Notary: purchase contract, ownership and tax law

The notary must certify the sale of any property. He acts as an independent legal authority and is supposed to protect both buyer and seller. After the preliminary contract has been drawn up, he holds a meeting with both parties and consequently draws up the main contract. He does not represent one of the two sides, but both. This reduces the legal risk for both parties. Not only does he have to notarize the purchase agreement, but he also has to explain all the legal issues. In addition, he is the one who arranges for the transfer in the land register. This only takes place when the buyer has also paid the purchase price. Furthermore, the claims formulated in the contract are immediately enforceable. The seller does not have to sue in case of non-payment. Instead, the notary can immediately instruct the bailiff.

Before the notary appointment: organisational matters, documents

But before it even comes to the notary appointment, many other legal issues must be clarified. For example, the ownership structure must be clarified and proven. Check whether you are really the sole owner or whether other people may also have a claim to the property. For example, if the property is jointly owned by two people, there will be a purchase price distribution after the sale that corresponds to the ownership shares.

Last but not least, tax regulations must also be taken into account. If you sell a property that you have used yourself, no tax is due. If the property is rented out or used commercially, it must have been in your possession for at least 10 years. Otherwise, the so-called speculation tax must be paid. Here, the legislator is guided by the date of the notarization of the purchase contracts. The land transfer tax must always be paid. However, this is usually borne by the buyer. The amount of the real estate transfer tax is a matter for the federal states and is set by the respective federal states themselves.

Legal support from an experienced broker

The sale of real estate in Germany is legally regulated by the notary. He clarifies all legal questions concerning the purchase contract. However, a great deal of research and work is necessary in advance in order to meet all legal requirements and avoid pitfalls. It is therefore advisable to contact an experienced real estate agent who knows the legal regulations. This will save you a lot of tedious research as well as a lot of stress and frustration.

Broker contract: tips and help

You want to sell a house or an apartment, have no experience in the real estate market and want to avoid mistakes at all costs? Then you are well advised to use the comprehensive services of an estate agent and simplify the time-consuming and complex sale of your residential property. When you hire an agent, you don’t have to factor the sale of your property into your schedule, as all tasks are handled directly by your real estate agent and carried out in your best interest.

Tasks of a broker

Basically, a real estate agent fulfils all tasks that are important before and during the sales and rental phase. He creates an exposé, determines the market value of your property, advertises your property and is then the interface between you and interested parties. While the creation and publication of an advertisement is a time-consuming but unique task, answering customer enquiries is part of the daily business of an estate agent.

• Here you can find more information about the tasks of a broker.

Commission for the broker – The most important regulations

More than 80 percent of all properties for sale or rent are brokered. This means that the owner commissions a real estate agent to advertise the offer and to carry out all tasks up to the conclusion of the contract on his behalf. Professional brokerage is a service that is agreed between the client and the real estate agent. After the service has been rendered, a commission, the so-called brokerage fee, is due. Who pays the commission depends on the type of commission and the reason for the commission. If you sell your property through an estate agent, the buyer usually pays. In the case of lettings, the buyer principle has applied since 2015, so that the invoice recipient and commission payer is identical to the person who has commissioned a brokerage service.

• Here you can find more information about the broker commission.

Tezos (XTZ): facts, figures and course

Tezos is both an open source platform and a digital token. While the platform was created for the creation and use of dApps and smart contracts, the XTZ Toekn works with the Proof of Stake consensus protocol.

BitCoin, cryptocurrency & blockchain? What does it mean? Learn more about BitCoin, Cryptocurrency & Block Chain here!

In addition to the network shell structure on which the blockchain network is built, Tezos is also characterized by its on-chain governance, which allows changes to be made to the blockchain even without hardforks.

Now before we get into the current value and price action, here are all the facts and figures about Tezos (XTZ):

• Cryptocurrency: Tezos (XTZ)
• Inventor: Kathleen & Arthur Breitman
• Publication: 2018
• Consensus Algorithm: Proof of Stake

Total runtime

Here you can see the Tezos rate for the entire term.

Crypto alternatives: Ethereum, EOS and NEO

There are now over 4,500 cryptocurrencies. While that sounds like a large amount, only just under 100 of them reach a daily trading turnover of $1,000 or more. Other popular crypto alternatives to Tezos include Ethereum, NEO, and Stellar! You can find out more about each cryptocurrency here.

Ethereum (ETH): Second generation cryptocurrency

Just like other cryptocurrencies, Ethereum is based on state-of-the-art blockchain technology. Ethereum itself is not a pure cryptocurrency, but can be used for blockchain projects of all kinds. As a decentralized ecosystem, Ethereum is therefore also often used as an open protocol for decentralized applications, such as smart contracts. Ethereum’s own cryptocurrency is called Ether – ETH for short.

• Ethereum

EOS: The improved Ethereum 2.0

EOS is rightly enjoying its popularity. After all, it is not only a cryptocurrency, but also a complete platform for blockchain-based applications. Thus, smart contracts and dApps can also be created with EOS. Compared to Ethereum, transactions are free and in case of a hacking attack, the blockchain is restored to its previous intact state. The makers of EOS.IO have also abandoned the previously popular Proof of Work consensus algorithm.

• EOS

NEO

NEO is a Chinese cryptocurrency whose protocol can be used to develop and execute smart contracts and distributed apps (dApps). It resembles Ethereum’s blockchain ecology in many ways, but uses Java and C# rather than the Solidity programming language.

• NEO

Cryptocurrencies: List

BitCoin, BitCoin Cash, Ethereum, Litecoin, Dash, Ripple, Zcash or Binarcy Coin: they are considered the answer to traditional means of payment. The digitization and decentralization of money makes banks superfluous. Only buyers and sellers are responsible for the control and security of their digital money. You too want to invest in Bitcoin & Co? We have an overview of the most popular cryptocurrencies here.

• Cryptocurrencies: List

Credit cards – types and uses

The classic credit card got its name from the fact that it granted the customer a loan. Thus, the classic lending of money is only possible with a real credit card. Since a loan always carries risks, you should bear in mind before applying for a classic credit card account that the bank can cancel the account at any time. It is a framework credit, which does not have any notice periods. The will usually make use of this if the customer’s credit rating deteriorates.

The credit is granted as a credit line on the card account. You decide yourself whether you settle the outstanding amount at the billing date in one sum or in monthly instalments. The bank often requires a minimum amount, which is ten or 20 percent of the credit amount used. Alternatively, a minimum payment of ten or 20 euros may be required.

There are so-called black credit cards, which do not have a credit limit. However, these are only issued to customers with a very high income or a very high solvency.

You can increase or reduce the credit limit. Both are possible upon application. You can dispose freely within this limit. This is the advantage of a classic credit card. The limit can be used in full or only in part. Interest is only charged on the amount used and is calculated on a daily basis.

Unlike an instalment loan, the negative balance on the credit card account can be completely cleared at any time in order to save interest. However, you pay for this freedom with an interest rate that is often more than double that of an instalment loan. For this reason, the use of the instalment facility should be weighed up carefully.

Credit cards on credit basis

In addition to the classic credit card, there are other models that, strictly speaking, no longer live up to the name because no credit is granted at all. With these models, however, the credit institutions are accommodating the high acceptance of credit cards. For example, the Girocard or the Maestro card have not yet become established in online retailing. However, most retailers do accept credit cards. If this works on a credit basis, it can also be issued to customers who do not have a high credit rating.

Credit card with link to current account

Many banks offer credit cards that are directly linked to the current account. There are accounts for which a Girocard can be requested as an alternative. Abroad, the Girocard is not known. Within Europe, the Maestro card is used. Modern and young smartphone banks no longer work with the Girocard at all, but only issue credit cards and Maestro cards.

When paying with a credit card linked to the current account, the amount is debited directly. With modern smartphone accounts, this even happens in real time. This means that the amount is immediately reserved in the account. The advantage is that the customer can take advantage of the high acceptance of credit cards and still keep a very good overview of their finances. The credit card’s credit limit is based on the balance on the current account and is constantly updated. Credit cards that are linked to a current account as a means of payment are often issued free of charge.

Prepaid credit cards as an alternative

Prepaid credit cards can only be used as a means of payment if they have been loaded in advance. They are not linked to the current account, but there is a collective account for all customers who have such a credit card with the bank. The transfer must be made to the collective account and assigned to the customer based on the number of his credit card. This can take one or two days. Only then is the credit card ready for use. Another disadvantage is the high fees that have to be paid for the prepaid credit cards. The prepaid credit card should only be applied for if other options are out of the question.

Credit card types with high acceptance in Germany and worldwide

In Germany and Europe, Mastercard and Visa credit cards have a very high acceptance. Mastercard is very often issued in connection with a current account, while Visa is often chosen as a prepaid solution or as a classic credit card.

Those who like to travel to America often, choose American Express or Diners Club. However, both credit cards require a good credit rating. They are usually only issued as a classic credit card linked to a credit account and cost an annual fee, which is not very cheap. Since there are cheaper offers in Europe with Mastercard and Visa, American Express and Diners Club are not so highly frequented in this country. This is also confirmed by the acceptance, which is limited to hotels, restaurants, gas stations and shops that sell high-priced goods.