Maintenance obligation (WEG) – Each condominium owner is obliged to maintain the parts of the building in his or her individual ownership. For example, the ground floor owner must maintain the garden part located in his area. For the measure of the proper administration a maintenance reserve is accumulated, which is not obligatory however legally. […]
Revocation period (brokerage contract) – Since contracts are binding, a prospective buyer can only revoke the brokerage contract if the contract was concluded outside the broker’s business premises or through semi-personal contact such as telephone, letter, e-mail, fax or similar. This period is 14 days and only begins when the prospective buyer has received a […]
Maintenance reserve (WEG) – Every condominium owner can demand that a maintenance reserve be accumulated, which is, however, not obligatory. This reserve is accumulated to prevent liquidity problems and the deterioration of a property. The amount of the maintenance reserve depends on what a forward-looking owner would save for the maintenance of his property. This […]
Valuation Factor – Several valuation factors are needed to determine the fair market value of a property. These valuation factors offer assistance when they come into consideration as value-influencing aspects. These factors include, among others, the location of the property, given construction defects and structural damage, an increased remaining useful life or a special standard […]
Right of withdrawal – If the contract was concluded outside the business premises of a broker or by means of distance communication, the consumer has the right of withdrawal. So, a right of withdrawal only exists in cases where the law has expressly granted such a right. If this is not the case, then each […]
Real estate as a capital investment – An investment is a long-term capital investment, which should bring a special benefit in the future. Accordingly, the value of a property can also be decisively increased if the owners invest in the existence and expansion of their property. This creates additional prospects, for example, if an attic […]
Annual statement – Each condominium owner is obliged to bear the costs of common property, maintenance and repair of common use, which are recorded and settled in the annual statement. The costs to be paid include operating costs such as street cleaning, refuse collection and property and liability insurance, but also heating costs. The annual […]
Annual freeze period – If the landlord wants to increase the rent, he can only demand this if the rent has been unchanged for 15 months. These 15 months are made up of the 12 months of the annual freeze period and the three months of the tenant’s cooling-off period. The annual freeze period is […]
Living space – Living space is the habitable area of a property in square meters. When calculating the rent of real estate, the income value of valuations and other things, the total living space plays a decisive role. The use of a living area also plays an important role in building and household insurance. Living […]
Purchase does not break tenancy – The purchase of a property does not break the tenancy. This means that if an owner wishes to sell their rented property, the purchaser continues the tenancy as the new landlord. This means that the new landlord is bound by the lease and, accordingly, he cannot cause the tenant […]
Housing associations – Housing associations are responsible for the management of real estate in cities or municipalities and are usually also responsible for social housing. The primary tasks are in the area of the administration of rented flats against rent or also in the renting of function rooms, garages and parking spaces. The main areas […]
Civil Code – The Civil Code is the central and therefore most important source of civil law. It comprises five books which consist of a general part, the law of obligations, the law of property, the family law and the law of succession. Accordingly, almost all areas of civil life are covered in the civil […]
