Insolvency of Estates – What is It?

The death of a person who was close to us is always a heavy burden. No matter whether it was already foreseeable that a person would not have long to live or whether it was a surprising stroke of fate, the situation is never easy for the relatives. The death of a person is usually not only connected with incriminating grief, but the topic of inheritance must also be dealt with. There are the most different situations: Some people have already thought about who should inherit which shares before their death and other people have not thought about it or have had no more time to deal with the topic because they were surprised by a stroke of fate.

Legal or Voluntary Succession?

First of all, you should know what the difference is between a legal and a voluntary succession. Basically, it is important to know that the arbitrary succession always takes precedence over the legal succession. We speak of an arbitrary succession when the deceased has left a will by determining which heirs are to inherit what. In this context, heirs can be all natural persons. The heirs therefore do not have to be related to the deceased.

The legal succession always comes into effect if the deceased person has not left a will or a testamentary disposition. The legal succession is defined in the Civil Code and refers to three grounds of appeal: kinship, marriage and citizenship.

• Voluntary succession: the deceased person has left a will that specifies who inherits what
• Legal succession: Deceased person has not left a will. The grounds of appeal: kinship, marriage and citizenship are included.

Inherited debts – the Negative Side

But it is not always the case that heirs inherit great wealth. If the deceased had open debts to creditors and was liable with his inheritance, then the creditors can claim them from the heirs. Even the heirs’ own property is not protected in such a situation. You must expect to have to pay the debts of your relative or spouse. But what can you do if such an inheritance would drive you to ruin? If you are unable to settle the debts of your relative or partner under any circumstances, there is a way out of this situation.

This is where the word estate insolvency comes into play. But what is that actually? How does something like this work exactly? What are the prerequisites for an estate insolvency?

Insolvency of Estates: Requirements, Procedure & Proceedings

The aim of a petition for bankruptcy is to protect one’s own assets from being accessed by the creditors of the deceased person. So far, so good, but how exactly does the procedure work now? An application for composition insolvency must always be filed with the competent insolvency court. If the proceedings are initiated, the insolvency debtor still has to stand in for the inheritance, but he no longer runs the risk of being liable for the debts of the deceased with his own assets. In this situation, the insolvency debtor only has to use his estate to pay outstanding debts.

• The application must be submitted to the competent insolvency administrator

There are two possible conditions for the opening of an estate insolvency:

• Overindebtedness of the estate
• Insolvency of the estate

Now you will learn how it all works. Once you have successfuly filed the petition for composition insolvency, the work of the insolvency administrator begins. The task of the insolvency administrator is to list the outstanding debts and to contact the creditors in order to develop repayment proposals. It is often the case that the outstanding debts cannot be paid with the estate. If this is the case, it is the task of the insolvency administrator to make arrangements with the creditors. The aim of this administration is to ensure that as many debts as possible can be settled.

If you find yourself in such a situation, it is important that you file the petition as soon as you know that you are not able to pay the debts of the deceased. As soon as you know this, you are obliged to file a petition with the bankruptcy court. Inform yourself in time and you will be saved many costs.

Selling Property in New Development Areas

Extremely relevant factors for the sale of apartments in new construction are the equipment of the apartment itself, but also the equipment and technology in the communal areas and in the house itself. The market value assessment of apartments is generally more complex than for owner-occupied homes, which is why you should definitely aim for a professional value assessment for planned sales in new construction.

Influence of Location and Structure

In many cities, new development areas are emerging in the form of fully developed neighborhoods on the outskirts and in up-and-coming neighborhoods. For potential buyers, the location is as relevant as the structure of the area in which the apartment is offered. You have just planned a new development area and are looking for owners who are interested in your project as investors or want to buy the newly built apartment for their own use? It is common practice for developers to offer apartments in new development areas not only after completion. Since the equipment and all environmental factors of the new development areas are already determined in the planning phase, you can already at this point in time hire an experienced real estate agent who is familiar with new development areas and have the offer presented.

Real Estate as Capital Investment: Special

• Part 1: Classical or exotic investment – Which real estate is suitable as capital investment?
• Part 2: Real estate as capital investment – What do I have to pay attention to?

In practice, it has been shown that new development areas designed with green spaces and a good infrastructure are highly attractive and ensure that all apartments are sold quickly. The offer price is determined on the basis of your construction and planning costs, the data relevant to the property and the comparison prices of similarly located and designed new development areas. Would you like to sell your apartment in a new development area and avoid losses when selling it? If so, you should opt for a professional sale and hire real estate agents who are well versed in new construction and who offer you comprehensive service in all phases of the sale.

Apartments or Houses for Capital Investors

With apartments in new buildings you address two different target groups. On the one hand, a newly built apartment is a good and high-yield capital investment and on the other hand, more and more families are looking for an apartment for sale in a newly developed residential area. In addition to condominiums, new construction areas with owner-occupied homes or terraced and semi-detached houses are also interesting and popular. If you would like to offer a property or an apartment in a newly developed area, you should definitely hire an estate agent and in this way ensure the greatest interest in your offer. The exposé for investors requires a different structure and density of information than the presentation of the apartment to be sold to owner-occupiers. You want to achieve the best price and gain the certainty that your offer will sell immediately in the new development area.

With Lukinski, you decide, in addition to professional brokerage, for a full service support, which includes the examination of the solvency of buyers and prevents unrealizable sales contracts. The completeness of all documents and an exposé geared to the target group are sales-promoting. Especially if you want to address professional buyers in the form of capital investors, your sales appearance should be characterized by professionalism and expertise.

New not More Expensive than Old: The Facts

Many prospective buyers assume that the costs of apartments and houses in new construction areas are much higher than in old buildings. Certainly, the asking price is usually higher than the amount you have to pay for an existing property or a condominium in a second occupation. But the purchase price is only one cost factor and therefore not the only factor when it comes to deciding between an old building and a new building.

In the new building area you acquire a modern apartment in which no costs are incurred for renovation. Newly built areas are state-of-the-art and offer a high quality of living. For you as a potential owner, this means that with the purchase you acquire an apartment ready for occupancy and therefore only invest the purchase price and the costs for interior design work. For existing properties and apartments in old buildings, extensive modernization measures may be necessary and increase your costs to the actual purchase price. It is therefore always worthwhile to weigh up concretely and calculate the purchase on the basis of the market value assessment and the necessary renovation measures. In the end, your decision to move to a new development area or an older property will of course also be based on your own preferences and the idea of your new home or a profitable capital investment.

Move to a New Development?

Tips for potential condominium buyers – Anyone who wants to buy an apartment or house and move in immediately, without renovation and modernization, will generally focus on a new development area. Are you looking for a new building and want to save yourself a lot of time with your own research? At Lukinski, we not only look after owners, but are also happy to support you in your search for a new apartment or house. Tell us your explicit wishes and have a look around our portfolio where we might already have an offer for you. If you decide to buy an apartment in a new development area that is only just being planned, you have a lot of leeway for organizing the financing.

We will be happy to advise you and help you find a favorable real estate loan for your apartment and complete the purchase without complications. Since we at Lukinski work for various owners and developers, we have some attractive new development areas in our portfolio. Furthermore, we already know before construction where new development areas will be built and which target group the apartments should reach.

Decisions before your Purchase

If you would like to buy an apartment, you have the choice of different objects. You can invest in an expensive apartment in an advantageous downtown location to rent it on the free housing market or to move in yourself and live in an attractive and popular residential area. Alternatively, you can opt for an apartment that is located on the outskirts of a city or in the countryside. There are also multi-family houses there, where the apartments are sometimes offered at very reasonable prices. If you are looking for a form of housing that is cheap in terms of monthly costs and if you cannot invest a high purchase price, this option is a very good choice for you.

Purchase Apartments Before Completion

As an alternative to buying an apartment that is already ready for occupancy or rented, you can purchase apartments before the house is built for the purpose of rental or for your own use. When the construction project becomes known, contact the developer to reserve the property of your choice. This is possible if the apartments are to be sold individually to different owners after completion of the construction project. Other construction projects are commissioned by a developer. In most cases, the purpose of the developer is to rent out the apartments himself. It will not be possible to buy the apartments individually.

Rental or Personal Use

Having acquired an apartment, you are free to do with it what you will. This may be renting it out, or using it as a residence. Of course, renting is a smart investment, given that it gives you the chance to pay off your mortgage from the rent you receive from tenants. There is of course also the downside of the time it takes to invest in the property. This may be a time investment beforehand, such as in the form of renovation, or in repairs, given that you do not have a property manager.

Real Estate as Capital Investment: Special

1. Part: Classical or exotic investment – Which real estate is suitable as capital investment?
2. Part: Real estate as capital investment – What do I have to pay attention to?

Purchase of an Apartment in Need of Renovation

The purchase of apartment buildings which are in need of renovation is becoming increasingly popular. There are advantages and disadvantages associated with the renovation of apartments, which you should know before you make the purchase. The disadvantage is that you cannot use the apartment immediately after the purchase. You have to make further investments.

Investment Despite Need for Renovation

The advantages outweigh this disadvantage, however, so that many investors consciously decide to buy an apartment in need of renovation. You have the opportunity to design the apartment as you imagine it in the course of a renovation.

You can integrate new windows and doors and change the room layout. The laying of pipes and electrical lines is much easier when an apartment is renovated. If you already live in the apartment, it is more complicated and costly to adapt the structure of the electrical system or piping to your ideas.

Design the ceilings, walls and floors exactly the way you want them. An object in need of renovation is usually available at a reasonable price.

However, please make sure that there are no conditions imposed by the monument protection authorities for this object. Otherwise, it is important that you consider whether you are prepared to meet these conditions before you buy. Often the editions are connected with a medium or high financial expenditure. You will have to pay this in addition to the purchase price of the apartment and the costs of the renovation.

Purchase of Modern Apartments Without the Need for Renovation

Very popular on the market are apartments that have no need for renovation and are equipped with modern facilities. You buy such an apartment for a higher purchase price. The apartments are ready for immediate occupancy. They have a positive energetic balance and can also be retrofitted to a certain extent according to the individual ideas of the new owner.

Old Building or Apartment in a Modern New Building

Before buying, consider whether you would prefer a old building flat or an apartment in a new building. Both types of living differ from each other. Old buildings are characterized by high rooms and large windows. The rooms are very spacious. Many buyers find this an advantage. However, you should also consider the heating costs for these apartments. These are much higher than in modern apartments, where the room height is usually lower, due to the room height and the resulting larger volume.

In modern apartments the rooms are often smaller. Apartments in an old building also have a special charm, which many potential buyers love very much. It is a very individual decision and also a decision of individual taste whether they prefer an old building apartment or an apartment in a newer building. If you decide on an old building, it is important that the building has already undergone an energetic renovation. This measure can reduce heating costs quite significantly.

Purchase of a Rented Apartment

With the decision to buy a rented apartment, you take over the rental contract in its current form. You do not have the right to make changes to this contract. Rent increases are only permitted within the framework of the legal regulations.

If you are planning a renovation of the apartment, you are obliged to agree this with the landlord. You may not demand that the tenant leave the apartment for the period of the renovation. However, you have the option of providing the tenant with a replacement apartment. You will have to pay for the costs.

Furthermore, it is important to know that you can only terminate the rental agreement if you register your own needs or if the tenant persistently breaches obligations under the rental agreement. This includes repeated non-payment of rent, but also taking in another resident without you having been informed.

Cancellation of Own Use

If the landlord behaves in such a way, as it is given in the lease, only the own need notice remains to you. You can only give this notice if you really intend to live in the apartment yourself. Sometimes you even have to prove this. Before buying a rented out apartment, you should be sure that you do not want to live in the apartment yourself or that your claim for personal use will be upheld by a court. Every tenant has the right not to accept a notice of termination for own use at first and to demand a review by a court. In this case your move into the apartment would be delayed. Of course you have the possibility to contact the tenant before the planned sale. Inform him/her about the planned personal use so that he/she can prepare for it. In many cases the tenants are willing to move out and you can settle the matter amicably.

Demand for Living space

The size of average apartments in Germany is between 30 and 150 m². The apartments have one to five rooms. They are equipped with a private bathroom and a kitchen. If you buy an apartment on the current housing market, you will hardly get offers without your own bathroom. Even a coal heating system is only available very sporadically. The preferred types of heating for apartments in apartment buildings are gas, district heating or heating oil.

Before you decide to buy an apartment, it is important that you determine your real housing needs. In doing so, you should not only start from the current situation. Try to imagine how you want to live in a few years. Most buyers who buy their own home make an investment for life. And so you should know if they want to enlarge their family in the future, if they need a study after finishing a professional training or if they want to set up a guest room for friends or family members.

Unlike the purchase of a single-family home, buying your own apartment offers you only limited possibilities for expanding your living space. You can only share very large rooms. An extension, as it is possible in many single-family homes with a large garden, cannot be realized in an apartment. For this reason, it is recommended that you choose a property that offers one or two rooms more than you currently need. If the purchase price is right, you will also be very well prepared for future life situations after buying the apartment.

On average, apartments in Germany have two to four rooms. The three-room apartment is particularly popular. It is considered an ideal form of living for singles, for single people with children and for couples who do not have children. The average size of the three-room apartment is about 80 m².
Apartments with one room are rather unsuitable for purchase, as they offer only limited possibilities for individual development. Very large apartments with more than five rooms are rare and are often only offered in larger cities. They are located in old city villas and are often very expensive.

Community of Owners

As the owner of an apartment in an apartment building, you become part of a community of owners. The community of owners makes decisions regarding matters that affect all owners. These include the design of the facade, the renovation of the roof, but also the installation of a TV system and the design of the garden.

The majority of the owners’ association has a quorum. This means that you may have to accept decisions that you would have made differently yourself.

As an owner in a multi-family house, you build up reserves for possible renovations. You also participate in the insurance that has to be paid for the building. Property tax is also paid proportionately. These reserves are paid into an account on a monthly basis and are similar to the service charge payments that a tenant has to make. As the owner of the apartment, you are obliged to pay these benefits.

Conclusion: Buying an Apartment

Buying your own apartment is considered very lucrative, especially in larger cities. If you are interested in buying an apartment, Lukinski can be your partner for the purchase. We have specialized in this region and offer you not only a professional purchase transaction, but also a very good knowledge of the market. Get in touch with us by phone to clarify any questions that may arise. We would be happy to arrange a personal appointment with you and present various properties to you.

Monaco: Living and buying – does it work?

Like many exclusive places in this world, it is not so easy to buy a property in Monaco. Those who are in winter e.g. more often in Kitzbühel know that one has to live in Kitzbühel for 5 years in order to be allowed to buy a property or a real estate. But why does a city government do such a thing? In particular, it is about the protection of the inhabitants, the more “speculators” come to such a relatively small town or principality, the greater the vacancy of real estate. Once a year used as a holiday home or never, if the property is seen purely as a speculative investment. But also Monaco wants to protect itself from this by such regulations. Accordingly, there are laws that clearly regulate the purchase of real estate and land.

Buying foreign property in Monaco – is it possible?

Therefore, you as a buyer need a competent realtor who not only takes care of the mediation but also of the other aspects of buying a property in Monaco and its most popular district, Monte-Carlo.

From laws dealing with the purchase of property by foreigners to national tax law but also building law, e.g. in case of changes to the property. Many questions, which come up to you as an active real estate buyer! Therefore it is worthwhile to go to a realtor in the first step to reduce mistakes and risks. The more experienced your realtor, the more network, the better. Because especially network, first-class contacts, are worth their weight in gold in the real estate market of Monaco.

Exclusive real estate off the market

Most of the properties will never appear in regular real estate portals. So you need a contact person with good connections so that you can enjoy the best and most exclusive properties.

Contact person: Stephan M. Czaja

Phone: +49 (0) 30 398 204 207

E-mail: office@lukinski.com

Exclusive views, Mediterranean temperatures and luxury on the Côte d’Azur.

Yacht harbour, Rolls-Royce Lamborghini

Those who know the real estate market of cities as New York or Los Angeles will soon feel at home also in Monaco. Many of the exclusive properties are not only offered as real estate but as a full package.

The matching Rolls-Royce in the garage, a sporty Lamborghini in the driveway and the matching 1 million dollar yacht in the harbour. If you move to Monaco, you don’t need to worry about anything anymore with the right luxury realtors. Arrive, feel good, earn more money.

Exactly this is the goal most of our clients pursue when they commission us. Time is a rare commodity and should therefore be used as little as possible. As realtors, we take care of everything, so that you can make quick decisions based on well-founded property valuations.

Realtor advantages: What we do for you

• Realtors save you money (purchase price, tax laws, etc.)
• Realtors save you time (research, analyses, valuations, etc.)
• Risk minimization (research, purchase price, taxes, etc.)
• International network of top realtors with best recommendations
• Consultants and agents for demanding buyers
• Interior design, extras from sports cars to infinity pools
• Contact person

New luxury real estate

New properties in our portfolio:

New offers: Buy property

Monaco map and weather actual

Card: Monaco

Monaco: drone flight and skyline

District: Monte-Carlo in Monaco

Home visit? Weather in Monaco

Nice to Monaco: dream setting

With the sports car or the motorbike, one gets from Monaco to Nizza in 15-20 minutes.

Realtors

My team and I support you in your search for real estate in Europe. No matter whether as capital investment, for rent or for own use. With good contacts and recommendations we will find the most interesting yield objects for you in Monaco. More questions? Call us or write us free of charge:

Contact person: Stephan M. Czaja

Phone: +49 (0) 30 398 204 207

E-mail: office@lukinski.com

]]> https://lukinski.com/luxury-realtor-chicago-240-sqft-condo-exclusive-house-luxury-penthouse/ Sun, 16 Feb 2020 05:23:23 +0000 https://lukinski.de/?p=18406 Realtor Chicago – This city carries so much American history in itself: Especially among Americans themselves, it is one of the most popular places to live, work and work! Accordingly, many buyers are looking for a beautiful condominium, a luxurious house or even a spacious suburban villa. But how do you find a good property in Chicago? The easiest, quickest and least risky way is to contact an estate agent! From researching exclusive properties, to negotiating the price with the seller, a good luxury realtor will buy you a lot of time and of course a fair price. Which brings us directly to the topic: risks and mistakes when buying real estate. We inform you about your real estate purchase in Chicago.

Chicago: Living and buying in the city

Advantages Real Estate Agents – Where there is a lot of speculation in land and housing, the possible mistakes are greatest. After all, real estate buyers do not want to participate in speculation, at least not on the buyer’s side. Accordingly, one needs powerful arguments in the discussions about the price but also in the final contract negotiations. From the location of the property to the general building structure and materials used, to details such as sanitary facilities, roof but also land and garden, pool, garages & Co.

Contact person: Stephan M. Czaja

Phone Berlin: +49 (0) 30 398 204 207

Phone NY: +1 646 547 1187

E-mail: office@lukinski.com

Realtor advantages: What we do for you

• Realtors save you money (purchase price, tax laws, etc.)
• Realtors save you time (research, analyses, valuations, etc.)
• Risk minimization (research, purchase price, taxes, etc.)
• International network of top realtors with best recommendations
• Consultants and agents for demanding buyers
• Interior design, extras from sports cars to infinity pools
• Contact person

Skyscrapers meet green nature.

Chicago has its finger on the pulse of time, also in terms of electromobility.

Realtors: Avoiding risks – advantages

All these factors play a role in the final purchase price and decide whether you pay too much for a property or not! Without the necessary expertise and local knowledge in Chicago, this can quickly become a game of fire, especially when it comes to luxury real estate and expensive properties.

That’s why luxury realtors give you the security you need when buying property in Chicago. Buyers from Europe and Asia must travel a long way to view potential properties. Accordingly, the pre-selection or research is an extremely important factor for the client when hiring an estate agent.

Capital is usually available in large quantities, time is not. Accordingly, the time saved when hiring an estate agent is sometimes the decisive argument.

For business people, Chicago offers an excellent environment with great growth potential.

New properties: condo, house & villa in Chicago

Luxury Real Estate – Here you can see a selection of new properties we currently have on offer in the USA. If you are interested in one of these properties, please contact our agent directly!

New offers: Buy real estate

Chicago map and weather actual

Map: Chicago

Chicago: drone flight and skyline

Realtor

My team and I support you in your search for real estate in the USA. No matter whether as capital investment, for rent or for own use. With good contacts and recommendations, we will find the most interesting investment properties in the USA and Chicago for you. More questions? Call us or write us free of charge:

Contact person: Stephan M. Czaja

Phone Berlin: +49 (0) 30 398 204 207

Phone NY: +1 646 547 1187

E-mail: office@lukinski.com

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