates. In addition there is the time planning for the sales, from preparation over advertisement, answering of inquiries, date arrangement for inspection, examination of the credit-worthiness of the prospective customer, negotiations, sales contract, taxes and much more besides.
8 simple steps for selling a property:
- How well do you know about the sale of apartments?
- Have you already sold a condominium?
- Can you create a meaningful exposé?
- How do you assess your negotiating skills?
- Would you like to let any unknown person into your property?
- Do you want everyone to know about your sales intentions?
Tip: Off Market Real Estate
- Are you prepared to deal with the legal requirements necessary for the sale?
- Are you willing to take on the work and time involved in marketing your condominium?
Value apartment: Calculate purchase price
There are many questions to be answered, the best answer is an expert at your side for real estate valuation. Property valuation – You have a condominium and want to know what it is worth? Of course you can immediately go to an appraiser and/or real estate agent with this question.
However, the exact valuation becomes important at the latest when you want to sell or bequeath the apartment. Even in the case of a mortgage – for example if you want to buy another property – the value should be determined very precisely. That is when the expert comes into play.
What influences the value of an apartment?
But let’s stick to the so-called “Pi times thumb value”, a very rough value determination. In order to determine the value of your apartment, a number of “soft” factors play a role.
Before we get deeper into the matter of evaluation of location, building fabric, market value & Co., we first ask 3 basic questions which reach us in consulting discussions with customers:
- How can I value a property?
- Who determines the market value of a property?
- How does the bank value a property?
Location, location, location: value enhancement and sales argument
This refers to all those things that you can see but cannot immediately translate into money or other value. First and foremost, this means, for example, the so-called micro and macro location of the apartment, i.e. the view of the immediate and regional surroundings. Whether your apartment is located on a busy street or in a quiet suburb, whether the surroundings of your apartment are rather middle-class or socially disadvantaged – all these “soft” conditions influence the value of your apartment.
Always in demand: the city center.
Planning and preparation of the sale
When planning the sale of a condominium, there are some special features to consider.
Documents and additions
In addition to the classic documents (land register entry, floor plan, etc.), in which the apartment does not differ from the home, other documents and evidence are required. This is especially true if it is a community of owners or a rented condominium as a capital investment.
owners’ association or a rented out condominium as a capital investment>/block quota>
When planning the sale of a condominium, there are some special features that must be taken into account. In addition to the classic documents, in which the apartment is not different from the owner-occupied home, other documents and proofs are required. This is the case if it is a community of owners or a rented condominium as a capital investment.
Ownership, residual redemption and taxes
One of the important documents to be organized in any case is the extract from the land register, which gives clarity about your ownership. However, if you still pay off the apartment and the bank is in the land register, you should reach an agreement before the planned sale and discuss the remaining repayment in detail. A floor plan is mandatory and also the proof of fire insurance, the building description and the energy certificate must be obtained.
Extract from the land register to floor plan
One of the important documents to be organized in any case is the extract from the land register, which gives clarity about your ownership. However, if you still pay off the apartment and the bank is in the land register, you should reach an agreement before the planned sale and discuss the remaining repayment in detail.
A floor plan is mandatory and also the proof of fire insurance, the building description and the energy certificate must be obtained. If you hire a real estate agent to sell the apartment, you can insist on the commission payment by the buyer according to the law. In the case of a rental, you as the owner bear the costs, which makes it easier to decide between selling the condominium and renting it out.
Trap: Financial loss by waiving tax savings
Even with private sales you cannot do without external professional support. As a rule, you will need a lawyer or notary public to draw up and execute the purchase contract.
A tax advisor can be useful if you have rented out your condominium so far and now want to know about the changes in tax revenue. Since an objective market value assessment is also recommended for the sale, you will also need a surveyor or expert. All these services are subject to costs – your costs!
The bottom line is that the costs for individually commissioned services for the sale of the condominium are higher than if you cooperate directly with an estate agent and decide for all services from one source. Plan the sale of your condominium advantageously and calculate how you can save money, spend the least amount of time and do not have to go to a different contact point for each service.
Remember: the estate agent only costs money when the purchase is perfect. And it is usually the buyer who pays!
Who pays the brokerage fees?
If you hire an estate agent to sell the property, you can insist on the buyer’s commission payment according to the law. In the case of a rental, you as the owner bear the costs, which makes it easier to decide between selling the condominium and renting it out.
Owner parties and new owners
If you sell an apartment in your own property, this problem is not an issue. However, in the case of properties managed by third parties or belonging to several owners, the German Condominium Act stipulates that all parties to the ownership must agree to your sale and the new owner.
Surely, you will first ask yourself why the owners of other apartments have a say in your sale. The legislator provides for it this way, since every condominium has, in addition to the private areas, various jointly managed rooms and areas.
Multiple owners ?
Years ago you purchased a condominium in a property managed by several owners. Or is a property manager the contact person with whom you communicated at the time of purchase and who decided on the approval? Then the sale of the condominium can pose greater challenges.
Sale in communities of owners
A private sale can turn out to be a complex, almost unsolvable task. On the other hand, the sale of the condominium through a local broker who is familiar with condominium communities and has many years of experience in selling apartments in managed investments.
A clarification of the ownership structure is also necessary if you sell an apartment in a property owned by a community of heirs. Wherever you are not listed in the land register as the sole owner of the entire complex, special considerations must be taken into account when selling an apartment. In most cases, a meeting at the owners’ meeting can be helpful and inform you to what extent the other owners understand your intention to sell and accept a new owner. You cannot ignore plausible reasons for refusal, but should seek a mutually acceptable solution with a real estate agency and the owners’ association.
Yes, you can:
What to do if the manager does not agree to the apartment sale?
As a real estate agent with expertise and know-how in the sale of condominiums, we can reassure you on this point. A general refusal of the sale is usually not possible, so that you can sell your apartment.
New owners: refusal, solvency and reasons for refusal
Fundamental aspects for a rejection refer only to the new owner you propose and present at an owners’ meeting. If there are justified doubts about the solvency of a potential new owner exceeding the purchase price, the rejection is justified and must be accepted by you.
Another reason for refusal of approval relates to the use plans of the property. For example, if the potential buyer foresees a commercial use of the condominium and this is contrary to the community order, the administrator, the community of owners or the community of heirs can also refuse.
Reasons for refusal:
- Doubts about solvency – Reading tip: Credit check
- Utilization plans of the property
Mistakes & Avoid risks ?
If you want to sell your condominium and avoid these pitfalls from the beginning, contact a real estate agency directly. Real estate agents are contact persons with expertise who check prospective buyers’ creditworthiness before making a recommendation at the owners’ meeting.
In a personal conversation with the prospective buyers they find out the intention to use the property and can also exclude this reason for rejection in advance.
The recommendations made to you by real estate agents are based on the knowledge they have gained about the residential complex, the community regulations and the claims of the other owners.
With an estate agent’s service you exclude long negotiations and rejected buyers, so that you can have a purchase contract for the condominium drawn up promptly and arrange for the handover.
Checklist – Documents for the sale of the apartment
The following documents should already be available before placing a real estate ad. The energy document of identification is obligation. We will also be happy to help you with the other documents.
Tip! Put together a file for the sale of your apartment, which contains all the important documents. At the viewing appointment, you can not only answer questions competently, but also provide the information with certificates and official proofs.
This plan shows the area of the condominium, together with the square meters of the balcony, apartment and adjoining rooms. The layout of the rooms is also shown in the floor plan.
- Floor plan
Declaration of division
This is a notarial deed that the buyer must receive before the sale of the apartment, because it is the basis for the notarial contract. The declaration of partition regulates the internal relationship of the apartment owner.
- Declaration of division
Extract from land register
You can obtain a current and complete extract from the land registry. Read the excerpt thoroughly to be familiar with the legal details of the apartment, house and land. Certificate of fire insurance: This is often requested by the buyer, which is basically needed to finance the apartment. Fire insurance is mandatory in Germany.
- Extract from the land register
Owners meeting minutes
The last 3 protocols are generally sufficient. You can also request them from the property management. The owner protocols give the buyer further information about the resolutions and plans of the owners’ association. Housing allowance statement / economic plan / reserves: The last housing allowance statement, shows how the housing allowance expenses are composed monthly, how much is saved in the year and much more.
- Minutes of the owners’ meeting
If there is still a building description from the construction period of the house, then it can be presented to the buyer during the market price determination and as information.
Usually you will receive the energy pass from the property management. For the sale of the apartment, this energy certificate is mandatory.
- Energy Performance Certificate
Valuation for condominiums
In new buildings, but also in old buildings, the market value is the basis for the sale of a condominium. The analyses are more comprehensive than for a home that is built on its own land.
The size of the apartment and its furnishings, but also factors affecting the entire property are taken into account when determining the asking price. These include, for example, the condition of the communal facilities, the number of residential units in the house and the ownership structure of the other apartments.
Comparison prices are also determined by these other apartments and compared to your property. Because a too high purchase price extends the selling time noticeably, a too low price brings you painful losses.
Sales price too low ?
A price that is set too low leads to displeasure in the owners’ meeting and causes high losses for you. You should not use the purchase price you have already paid as a basis for your current calculation. As a rule, the value of the property has risen, as has the demand for condominiums, so that you can achieve an attractive return on the sale.
A professional valuation will tell you how much money you are asking for the condominium and what room for negotiation you can allow. In the case of urgent sales, it is worthwhile if you allow a little leeway downwards and give us the opportunity to negotiate. We take the market value as a basis, determine comparative prices with market analyses and make sure that you achieve the desired sales price for your condominium with Lukinski.
Square meter prices for condominiums in German cities
Here you can see the cities with the highest prices per square meter for condominiums in a comparison of 2010 and 2018* (in euros per square meter).
- Munich (Bavaria) with 8,342 euros per square meter; from 6,737 euros per square meter in 2014; increase of 1,695 euros per square meter in 4 years
- Stuttgart (Baden-Württemberg) with 5,925 euros per square meter; from 4744 euros per square meter in 2014; increase 1,181 euros per square meter
- Frankfurt am Main (Hesse) with 6,060 euros per square meter; from 4,373 euros per square meter in 2014; increase 1,687 euros per square meter
- Freiburg im Breisgau (Bavaria) with 4,943 euros per square meter; from 4,740 euros per square meter in 2014; increase 203 euros per square meter
- Ingolstadt (Bavaria) with 4,969 euros per square meter; from 4,287 euros per square meter in 2014; increase 682 euros per square meter
You can find more statistics at Statista
What influences the value of an apartment?
But let’s stick to the so-called “Pi times thumb value”, a very rough value determination.
“Soft factors” for value determination</block ratio>
In order to determine the value of your home, a number of “soft” factors play a role. These are all those things that you can see but cannot directly translate into money or other values. First and foremost, this means, for example, the so-called micro and macro location of the apartment, i.e. the view of the immediate and regional surroundings. Whether your apartment is located on a busy street or in a quiet suburb, whether the surroundings of your apartment are rather middle-class or socially disadvantaged – all these “soft” conditions influence the value of your apartment.
“Hard factors” for determining the value
The “hard” factors of the micro-location include the proximity to doctors, public institutions or cultural sites. For here, the conditions can be measured at least in terms of distance and number of available facilities.
Basically, the following applies here:
The closer to public life, the more value these factors add
The proximity of your home to public transport is also – and certainly increasingly – a plus. After all, bus and train services are becoming increasingly important in urban and rural areas in the context of the climate debate. Certainly: the availability of your own parking spaces or even an underground car park also has a positive effect on the value of your apartment.
Do you know the crime rate in your residential environment? This is a real “mixed factor” of hard and soft in apartment valuation. On the one hand, this rate can be “hard” by means of figures, but on the other hand, the rate of a district does not necessarily apply to the immediate street situation of your property. Especially in this area there is a lot of “felt” security or insecurity.
Creditworthiness check or have it checked ?
Credit assessment is central to sales. And it is a complex and time-consuming task. As indicated in the point Special features and reasons for refusal, the solvency check of potential buyers requires the greatest care. A good credit rating and financial security for the apartment purchase are not sufficient for owner associations and managed condominium complexes.
Secure, high income and savings
A secure and high income, as well as savings have a positive effect on the decision and show the co-owners that the buyer is able to pay for any repairs and to contribute to the community costs of the plant.
Risk: credit assessment is complex
The examination of interested parties is complex and time-consuming. Since large sums of money are involved, the credit assessment for the purchase of a condominium, for example, requires insight into the score, i.e. the risk assessment of the potential contractual partner. The data must be read and evaluated professionally so that the risk is assessed transparently and truthfully.
As a real estate agency, we take on this task when you sell your house and forward documents from interested parties to you that meet the conditions of the owners’ association and are thus guaranteed not to be rejected. We also accompany you in the further sales process and are the interface between you and the buyer.
Disadvantage private sale: risks, emotional attachment and low purchase price
Due to the complexity of the apartment sale, a private transaction is only recommended if you already have experience and can overcome the hurdles ahead with know-how. Otherwise, the sale will be protracted, lead to rejections from potential buyers or generate losses due to a low purchase price. We screen potential buyers and offer you a comprehensive service when it comes to selling your condominium.
Ultimately, it is not just about placing an offer. The sale of an apartment brings with it many questions in the process. Basic information about the evaluation but also detailed ones:
- What documents do you need to sell an apartment? Tip: Later on we will have the checklist for documents!
- How much does a condominium cost?
- What is an administrator consent?
- What is special property? Also more specific questions like:
- What is special property and what is common property?
- Is a water pipe special property?
- Is balcony special property?
- And much more
Experts in the sale of residential property
Let’s draw a conclusion: Are you considering selling your owner-occupied or previously rented condominium? Then invest in the expertise of a nationwide real estate agency. You take over your order free of charge and then find a buyer promptly.
Our service portfolio includes the organization of all documents, communication with the other owners of the property or with the administration, as well as inspections and checks of prospective buyers. Selling condominiums costs a lot of time and nerves, as the expenses are far higher than selling a single-family home.
Protect yourself from pitfalls and financial losses
Protect yourself from pitfalls and financial losses by having us conduct a valuation and check the requirements for a new owner.
Advantages: security, time & selling price
- Security – We take care of everything, from the free evaluation of your property to the credit check.
- Time saving – Through regular customers and presence in the media Lukinski sells your property faster.
- Good sales price – With knowledge of buyers and the market Lukinski achieves a good sales price for you.
Good times for condominiums
The prices on the housing market are very good. At present condominiums – also in rural locations in the Rhine-Main area – can be sold advantageously. We would be happy to tell you how the regional market is developing. For this purpose we will determine an optimal market value by comparing similar properties in comparable locations. Only then will you decide whether a sale of the apartment is desirable.
Comparison: Real estate prices
For comparison you will find here different real estate prices in Germany. Focused on the large conurbations of the individual federal states.
Real estate prices:
Sale of apartments: No problem for professionals
Surely you have already noticed one thing: Don’t underestimate the effort and time required to sell real estate! Lack of experience and a too high or too low sales price can hinder the sale decisively. In just a few steps you can realistically estimate the chances of selling your condominium with us. Use our real estate evaluation for a quick online determination of the market value of your apartment.
Important when selling an apartment:
- Use our service to achieve a good sales price.
Project development after the sale: 100% modernized and renovated.
Miskates of sale: Top 6
As you have already seen, the private sale of an apartment can be demanding. But worse are the risks and mistakes that can occur when selling privately. Mistakes that ultimately lead to a lower selling price and thus to direct financial losses for you as the seller. The most common mistakes made when selling an apartment:
Sale under time pressure, poor preparation
The effort and scope of the sale of an apartment are often underestimated. A frequent consequence is the time pressure that arises, which has a negative effect on the sales price. Mistakes in the preparation of the sale can have far-reaching consequences – not only financial ones. Finally, the buyer must also obtain financing from his bank with the information provided and documents presented. In case of insufficient preparation, the sales project can fail at any stage.
Tip: Leave nothing to chance. Take sufficient time for the preparation of your apartment sale.
Set the goals and plan the steps of the sale with foresight. Let our professional service support you in selling your apartment in a targeted and best possible way.
Estimate the selling price realistically
The value of the apartment must be determined exactly. The personal assessment of the owners often deviates far from this: The selling price is estimated too high or too low. In both cases, a financial loss is incurred and the buyer may not be able to finance the property. Our market-driven valuation is made up of various factors. In our valuation, we only consider properties that are comparable to yours. This concerns the type of property as well as the location and equipment. The determination of the purchase price is a very decisive aspect in the successful sale of an apartment.
Tip: Our procedure evaluates the sold objects in your region and thus determines a realistic and market-driven sales price. Do not give away money.
Obtaining and submitting documents for sale and apartment is required at every stage. Prospective buyers, authorities, offices and banks require documents or issue them. Compile all necessary documents as early as possible. Current land register excerpts are issued by the local court. Declarations of division of the housing estate are also important. The complete key data on the property, which can be found in construction plans, land register excerpts and site plans, will be requested by the serious interested party at the latest at the inspection date. If an energy pass or important documents are not available in good time, potential buyers may lose interest or the sale may fail at a later date – if, for example, the bank complains about missing documents or an excessively high purchase price.
Our valuation includes all information necessary to determine a fair market value. With the complete documents and a realistic statement about the property, the future buyer can also evaluate and complete all legal steps for the purchase.
Do not present your property below value
Today, real estate is sold online – no matter whether it is divorce, separation or inheritance. Interested parties search for suitable apartments in the social media and online databases of the Internet. Present your real estate in the best possible way and according to the target group.
Tip: Before the viewing appointment and even before the first photo session, the property for sale must appear well maintained and homely.
Don’t miss out on putting your property in top condition inside and out.
- Do not postpone repair work and maintenance any longer.
- Clear out and create a clear impression.
- Ensure cleanliness and a homely and appealing atmosphere.
The so-called “home staging” pays off. For this purpose, the property is prepared in such a way that potential buyers feel right at home and fall in love with the apartment. We are at your disposal with advice. Some tips for home staging:
- Remove personal belongings before the visit.
- Enhance the apartment visually and emotionally.
Photos: Daylight, open space and diversity
But the most important factor are probably the pictures. A buyer naturally wants to see as much of the property as possible to get an idea of whether the object could be something for him.
In order to take great pictures of your property, there are a few things you need to consider. First of all, the rooms should be tidy and clean. Nobody is attracted to pictures of a messy apartment, because potential buyers want to imagine living in the object when they look at the pictures.
You should definitely take the pictures in daylight, so that the rooms can be seen very well and the buyers can estimate how much daylight falls into the rooms. Your cover picture should be the most meaningful and represent the best of the apartment.
The most beautiful room, the roof terrace, the open kitchen or maybe the bay window with a view. The first picture should impress and make the prospective buyer want to see the apartment. Pictures of all rooms and if available the garden/balcony/terrace, an exterior view and above all a floor plan may not be missing in any case.
The floor plan should never be missing, since potential buyers can get an impression of the size of the individual rooms in relation to each other and can see the layout of the rooms better. A video is also possible, although it does not replace the viewing appointment, but gives the prospective buyer a good overview.
Photo tips at a glance:
- Clean and tidy rooms
- Daylight (speaks for bright rooms)
- First image should be the best photo
- Cover all rooms and surfaces
- Floor plan ground plan
Pictures and texts sell your property. From the multitude of online offers, it should appeal to potential buyers – at first glance. For this, both the photos and the descriptions must appear professional and competent. We consider which group of buyers is interested in your apartment and design both the photos and the texts in the exposé accordingly.
Tip: Don’t underestimate the work of professionals when creating the sales exposé. We know the regional housing markets very well and know which furnishings and objects are in demand and which buyer groups specialize in them.
Prepared badly for the visit
Prospective buyers have important questions during viewing appointments. They need time to get a feel for the property and its surroundings. For constructional questions, competent and technically sound information is expected. When selling condominiums, detailed questions are asked about the common property, because these shares are also purchased together with the apartment.
Tip: We will assist you with the possible questions during the viewing appointment. We make a pre-selection already during the selection of the prospective buyers, so that neither time nor effort is wasted.
We take over the sales talks for you. We can conduct the negotiations for the sale of apartments very successfully with years of experience. As real estate agents, we remain objective and do not allow ourselves to be pressured into making decisions.
Step by step to the apartment sale: Conclusion
In summary, the sale of the condominium is a project that needs good preparation. Patience and negotiation skills are essential in the selling phase. Rely on the expert’s valuation when determining the purchase price. Do not set the price too high or too low. Based on the estimated market value, decide whether the time is right for a sale. Here are the most important milestones for the sale of an apartment.
Floor Plan and Land Registry – Before selling your home, obtain the relevant floor plan, an extract from the land registry and other necessary documents.
Broker’s commission – Keep in mind that depending on the state, a broker’s commission may be due on a sale – but it pays off at all stages of the sales project.
Inheritance tax – When selling an inherited home, you must take into account the inheritance tax that may be payable. We will be happy to advise you on the use or sale of your inherited residential property. What do you have to pay attention to as an owner? More about selling an inherited property
Divorce- Even when selling an apartment or house after a divorce, there are numerous details to consider. Our experts know the legal pitfalls and problems – even in the case of an emergency sale in case of divorce. What do you have to consider? More about selling property after a divorce
Credit – A home can be sold despite a loan that has not yet been repaid, but there are several legal issues to be considered. Often a loan can be taken over by the future buyer. Our specialists are familiar with the basic conditions of loan repayment and takeover. More about real estate credit
Taxes – Even the sale of an apartment may involve certain costs, such as taxes. We can give you an initial estimate of the expected costs.
The keys will be handed over on the day the final purchase contract is signed. The buyer has paid the purchase price and in return the seller hands over the keys. Through this symbolic gesture, the “transfer of ownership and possession” is finally decided.
The buyer is the owner of the property on the day of signing the purchase contract. He or she can live in it or rent it out at will. This also transfers all risks and additional costs. It is up to the owner to take out insurance for the property (water damage, fire, theft …). In addition, local taxes, fees and any co-ownership work must be paid.
In order to legally protect yourself when handing over the keys to your rented apartment, there are a few points to consider. Surely you do not want to be stuck with unnecessary renovation costs?
- Good tips for handover (external): Handing over the keys
Early handover of keys (preliminary purchase contract)
Many buyers want to get keys already when signing the preliminary sales contract. For example, to start construction work on the property, store fittings, etc. This early handover of keys is advantageous for buyers to save time or for convenience. However, handing over the keys early without waiting for the signing of the sales contract does involve risks for you as the seller:
From the point of view of the seller
If the sale does not materialize, you, as the seller, can have a resident on your own property who has no title or entitlement. Nevertheless, in case of doubt, he can stay on the property for a long time. This can be the case, for example, if the buyer does not obtain a mortgage, if the town hall exercises its right of first refusal when the buyer dies.
If the buyer has carried out major work, the property may have been weakened in its substance. Sometimes, while carrying out the works, the buyer may discover the existence of a construction fault and decide that he no longer wants to buy the property. In this case, the buyer may try to claim compensation from the seller for the work done, as he feels cheated.
If the keys have been handed over to the buyer before the sale and a disaster occurs (fire, water damage, etc.), this generally leads to problems with insurance and a claim for coverage for the disaster.
For sellers, the early handing over of keys brings many disadvantages
Real estate agent / Realtor
Take the time to sell your apartment. As Lukinski we provide important assistance in the sale of your condominium. We save time and money when selling your property. From the evaluation to the presentation of deeds and documents to the preparation of the exposé, we take over important and sales-promoting functions for a short-term and smooth sale of your residential property. Trust our experience in sales negotiations – it pays off!
Contact person: condominium
Get in touch with our real estate team and contact persons for condominiums – we look forward to your questions!