Vocabulary

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Mietkaution: Security deposit

The security deposit is a deposit which is normally in the amount of three months’ rent and is given to the landlord as a collateral so that the landlord can settle his rental arrears or repairs as well as damages. After the contractual relationship has ended, the deposit, including interest, must be returned to the former tenant.

Mietspiegel: Rent index

A rent index is an overview pertaining to the customary comparative rent within privately financed residential construction. It gives people an overview of where rent is the highest.

Miteigentumsanteil: Co-ownership share

The co-ownership share is the owner’s share of common property (i.e. real estate, stairwell etc.). This is defined within the declaration of division.

Notar: Notary public

A notary public authenticates, among other things, real estate contracts and must be confidential and unbiased. A notary public is a trained solicitor so as to ensure that the parties are both informed as to the legal ramifications of the sales contract. He is obligated to inform both parties equally about their actions. He not only handles the informative aspect, but is also responsible for ensuring that both parties fully understand the sales contract.

Notaranderkonto: Notary public’s escrow account

The notary can create an escrow account to which the sales price is transferred. This avoids the amount being put in with other amounts, assists in transparency as well as facilitates a legal processing of the sale and also ensures the transferring of the property to the buyer. 

Nutzfläche: Usable area

The usable area describes the area which is not counted in the living area, such as for example, attic, cellar and stairways.

Objektrendite: Property return

The property return is a term that stems from the real estate industry. It expresses the relationship between the net income and the acquisition costs of a real estate. Thus, it gives a better overview pertaining to whether or not a real estate investment makes economical sense. The higher the property return is, the more attractive the real estate investment. It should be taken into consideration that an initially high property return can be used up by value-preserving investments.

Planungskosten: Planning costs

Planning costs encompasses the royalties (fees) for the architect, structural engineer, and others involved in planning. They are viewed as components of the total building costs. 

Refurbishment

Refurbishment is a modern way to upgrade a real estate at various levels. This includes creative and sustainable modernisation, optimisation and repositioning. 

Renovierung: Renovation

Renovation is understood to be measures to maintain a structure. A renovation resolves damages resulting from usage and repairs them. Furthermore, it can also include cosmetic repairs which are listed in the rental contract.