Rental agreement – The rental agreement is a written contract prepared by the broker for the tenant and landlord. This contract must form the basis of any tenancy in order for the relationship to stand up legally for both parties. The lease contains the obligation of the landlord to grant the tenant the use of […]
Modernisation (WEG) – Modernisation includes all structural measures taken by the owner with the aim of sustainably increasing the utility value of the property and permanently improving the living conditions. In the case of individual property, the condominium owner can carry out any type of modernization, but in the case of common property, the owner […]
When is the broker economically intertwined with one of the parties involved in the real estate business? What does this phrase mean and what does it imply in the context of the process of selling a property? Are the seller and the buyer of a house or an apartment equally affected by a possible interlocking? […]
Rental deposit – The rental deposit is a classic security deposit that the tenant pays to the landlord. The purpose of the rent deposit is to protect the landlord in the event that the tenant can no longer meet his contractual obligations and pay the rent. The tenant is allowed to pay this deposit in […]
Business plan – The business plan informs the apartment and part owners about the costs and contributions to be made to the common property in the coming calendar year. The manager of a condominium is responsible for preparing the business plan. Due to the ongoing maintenance costs of the property, the manager is dependent on […]
Housing allowance – The housing allowance is the amount that the condominium owner is required to pay monthly in advance to the manager based on his or her individual management plan issued for condominium or partial condominium ownership. Each unit owner of a condominium is obligated to pay the housing allowance in advance. If a […]
Residential location – A decisive factor for the residential value of a property is its location. The location of a property is so crucial because it cannot be moved, while a structural condition or the equipment can be changed. There are three different types of residential locations, which are once the simple, the middle and […]
Forced sale (real estate) – The forced sale of real estate is understood to be the auctioning of the property to satisfy creditors. The initiation and execution of the compulsory auction is carried out by the competent district court and is announced publicly, usually in daily newspapers. A property may be put up for auction […]
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. […]
Option contract – Tenant and landlord can contractually agree that after the expiration of the lease, there is the possibility to extend the agreed rental period for a certain time. Thus, it is sufficient if the landlord declares that he wants to continue the tenancy. If several tenants have signed the contract, the option is […]
Duty of Disclosure – Once a decision has been made to purchase a property, the purchaser must be made aware of all important aspects of the purchase. A duty of disclosure exists when the seller feels obligated to disclose certain facts about the property and the prospective buyer can expect the seller to be honest […]
Upper Floor – In real estate, the term refers to all areas above the ground level floor or a story. Some buildings have multiple upper floors, while the attic does not count. In apartment descriptions on online sites, the term is often shortened to O.G. Overview of the upper floor: The mezzanine floors Upper floor […]
