Add-on wall – The add-on wall is attached to the neighbour’s wall. Due to the extension to the neighbour’s wall, the neighbour’s consent is required. By crossing the border to the neighbouring property, the neighbour is allowed to use the wall for his own constructional measures and entitles him to build his own extension. Wall […]
Warm rent – In addition to the cold rent, the warm rent also includes the warm operating costs. The warm operating costs include the heating and hot water costs of a household, and thus also the maintenance work of the heating and chimney sweep costs. The tenant pays these costs to the landlord, who transfers […]
Malicious Deception (Purchase Contract) – Malicious deception is an intentional manipulation of the purchase contract. If the seller or broker is aware of certain defects in the property and attempts to conceal them or claims certain things about the property, that is fraud. Intentional deception exists when the seller or broker suggests or withholds features […]
Drywall – Drywall is the term used to describe the parts inside a building that are not made of concrete or stone, nor are they part of the load-bearing elements of the building. Thus, drywall construction is a method of construction in which the walls or floors are built or covered by rails and plasterboard, […]
Fiduciary account (notary) – The special thing about a fiduciary account is that the holder of the account is not the owner of the assets in it. The holder is usually a notary or lawyer who manages the owner’s assets. A trust account is regularly required in particular for the sale of land and real […]
Repayment loan – A repayment loan is a generic term for loans in which a specific repayment line is agreed over a fixed term. In the real estate sector, it is usually an annuity loan, whereby the resulting repayment installments are composed of an interest and a repayment portion. The advantage of an amortising loan […]
Repayment – The purchase price of real estate is often financed by a loan, whereby the repayment leads to a loan being repaid. Here, the borrower repays the loan monthly on an ongoing basis, whereby the monthly instalments remain the same but the total liabilities decrease due to the ongoing repayment and the burden of […]
Will – The distribution of the assets of a deceased person can be recorded before death in a written statement, which is the will. Every person is capable of making a will from the age of 16 and does not need a notary in the case of a handwritten will, as the testator draws it […]
Default reserve (WEG) – The default reserve comes into effect in the event of the insolvency of a condominium owner if there is a risk that the owner will no longer be able to meet his financial obligations. In order not to endanger the entire community by the insolvency, this default reserve can be determined, […]
Consent requirement (sale WEG) – If it is agreed that a condominium owner may only sell his condominium if an administrator or another condominium owner agrees, this is a consent requirement. The reason for the consent requirement is that the condominium is interested in each owner being able to fulfil his obligations regarding the residential […]
Settlement of community of heirs – If a deceased person leaves several heirs and the division of the estate among the heirs is not consensual, the division is determined by law. Since the estate is a joint property, the co-heirs can only dispose of the inheritance jointly. If this joint disposition does not work, each […]
Subdivision Plan – The subdivision plan is a stamped construction drawing that provides information about the building’s layout, location and size. These drawings of floor plans, sections and elevations are all necessary representations of the building to be subdivided. In addition to the division of the building by the floor plans, the location, size and […]
