Vocabulary

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Gemeinschaftseigentum: Collective property

Collective property includes all areas which are not counted as estate in severalty such as, for example, buildings and stairwells or laundry rooms and boiler rooms. The buyer automatically receives the right to use the collective property at purchase.

Grundbuch: Land register

Within the land register, the ownership structure and rights as well as the charges for a property are recorded in written or electronic form. It is a public record of properties and contains, among other things, information pertaining to the owner of the corresponding property. Furthermore, it allows entitled third parties to view ownership structures.

Hypothekendarlehen: Mortgage loan

A mortgage loan is a long-term loan which is collateralised with a mortgage/land charge. A mortgage/land charge means minimum risk for the lender and interest remains low in comparison to other loans. This collateralisation is done by recording the mortgage/land charge in the land register.

Immobilie: Real estate

Real estate (Latin: im-mobilis for an immovable item), also known as an “immovable asset” in legal and economic jargon, is a property or a facility (building, residence). If property is meant, then real estate is also called an immovable (in German: Liegenschaft).

Instandhaltungsrücklage: Maintenance reserve

The maintenance reserve describes a financial provision for the resolving of defects or damages occurring in the future as well as modernisations. In the case of condominiums, the manager collects funds which were agreed upon at the owner’s meeting (also according to the law). The saving of an adequate maintenance reserve is the task of a sound administration and is included in the periodic common charges to be paid.

Jahresabrechnung: Annual statement

The annual statement is the comparison of earnings and expenses of the homeowner association’s property manager for a year. It must contain a full settlement and the individual invoices for the individual residences. This also includes the costs of water, electricity for community lighting or waste disposal.

Kapitalanlageimmobilie: Real estate investment

Real estate investment is a real estate for investment purposes as opposed to own use.

Katasteramt: Land registry office

The land registry office measures individual properties and records this in a public registry. The largest land registry office unit is called a “Gemarkung” in German. The measured area is called a land lot or plot (cadastral parcel). Before purchasing a property, the cadastral map can be viewed at the land registry office and it provides information pertaining to location, plot number and usage type.

Lageplan: Site plan

A site plan is a representation of an object in relation to location and surroundings. In order to create a building application, a site plan for the property is required because it defines the boundaries and the demarcations of the property and/or planned building.

Löschungsbewilligung: Consent of deletion

With the consent of deletion, the creditor declares that, after loan repayment, the mortgage is deleted from the land register. This declaration is a legal land register prerequisite for deleting the mortgage from the land register and must be contained in an official document.