Real estate glossary

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Additional purchase costs (Erwerbsnebenkosten)ADDITIONAL PURCHASE COSTS (ERWERBSNEBENKOSTEN / KAUFNEBENKOSTEN)
Asking price (Angebotspreis)ASKING PRICE – DIFFERENCE FROM SELLING PRICE, MARKET VALUE OR ACTUAL PROPERTY PRICE
Budget plan (Wirtschaftsplan)When selling, owners of condominiums sometimes have to explain to prospective buyers not only why the location and features of the apartment justify the purchase price.
Cadastral map (Flurkarte)The cadastral map is of great importance when selling a property. It is one of the documents that the buyer and the financing bank want to see.
Certificate of self-containment (Abgeschlossenheitsbescheinigung)WHAT IS A CERTIFICATE OF SELF-CONTAINMENT (ABGESCHLOSSENHEITSBESCHEINIGUNG)?
Clearance certificate (Unbedenklichkeitsbescheinigung)When buying a property, a number of approvals and confirmations are required before the new owner can be entered in the land register.
Common property (Gemeinschaftseigentum)When buying a condominium, the question always arises as to what belongs to the separate property, what to the partial ownership and which parts of the building belong to the common property.
Condominium Act (Wohnungseigentumsgesetz, WEG)If you want to sell your condominium, you should know at least the basics of the German Condominium Act.
Converted apartments (Umgewandelte Wohnungen)When apartments in rented buildings are converted into condominiums, the tenants always have a statutory right of first refusal.
Declaration of division (Teilungserklärung)If individual apartments in an apartment building are to be sold, a declaration of division must exist.
Development plan (Bebauungsplan)Municipalities draw up the development plan in compliance with the regulations of the German Building Code and the state building regulations, on the basis of the land-use plan.
Division plan (Aufteilungsplan)If you are thinking of selling your property, there are various things to bear in mind in order to present it attractively to potential buyers.
Early repayment penalty (Vorfälligkeitsentschädigung)Property owners who want to sell their property before their loan has been paid off have to deal with the early repayment penalty. What options are there for dealing with it?
Easements (Dienstbarkeiten)Easements play an important role in selling and buying property. Some easements are completely unproblematic for a property sale and pose no problem for the buyer.
Floor area ratio (Geschossflächenzahl)The floor area ratio (GFZ) is relevant above all when buying and selling a plot, but it can also play a role when selling a property.
Floor plan (Grundriss)A floor plan is defined as a depiction of rooms – a drawing showing the rooms of an apartment or a house.
Land parcel (Flurstück)A land parcel is an officially surveyed and geometrically defined part of the earth's surface.
Land register (Grundbuch)The land register plays a very important role in every property sale and purchase.
Living space (Wohnfläche)Living space plays an important role in determining property prices.
Maintenance reserve (Instandhaltungsrücklage)The amount of the maintenance reserve is of decisive importance not only for the seller but also for the buyer.
Priority notice of conveyance (Auflassungsvormerkung)WHAT IS A PRIORITY NOTICE OF CONVEYANCE (AUFLASSUNGSVORMERKUNG)?
Real burden (Reallast)The term real burden (Reallast) is, along with many other technical terms, part of the common vocabulary of the property trade.
Real estate transfer tax (Grunderwerbsteuer)Real estate transfer tax is due when a plot or property is purchased. It currently ranges from 3.5% to 6.5%, depending on the federal state. In Hesse it is currently 6.0%.
Separate property (Sondereigentum)Separate property (Sondereigentum) is a term from the German Condominium Act.
Special levy (Sonderumlage)Anyone who owns property in a community of owners will sooner or later come across the term special levy.
Standard land value (Bodenrichtwert)When it comes to the price of plots in a particular area and the question of what influences the purchase price there, the standard land value gives an answer.
Transfer of ownership (Eigentumsübergang)When do you actually become the owner of a property you have acquired? Many people think that ownership passes as soon as the purchase contract is signed at the notary. But that is not true.
Viewing (Besichtigung)Viewings play a central role in selling a property. Scheele Immobilienberatung, as an estate agent in the Rhine-Main area, can confirm this from many years of experience.
Year of construction (Baujahr)Many factors play a role in valuing a property. The year of construction has a major influence, as features and many details are closely linked to it.

Selling and buying property involves many technical terms. Here you can get a comprehensive overview of the most important terms relating to property in Germany. The German term is given in brackets.

GLOSSARY TERMS

Real estate glossary as a download (in German) As of January 2021 Immobilienlexikon Jan 2021.pdf PDF document [621.0 KB]

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GLOSSARY TERMS