Winter clearing obligation – The winter clearing obligation is the obligation to ensure traffic safety in snowy and icy conditions in order to prevent accidents. This obligation exists for every resident on a road, driveway or sidewalk. If in doubt, you should seek advice from an expert body, as there are extensive regulations and legal […]
Laundry room – The laundry room is a room equipped for washing laundry, usually located in the basement. Nowadays, the term is used for rooms that are intended for the installation of washing machines and/or dryers. In apartment buildings, there are water and electricity connections for the washing machines, which record the consumption via the […]
Terrace – By definition, a terrace is a covered or uncovered larger platform on a house for outdoor living. It is located at the ground floor level of a building or on the roof. The living quality of a property can be enhanced by the terrace, which also increases the property value. As an outdoor […]
Conservatory – The conservatory is usually an extension to a building which is largely made of glass. When constructed correctly, it can have an increasing effect on the value of a property. This is because a correctly constructed conservatory uses the glass house effect, which means that there is no need to use conventional heating […]
Special-purpose association – The special-purpose association is the merger of several municipalities or associations for the joint performance of certain tasks. Due to the restriction to certain administrative purposes, such an association is referred to as a “special-purpose association”. Who can become a member of a special-purpose association and which tasks the association performs is […]
Warranted Property (Real Estate) – A warranted property is a property feature that the seller warrants to the buyer. If, when buying the property, it turns out that this property does not exist, the seller is liable for damages. A property is deemed to be warranted if the seller expressly indicates to the buyer that […]
Underground garage – The underground garage is a parking space for vehicles, which is located below ground level. Often there are underground garages in commercial properties or larger residential complexes, for special protection against the weather and theft. In older underground garages, however, you should be aware of the spacing of the vehicle parking spaces, […]
Right of first refusal – The right of first refusal is a right that allows a person to enter into a contract of sale on the terms that an owner had agreed with a purchaser. The person with the right of first refusal takes the place of the purchaser and therefore also assumes the rights […]
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 […]
Operating costs – Operating costs, i.e. ancillary costs, are all costs which are to be borne by the owner as a result of the intended use of a property. So it is only those costs that arise from the ownership of a property. Operating costs include electricity and heating costs, water supply and refuse collection […]
Bestellerprinzip – In order to protect prospective tenants from the additional burden of paying the broker’s commission, the Bestellerprinzip applies. This means that whoever commissions an estate agent with the procurement of a prospective tenant for a rented flat must pay the agent’s commission. If the broker violates the principle by charging fees for a […]
Inventory – The inventory records various important details, such as the easements associated with the land, regarding a property. All of this necessary information is required by the cadastral office. The inventory is divided into several columns that contain, among other things, information about the inventory, attribution and depreciation. Inventory at a glance: Important information […]
