Checking creditworthiness – One of the most important tasks before every rental is to check the creditworthiness of prospective tenants. As an owner, you naturally want to be sure that there will be no loss of rent in the future and no resulting economic losses for you. If you use a real estate agent, you […]
Building interest comparison for your real estate – building interest or also mortgage interest, of different credit institutes need you, in order to be able to lock a construction financing. The comparison is important to find the best and cheapest construction financing for their dream property. Especially the Internet offers an incredible number of financing […]
Condominium – A condominium is a residential unit in a two- or multi-party building. This can be purchased either through a real estate agent, usually from a housing company, or privately and commission-free through acquaintances. The buyer is also allowed to rent out the property if he has not already bought it rented, which is […]
Disagio – Disagio or as a synonym Damnum or Abgeld cheapens the initial interest rate of a loan when buying a property. By definition, a person is granted a loan and a discount of the loan is retained, this sum is called a discount. The sum acts as a prepayment of interest. In return, the […]
Notarization – In order to draw up a purchase agreement for a property, it must be notarized. The purpose of notarization is to protect the buyer and seller from hasty decisions and to ensure that the interests of both parties are properly recorded. The recording of the interests is carried out by a notary, who […]
Transfer of ownership in the contract of sale – By concluding the contract of sale, not only does ownership of a property pass to the purchaser, but the purchaser also assumes all risks, taxes and burdens associated with ownership of the property. This allows the new owner to do with the property as they see […]
Residential right – The residential right is the right of the owner of the residential right to personally use a building or a part of the building. However, the owner of the residential right is only entitled to live in the building, but not to carry out commercial activities. The residential right is a right […]
Encumbrance power of attorney – The encumbrance power of attorney authorizes the buyer to encumber the property with a lien in order to finance the purchase price. This power of attorney is only required if the buyer of the property wishes to obtain outside financing and the lender requires collateral for the loan. Thus, the […]
Construction preparation power of attorney – The construction preparation power of attorney is the authorization that the seller transfers to the buyer to be able to start with preparatory work. The scope of the power of attorney should be described exactly and the risks for the buyer should be clearly delimited. As a rule, the […]
Conveyance (land register) – Conveyance is the agreement of the buyer and seller that ownership of the property is to be transferred to the purchaser and the transfer of ownership is to be executed in the land register. Only with the conveyance and the completed entry in the land register does the purchaser receive the […]
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. […]
Option Agreement – Once a potential buyer is interested in a property, they naturally want to prevent the seller from selling the property elsewhere. When the situation arises, there is an option for both to create an option contract that obligates one party to buy or sell the property in an agreed upon time period. […]
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