Vocabulary

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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.