NEWS & ADVICE
At Thymian & Partners, we attach great importance to transparent and active communication.
We keep you up to date with the latest trends and developments in the real estate sector and remind you of important deadlines (e.g. property tax returns).
We are also available to answer your questions about real estate and letting.
Simply contact us.
QUESTION & ANSWER
Here is a list of the most frequently asked questions from our customers.
If a question is not listed here, please write to us and our experts will answer you immediately.
Our catalog of questions is constantly being updated and supplemented with interesting topics.
WHAT ADDITIONAL COSTS MUST TO BE TAKEN INTO ACCOUNT IN ADDITION TO THE PURCHASE PRICE OF THE PROPERTY?
In addition to the purchase price, up to 6.5% real estate transfer tax of the purchase price, depending on the federal state, up to 6% broker's commission of the purchase price and approx. 2% notary fees of the purchase price must be taken into account.
WHAT IS AN ANNUITY?
The annuity is made up of interest and repayment and is usually paid as a monthly sum to the bank for a loan taken out.
WHAT ARE OPERATING COSTS?
Operating costs are costs incurred by the owner in connection with the property. These include, for example, the costs for street cleaning, waste disposal, winter services, property tax and building insurance.
WHICH OPERATING COSTS CAN BE PASSED ON TO THE TENANT?
Costs are incurred for the ongoing operation of a property. Some of these can be passed on to the tenant. Which costs are apportionable and which are not are set out in the tenancy agreement and are also reflected in the statement of operating costs. Apportionable operating costs: Property tax, hot water supply, building insurance, liability insurance, waste disposal, street cleaning, winter maintenance, garden maintenance, household electricity Non-recoverable costs: Administration costs, maintenance reserve, interest and repayment for real estate financing
WHAT DOCUMENTS DO I NEED TO SELL MY PROPERTY?
Important documents when selling a house are Parcel map, current extract from the land register (at the land registry; not older than three months), floor plans and building drawings, energy certificate building drawings, energy certificate, list of modernization measures carried out, utility bills (electricity, water and heating bills, building insurance certificates, property tax certificates), building file (contains building permits, descriptions and drawings, among other things), measurement and maintenance logs. Important documents when selling an apartment are in addition to the documents already mentioned above: Declaration of division (incl. mentioned annexes), minutes of meetings of the homeowners' association (WEG), any existing rental agreements.
IS THE MAINTENANCE RESERVE INCLUDED IN THE HOUSE FEES?
The maintenance reserve is included in the house money and is created to finance possible repair work on the common property, for example the heating, the facade or the stairwell. The owner must bear any maintenance or repairs that affect the special or partial property at his own expense.
WHAT IS A LOADS AND BENEFITS CHANGE AND WHEN DOES IT OCCUR?
This change is the transfer of benefits (rents) and burdens (costs relating to the property) from the seller to the buyer after payment of the purchase price. Both the day after receipt of the purchase price and the 1st of the following month can be set as the settlement date. This is specified in the purchase contract. For example, if the purchase price is received on 15.07.2023, the change of encumbrance would be either 16.07.2023 or 01.08.2023. From this date, the buyer is obliged to make payments relating to the property and to reimburse the seller pro rata for payments already made (e.g. property tax). If the property is rented out, rents are to be paid to the buyer from this date and transferred by the seller.
PROPERTY TAX vs. PROPERTY TRANSFER TAX?
Property tax is payable annually by property owners. It is levied on the property. It is often confused with land transfer tax, which is only payable once, when a property is purchased. The amount of land transfer tax varies from state to state and is a maximum of 3.5% to 6%.
WHAT IS THE HOUSE FEE?
The house fee is paid monthly by the owner to the WEG (homeowners' association). The running costs relating to the property are paid from the house money. This is usually done by an administration appointed by the owners. If the owner rents out their property or condominium, they can pass on some of these costs to the tenant in the operating cost statement. The maintenance reserve is also part of the property maintenance fee, but cannot be passed on to the tenant, nor can the costs of administration.
WHAT IS AN OFFMARKET DEAL AND WHAT ARE THE ADVANTAGES AND DISADVANTAGES?
Off-market deals are real estate transactions that take place without public contact. They are usually brokered by estate agents who have a large network. Advantages for sellers: - No broad distribution on the market - Offers exclusively targeted at pre-registered and qualified buyer groups - Large, reputable buyer network with a strong credit rating - Tailor-made sales strategy for each property Advantages for buyers: - Availability guaranteed due to proximity to the seller - No unmanageable bidding process - Accordingly, no unnecessary costs for due diligence - The property is not known on the market.
CONTACT US
Thyme & Partners Real Estate GmbH
Koenigsallee 54
14193 Berlin
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