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Sachwert: Real value

The real value is the value of the property which is made up of the land value, the building value of the building and the value of the outdoor facilities. It also serves to determine the hypothecary value of an owner-occupied real estate.

Sondernutzungsrecht: Right of special use

The right of special use clarifies the sole use of certain areas and rooms which are actually part of the collective ownership. This is issued, for example, for the garden or a terrace for ground floor apartments or parking spaces. The rights of special use are governed by the declaration of division.

Sonderumlage: Special fees

Special fees are payments not foreseen, for example, repairs which were not initially calculated and thus cannot be financed with common charges.

Teilungserklärung: Declaration of division

The declaration of division is a written declaration from the property owner to the land registry that the property is divided into co-ownership shares which are linked to estate in severalty. With the declaration of division, the legality of ownership and joint ownership are founded. Which sections of the building are estate in severalty and which represent collective ownership, can be determined by the declaration of division. Furthermore, special usage rights (i.e. parking spaces) are listed. The declaration of division is a prerequisite for the creation of condominium books. Only after this, is it possible to charge co-ownership shares.

Tilgung: Repayment

Repayment describes the routine payment of a loan by a borrower. This also includes interest payments. With higher repayment instalments, the duration of the loan is shortened. For long-term repayments, we say mortgage.

Unbedenklichkeitsbescheinigung: Certificate of good standing

The certificate of good standing is a document which ensures the owner that the buyer has already paid the corresponding land transfer tax or has been exempted from it. It shows that there are no tax matters to take care of before being entered into the land register.

Verkehrswert: Market value

The market value can determine the value of a real estate with the help of the sales comparison approach or other methods. It is the price for a property which can be achieved at the time it was determined and under normal business operations. When determining the market value, the actual features, other characteristics and location of the property are taken into consideration without including personal or extraordinary relationships.

Vorkaufsrecht: Pre-emptive right

Thanks to the pre-emptive right, an interested buyer has the right to purchase real estate even if the sales contract is to be closed with a third party. This right is set beforehand in the contract or within the land register. Along with this private pre-emptive right, communities sometimes also have a public pre-emptive right to acquire a property.

Wertermittlung: Assessment of value

By assessing the value, the market value is set. This is often determined from the sales and hypothecary value and serves to help come up with a possible sales price for a real estate.

Wirtschaftsplan: Economic plan

The economic plan is an arrangement of a multiple party real estate which is determined for every year. A property management is responsible for this and normal sets this plan in advance. Within this plan, the income and planned expenses are listed. After this plan has been laid out, all owners must pay the advancement. At the end of the year, the property manager must present a statement and, when applicable, reimburse and or request subsequent payment.