Buying and selling, the modernization, and renovation of an apartment, apartments or houses as an investment are one of the most popular forms of investment in Germany, where advice from a lawyer is often indicated. According to a survey conducted by Statista in 2020, 6.8 percent of respondents plan to buy a house or apartment in the next one to two years. It thus represents the most popular type of investment according to the survey. In comparison: the planned investment in shares follows in second place with 5.6 percent. At the same time, property prices have risen nationwide in recent years.
WHAT DOES A BUYER HAVE TO CONSIDER BEFORE BUYING AN APARTMENT in GERMANY?
In addition to questions about the financing of the apartement, the type, location and condition of the apartment, a buyer should carry out or have carried out a comprehensive, legal assessment before buying. When buying any property, the land register should be inspected. The type of use should also be proven by submitting the most recent building or use permit. If the property is rented or leased, an examination of the lease or rental agreement is also recommended. Depending on the individual case, this scope may be extended.
Before buying a apartment, the buyer should in any case inspect additional documents. In addition to the additional apartment land register, special regulations for the community of apartement owners can be found in the community rules and the declaration of division. It is also advisable to inspect the collection of resolutions. Here the buyer can find out before the purchase whether future investments by the community are planned or whether there are troublemakers among the future co-owners.
For the majority of buyers, buying an apartment is one of the biggest investments in their lives. In any case, the buyer should inform himself sufficiently about the peculiarities of condominium law and, if applicable, tenancy law. An initial consultation with a lawyer is a good idea here.
If there are complex individual questions of tenancy or condominium law to be clarified, a lawyer specializing in these areas of law should definitely be contacted. If the buyer wants to use the rented apartment himself, the possibility of a notice of own need according to § 573 II No. 2 BGB should be examined by a lawyer. If the apartment is to be rented out after the purchase, questions about the permissible rent level according to the “rent brake” or the “rent cap” should have been answered in advance with a specialized lawyer.
JUR | URBAN consults and advises in all types of real estate transactions. Need help?
The costs of advice, assessment, and examination by a lawyer before buying an apartment vary.
Initial general questions about the purchase contract or the peculiarities of condominium law can often already be clarified during an initial consultation. For such an initial consultation we charge fees of € 190.00 net for consumers. For entrepreneurs, we charge on a fee basis.
In the case of individual questions that go beyond this or an extensive examination of the documents submitted, we also charge consumers on a fee basis. As an hourly fee, we generally charge € 280.00 net per hour, whereby we record the time every 6 minutes. We are also happy to accommodate our clients on the basis of their personal or financial situation or the scope of the desired examination.