BUYING A CONDOMINIUM BUYING PROCESS WORKS

Posted by sequancebuilder3 on March 31st, 2021

BUYING A CONDOMINIUM BUYING PROCESS WORKS

Charming old building or energy-efficient new building spacious family or cozy single apartment? If you want to buy a condominium, you usually have a very precise idea of ​​what your own four walls should look like. However, when it comes to the purchasing process, many are still unclear. We explain the most important steps.

Clarify financing

Buying a condo and taking out a loan may be one of the biggest financial decisions of a lifetime for many buyers. You should, therefore, not rush into anything and seek professional advice on financing. The rule of thumb is to have at least 20 percent of the purchase price plus ancillary purchase costs, such as real estate transfer tax and notary fees, as equity on the high edge. We advise interested parties to buy an apartment on request in detail on financing and draw up financing plans together with the buyers.

Choose and check the property.

Once a suitable property has been found, future owners should thoroughly examine the apartment. This should include the technical aspects such as the building fabric, energy efficiency, and equipment and the cooperation in the apartment owners' association. A look at the owners' meeting minutes gives a good first impression of how well the community gets along and how conflict-free decisions are made in the meetings.

Notary appointment and certification

As a potential buyer, if you have agreed with the current owner, the next step is to the notary. As a rule, buyers, sellers, and notaries first clarify the most important key data in a preliminary meeting. This can include the modalities of the payment or whether both spouses and only one of the two are the buyers. The notary then sends a draft of the contract to both contracting parties. Both parties meet again at the notary to sign the contract. The purchase of the apartment is sealed there.

Payment and entry in the land register

Once the contract has been signed, payment is due. It is customary for the new homeowners to pay the brokerage costs first. However, these do not always have to occur. Buying an apartment through is free of commission for the buyer, for example. The real estate transfer tax is then paid. To do this, the notary forwards a copy of the contract to the tax office, which asks the buyer in writing to pay the tax due.

As a rule, the actual purchase price is only due afterward. The new owners first receive a request for payment, which they forward to their bank along with other documents. You then have to transfer your equity to the bank. This, in turn, pays the purchase price. At this point, the owners usually have to pay the notary as well.

Then the time has come: the house buyers are entered in the land register as new owners. Then all you have to do is hand over the keys, and nothing stands in the way of moving in or renting out.

Support with the purchase process?

We are happy to help. Do you want to buy a condominium and have questions about the purchase process? The managing director will be happy to advise you. We can support you with our service package through the entire purchase process and investment cycle if you wish.

When does a misappropriation prevail?

Subletting starts when a fee is charged for accommodation in individual rooms within an apartment. Visiting friends for a few days is therefore not a rental or a misuse. The situation is different if the apartment is commercially intended as a holiday apartment, is primarily used as such, and there is a ban. In this case, you need a special permit from the district office because living space that could benefit apartment hunters is allocated elsewhere. In general, an apartment is considered to be used for purposes other than intended if less than half of the living space is used for the owner's residential purposes. If, for example, a room in a two-room apartment is regularly rented to travelers, no penalty must be expected. You should To avoidmisappropriation in the Union Complex.

What about subletting a second home?

To clarify this question, the Berlin Administrative Court ruled that a second home not used primarily for residential purposes cannot be rented out as a holiday home. This is the definition of the second home, which states that it must be a home that is used for residential purposes. At least one room must be available for private use at all times. Therefore, temporary, short stays in a second home are not enough to describe this living space as a second home. However, if it is a lawful second home, it may be rented to vacationers under the circumstances mentioned above.

Smart Home: How can consumers retrofit it sensibly?

Today, more than ten years later, many things have changed in our everyday lives. Since then, payments are no longer made in cash only, newspapers are no longer read-only on paper, and groceries are no longer only bought in the supermarket. Instead, all of these things are increasingly being done online. The magic word is digitization. And this has been in the process of revolutionizing your own home for some time. A current study by the shows: More and more household appliances can be controlled with a smartphone or tablet from the couch or on the move. Every fourth now uses these so-called smart home solutions. But which measures are sensible and which can be carried out afterward to increase the comfort at home? Energy efficiency from the computer According to the study, primarily investing in smart home technology that increases energy efficiency or the home's security is improved. Some smart home systems offer significant savings potential. Examples are intelligent electricity meters or heating thermostats that a smartphone can control. These systems are particularly useful in the context of an energetic renovation. But the separate installation of individual smart home technologies is often a sensible measure for residents. Smart home: what is possible and what is not? When it comes to the technical upgrade of the living space, owners and tenants have different degrees of freedom. Sole owners have all options when it comes to the technical equipment of their property. In the case of a new building, in particular, it can be worthwhile to network your household at an early stage. In condominiums, conversions are possible to a limited extent and are subject to certain conditions. Possible conversion options depend on what was agreed in the declaration of division on common property. For example, outside windows and entrance doors, but under certain circumstances, radiators, supply lines, and radiator valves are part of communal property. In this case, the consent of the community of owners must be obtained.