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Definition of terms used

RENTAL INCOME – Kaltmiete

It is the rent after expenses. In a lease contract is always shown what is the rental income (the so-called “Kaltmiete”) and what are the costs to the tenant (Betriebskosten, Nebenkosten). The sum of the two items is the gross rent.

GROSS RENT – Warmmiete
Includes the rent and the portion of service charges to the tenant (Betriebskosten, Nebenkosten). The gross rent is what the homeowner receives monthly to your account.

COSTS – BETRIEBSKOSTEN, Nebenkosten
Represent the portion of the service charges to the tenant and often include water consumption and heating. They are part of these expenses all those items that are in economic condominium listed under “expenses transferable” (umlagefähige Kosten).

EXPENSES – Wohngeld
The members of a community pool to arrange payment of monthly quotas. In the calculation of expenses are taken into account all the costs according to the economic pool. Individual owners can upload most of these costs to tenants. These costs are identified in the economic plan as “transferable costs” (umlagefähige Kosten).
The “Wohngeld” should not be confused with the homonymous state subsidy granted to the poor to pay the rent.

ECONOMIC PLAN CONDOMINIUM – WIRTSCHAFTSPLAN
It’s the budget cost estimate for the building. It is the responsibility of the Managing condominium and compiles normally in advance for the following year. Contains revenue and expenditure of the cash pool. The Business Plan must be approved by the Community of Condominiums. At year end, the Administrator shall submit a final budget and its adjustment.

FUND PROVISIONS – INSTANDHALTUNGSRÜCKLAGE
The fund sets aside a provision for preventive maintenance or modernization of the building. In condominiums is the Director responsible for collecting the fees decided by the Condominium. The saving of a provision is the responsibility of an administration suitable Condominium efficient and is already included in the fee pool.

SPECIAL PROVISIONS – SONDERUMLAGE
These unforeseen expenses for maintenance, not calculated in the economic pool.

ANNUAL COMPENSATION – JAHRESABRECHNUNG
The annual adjustment results from the comparison between income and expenditure of the Community Condominium in a year. Must contain a balance of the total cost of the building and one particular of the cost of each apartment. Among the costs taken into consideration are: water, electricity for common areas and the waste tax.

INCOME – INCOME
It is the income from rent as a percentage. Is calculated by subtracting from renting annual gross (Warmmiete) the annual service charges (Wohngeld) and comparing this value to the purchase price.

CERTIFICATE of completion – ABGESCHLOSSENHEITSBESCHEINIGUNG
According to German law, the Certificate of Completeness certifies that the apartment is adequately separated from common areas and details. This separation is performed through walls and ceilings. It must also be guaranteed access to the apartment locked. The certificate is issued by the Supervisory Construction, also responsible for the issuance of the building permit.

DESCRIPTION OF WORK – BAUBESCHREIBUNG
The description of the work concerning real estate to be built and defines the materials that will be used and the manner of performance of the work. If the construction is financed by a bank, the document is essential to the approval of the loan.

Commission – COURTAGE
The agency commission is a percentage to be paid to the agency to the contract.

COMMITTEE ON FINANCE – DARLEHENSGEBÜHR
Regards the commission to be paid at the time of the granting of a mortgage. The amount will be agreed between the parties prior to the signing of the loan agreement and is usually integrated in the amount financed.

COMMUNITY OF CONDOMINIUMS – EIGENTÜMERGEMEINSCHAFT (WEG)
Formed by all the owners of a building and can not be acquitted. All parties need to make decisions together and are represented by the Administrator outside Condominium.

EQUITY – Eigenkapital
On means that the buyer must make for themselves for the purchase of a property whether cash or thrift stores.

DOCUMENT OF ENERGY EFFICIENCY – Energieausweis
Also known as Passport Energy is the seal of quality of a building. Defines the energy efficiency of a property.

CAPITAL INTERESTS – FREMDKAPITAL
It covers all the financial resources made available by third parties for the purchase of a property: mortgage, insurance and real estate savings contracts (Bausparvertrag)

CONDOMINIUM OWNERSHIP – GEMEINSCHAFTSEIGENTUM
The condominium property concerns those areas not covered by the particular property, such as the staircase, the front, laundry and boiler room. The buyer is automatically given the right to use these spaces with the purchase of the apartment.

BOOK LAND – Grundbuch
In the land are fixed in writing the property relations and rights or liens on the ground. It is a public register of land and also contains information on the current owner of the land.

MORTGAGE LOAN – HYPOTHEKENDARLEHEN
The mortgage loan is a loan secured by a mortgage in the long term. The mortgage decreases the risk for the lender and allows to obtain interest rates typically lower. The mortgage is recorded in the Book Fondiario.

ACCEPTANCE TO CLEAR – LÖSCHUNGBEWILLIGUNG
With this document, the creditor declares the acceptance of the mortgage on the property cancellation because the mortgage is paid off. This document is essential for cancellation of registration of the mortgage in the Book Fondiario and must have a notarized form.

PLAN – Lageplan
It is a graphical representation of an object in relation to its geographical location and its surroundings.

QUOTE OF OWNERSHIP – MITEIGENTUMSANTEIL
These are the dimensions of a property (such as the ground or stairs etc..) Owned by a single owner. Are set out in the Declaration of fractionation.

OFFICIAL LIST OF RENTALS – MIETSPIEGEL
General picture of the average rent of a specific area. Referring to social rents.

DEPOSIT OF RENT – MIETKAUTION
The deposit is a deposit which normally amounts to three months rent and that gives the homeowner coverage in the event of late payment of rent or in case of maintenance work to be done. At the end of the lease, the deposit must be returned to the tenant with interest that has accrued.

NOTARY – NOTAR
The Notary is a public officer stating, among other things, the sale of property in an impartial and confidential. He is a lawyer who can explain fully the legal effect of a contract of sale. It is required by law to make it clear to both parties the effects of negotiation and is responsible for the actual understanding of the parties with regard to the contract.

NOTARY PUBLIC TRUST ACCOUNT – NOTARANDERKONTO
The Notary may open a trust account will be paid the purchase price in order to ensure proper execution of the purchase and the terms of the law regarding the payment for the delivery of the apartment.

AREA OF USE – NUTZFLÄCHE
The worktop space is not used for residential purposes as the attic, cellars and the stairwell.

RIGHT TO USE SPECIAL – SONDERNUTZUNGSRECHT
On the right to the exclusive use of an area or a room which is actually owned condominium. This right is usually granted for a portion of the common garden or for cars. Should be regulated in the Declaration of fractionation.

DECLARATION OF FRAGMENTATION – TEILUNGSERKLÄRUNG
It is a declaration at the office of the Book Fondiario by the owners of the property stating that the property is divided into units of ownership, associated with particular properties. With the Declaration of fractionation are legally based residential property and commercial property. That document can be seen as parts of the property are the property of particular use and which represent the condominium property. Also defines the rights of particular use (such as cars). This is the prerequisite for the registration of the apartments at the Book Fondiario.

TAX CLEARANCE – UNBEDENKLICHKEITSBESCHEINIGUNG
It is a document that ensures the current owner that the buyer has paid or is exempt from the tax on the purchase of property. With this document, nothing precludes the registration of transfer of ownership.

RIGHT OF FIRST REFUSAL – VORKAUFSRECHT
With the right of pre-emption an interested buyer has the right to purchase a property even if it is a contract with a thir party. It is usually granted to tenants of the building.

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