Semi-detached houses | Lukinski

Condominium owners’ association at a glance: Distribution of ownership, owners’ meeting, rights & duties

Laura — Wed, 08 Mar 2023 15:07:26 +0000

Condominium owners’ association – The condominium owners’ association (WEG) is one of the many forms of housing that exist in Germany. It is a community of owners who share a residential complex. In this article, we would like to provide you with basic information about the WEG and go into the most important aspects, such as the rights and obligations of the owners and the owners’ meeting. In addition, how is the complex managed? And how are the costs divided? Read everything about the topic in this article!

Homeowners’ association at a glance

A condominium owners’ association (WEG) is a community of owners who own one or more apartments in a common building. So when you buy an apartment unit in a property, you automatically become a co-owner and a part of the community of owners. Explore Real Estate Germany.

The community of owners can be described like this:

Community of all owners of a property.

The community of owners is responsible for the management, maintenance and modernization of the common property. Decisions are made at the owners’ meeting, where each owner has one vote. An administrator is appointed to represent the interests of the owners and is responsible for the management and maintenance of the common property. The condominium owners’ association is a legal entity and can, for example, conclude contracts or appear in court.

Homeowners’ association at a glance:

A WEG is the community of all owners of a property
Each owner can represent his right to vote at the meeting of owners
Each owner has a certain co-ownership share in the common property
Each member of a WEG must bear costs for the common property
Each owner is responsible for his or her own special property
Each owner has to fulfill certain rights and obligations
Each COA must have certain documents that set out rules and boundaries

Ownership shares and common property

The distribution of property in a condominium owners’ association is defined in the declaration of division. There, it is described in detail which parts of the building are assigned to separate property and which are considered common property.

Each owner has a co-ownership share in the common property of the building, such as the land, the facade, the staircase or the roof. The size of the share depends on the size of the respective apartment in relation to the total living space of the building.

For this purpose, each owner occupies special ownership of his or her apartment. This means that he has sole ownership of his apartment and can use and manage it freely.

This is the right of each owner:

Co-owner of the common property
Special ownership of own apartment

Rights and duties of the WEG

Each owner of a condominium association has certain rights and obligations arising from the Condominium Act and the declaration of division. In this section, we will look at these aspects in more detail and explain what rights and obligations an owner has.

The rights and obligations in a WEG include:

Management
Maintenance
Owners’ meeting
Resolutions

Management and maintenance

The owners are jointly responsible for the management and maintenance of the common property. This includes, for example, the maintenance of the garden, the cleaning of the staircase or the repair of the roof. The costs are apportioned to the owners in proportion to their ownership shares.

This duty has every owner:

Responsible for common property
Responsible for internal or external management

Participation in the owners’ meeting

The owners’ meeting is the central body of the condominium owners’ association and is used to make important decisions for the common property. It is therefore important that the owners attend the meeting and express their opinions. However, there is no obligation to attend.

Minutes of the owners’ meeting must be kept and signed by an owner and the administrator. The minutes must contain all resolutions passed and voting results.

Are you interested in the topic of owners’ meetings? Learn more here!

Owners’ meeting

Voting procedure and resolution

In the owners’ meeting, decisions are made by voting. There are different voting procedures, e.g. simple majority, qualified majority or unanimous decision. A resolution is only valid if it has been properly passed and does not violate any laws or the declaration of division.

House Rules, Declaration of Partition & Co.

In order to regulate the ownership shares in a house with several parties and to guarantee a harmonious living together, a written order is needed. Therefore, every multi-party house has a declaration of division, community rules and house rules.

The house rules are the most important document and, from the legal point of view, the first place to regulate the operation in a multi-apartment building. They are drawn up by the homeowners’ association or the appointed manager and are an obligation for them.

The community rules regulate all regulations and laws for living together in the residential complex and are legally behind the house rules. Since the community rules can be determined by the owners themselves, changes may be decided unanimously at the owners’ meeting.

The declaration of division of a property exists whenever the overall property is split into individual parts, such as individual residential units. It therefore describes the formal division of the property and thereby defines the rights and obligations of the owners.

Order of the WEG at a glance:

House rules: regulates operation in multi-apartment building
Community rules: regulates all the rules and laws for living together in the residential complex.
Declaration of division: thus describes the formal division of the property

Apartment selling costs: notary, broker, energy certificate & Co. – for seller & buyer

Laura — Tue, 07 Mar 2023 06:16:02 +0000

Apartment Selling Costs – Selling an apartment involves various costs that can vary depending on the type and size of the transaction. The main cost items are usually the brokerage and notary fees, as well as any costs incurred in obtaining documentation. You can find out here what additional incidental costs you can expect and who has to pay them – including a checklist.

Service charges when selling an apartment: checklist

The sale of an apartment is associated with various costs, which may vary depending on the country and region.

Before we take a closer look at the individual fees, here is an overview of the most important cost items:

Brokerage fees
Notary fees
Real estate transfer tax
Costs for the valuation
Costs for the most important documents

In most cases, owners decide not to sell their apartment privately and instead hire an agent to sell the apartment. As a result, brokerage fees also usually make up a large portion of the additional costs. Let’s take a closer look at them.

Brokerage fees for marketing & sale

When you hire a real estate agent to sell your home, you usually have to pay a broker’s commission. This commission varies depending on the agent and can range from 3% to 7% of the sale price. Brokerage fees usually include the cost of marketing the property, conducting viewings, assisting in negotiating the purchase price, and preparing the purchase contract.

Between 3% and 7% of the purchase price

Notary costs in the settlement

When selling an apartment, it is a legal requirement that the transaction be handled by a notary. Therefore, here too, you cannot avoid notary fees. The notary fees consist of various fees that are based on the purchase price of the property and are set by law. They amount to 1.5 – 2% of the purchase price. These include, for example, the basic fee, which is based on the value of the property, and the fees for drawing up deeds and certificates.

Between 1.5 and 2% of the purchase price

In most cases, the buyer pays the notary costs.

Real estate transfer tax: payable by the buyer

The sale of an apartment also incurs land transfer tax. This is also paid by the buyer. The amount of the real estate transfer tax varies depending on the federal state and is between 3.5% and 6.5% of the purchase price. It is calculated on the basis of the purchase price and must be paid to the tax office within a few weeks of the purchase.

Between 3.5% and 6.5% of the purchase price

You can find out everything else about taxes here:

Apartment sale taxes

Costs for real estate valuation

Whether it’s a maisonette or a micro apartment – before you sell your apartment, you first need to know how much the property is worth. For this purpose, the apartment is inspected by a certified appraiser for condition and possible defects, and a value appraisal is prepared. This forms the basis for the subsequent purchase price. The costs for an appraisal can range from a few hundred to several thousand euros, depending on the scope and type of the appraisal.

Fees for the most important documents

For the sale of an apartment you also need several documents, which you not only have to hand over to the new owner, but which you also need, for example, for the purchase contract and the sales transaction. These include, for example, the energy certificate, an extract from the land register, and the development plan. You can get the consumption-oriented energy certificate for less than 100 euros, for the demand-oriented certificate you should expect several hundred euros. You should also not forget the extract from the land register. This costs 10 euros uncertified and 20 euros certified.

Some costs for obtaining sales documents at a glance:

Consumption-oriented energy certificate: under 100 euros
Demand-oriented energy certificate: over 100 euros
Uncertified extract from the land register: 10 Euro
Certified extract from the land register: 20 Euro

Optional: Renovation & modernization costs

In order to increase the value of the property and the purchase price, some owners decide to renovate and modernize their apartment shortly before selling it. The cost of this depends on the extent of the renovation work, the materials used and the size of the apartment.

Conclusion: Calculate costs in advance

In summary, the sale of an apartment involves various costs that should be calculated precisely in advance. Precise planning and preparation can help to avoid unpleasant surprises and unnecessary costs. It is therefore advisable to obtain comprehensive information in advance and to prepare an accurate cost overview.

Apps real estate: recommendations for tenants, landlords & real estate investors

office@cxmxo.com — Fri, 03 Mar 2023 11:30:05 +0000

Real Estate Apps – These apps are for all apartment hunters, landlords, sellers or real estate investors. They offer tools and calculators to calculate key figures around the real estate or you can find your dream property for personal use or as an investment. All apps in an overview with the respective download link can be found in this list.

Real Estate Apps: Knowledge & News

With the following apps you will always stay up to date when it comes to real estate. Apps for beginners and for advanced users.

Real Estate Experience App

The Immobilien-Erfahrung.de app offers you all the real estate knowledge you need about capital investments, building management, upgrading, as well as financing and management. With the practical calculators, you can find out about ancillary purchase costs and many other key figures. In the real estate wiki, you will find over 1,000 technical terms simply explained.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Download from Google Play Store & Apple App Store.

IZ – Real Estate Newspaper

With IZ-Immobilienzeitung you always stay up to date with news from the German real estate industry. Find out everything about yield opportunities or investment properties in one app.

Is the app free of charge?

Yes, the app is free
Subscription needed

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

House & Ground Magazine

The magazine “Haus & Grund” provides up-to-date information on topics in the real estate sector for tenants, landlords and property owners. For example, it covers political developments, news relating to tax law or tenancy law, and administrative topics. Readers have the option of marking articles with simple bookmarks and categorizing them later.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

Real estate apps: online tools and calculators

With these tools, you can calculate practical key figures relating to real estate quickly and easily. From equity and return, to usable space and floor area – learn everything with these apps.

Real Estate Guru (my app): Learning App & Calculator

The Immobilien Guru app provides you with over 20 online tools related to real estate. In doing so, you can access a variety of practical key figures that can serve as decision-making aids or advanced knowledge. The app allows you to quickly and easily calculate savings plans for reserves, equity and return on real estate.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

Rented.com

The real estate app Vermietet.de has been specially developed for landlords and property managers. The app offers a simple, secure and time-effective way to organize all aspects of property management, regardless of the type of portfolio – whether it’s a condominium or an apartment building. The app’s features include legally compliant service charge statements, secure rental agreements, valuation, and officially verified templates for reminders and rent increases.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

Immocation.com

The Immocation.de app offers a simple and clear calculator that gives you quick and precise information about the return on investment before you buy or sell a property. In addition, the app offers further tools that provide you with detailed information on the subject of real estate. Thanks to the user-friendly user interface with simple sliders, operating the app is uncomplicated.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

Deka real estate funds

The Deka Immobilienfonds app provides you with comprehensive information on all important details of the Deka Group’s property funds. With this app, you have quick and easy access to information such as the unit price, property information and background information on purchases and sales. The app’s push functions keep you up to date with the latest developments.

Is the app free of charge?

Yes, the app is free

App Download: iOS & Android

Yes, the app is free

App Download: iOS & Android

Here you can find the app in the AppStore (iPhone) and Playstore for all Android smartphones.

Crowdinvesting calculator: German providers in comparison – Free Check

L_kinski — Thu, 24 Nov 2022 13:20:44 +0000

Crowdinvesting calculator

Crowdinvesting providers in comparison Explore Real Estate Germany.

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Crowdinvesting explained

Crowdinvesting refers to the investment of a large number of people in a company. People can support companies or realize projects with relatively small sums.

Guidebook Content:

Comparison & Calculator: Crowdinvesting
What is crowdinvesting?
How does crowdinvesting work?
Difference: Investing & Funding

The most important facts about crowdinvesting

Many people invest small amounts
Investment in projects or companies
Investing via online platforms
Receive shares in the company in return
The goal of investors is to create profit

Crowdinvesting calculator

What is crowdinvesting?

In crowdinvesting, many people invest small sums in projects or companies. In these cases, the realization of the projects cannot be financed solely by the company itself. The aim here is to generate profits with the invested money.

How crowdinvesting works

Crowdinvesting works similarly to crowdfunding via online platforms. People and interested parties can invest a minimum contribution in projects of their choice. The minimum amount is set by the company itself. Investors act out of economic sense to make a profit.

Difference: Crowdfunding & Crowdinvesting

Crowdfunding is often used to support and develop products or services. Crowdinvesting is on the contrary advantageous if you want to support a company. Crowdinvesting is not a donation but an investment. In return for the investment, the backers receive shares in the company

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Installment loan calculator: German providers in comparison – free check

L_kinski — Thu, 24 Nov 2022 13:20:42 +0000

Installment loan calculator

Installment loan calculator and comparison Read more: Real Estate Germany.

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Installment credit explained

The installment loan is the most common form of credit. The repayments are paid back to the bank monthly in the form of installments. The amounts are automatically debited from the borrower’s account, for example.

Guidebook Content:

Online calculator: Installment loan
What is an installment loan?
How does an installment loan work?

The most important facts about the installment loan

Common form of a loan
Repayments are repaid in installments
Monthly rates indicate the amount
Installment consists of interest and repayment

Installment loan calculator

What is an installment loan?

As the name suggests, an installment loan is a loan that is repaid by the borrower in installments. The installments are repaid at equal intervals, depending on the agreement and contract. Often the repayment of the remaining debt is monthly.

How does an installment loan work?

After the loan has been disbursed by the lender, repayment is started within the repayment period, which is clarified in advance. The borrower now pays the specified sum, similar to rent, on a monthly basis. Interest is also added to this amount. The repayment of the installments then continuously reduces the remaining debt.