Frequently asked questions about condominiums
Here you will find an overview of the most frequently asked questions about condominium ownership
Buying an apartment is worthwhile simply because you build up a fortune instead of renting – and at the same time no longer have to fear rent increases.
With a monthly rent of €1,250 and a rent increase of 3% every three years, the rental costs add up to around €275,000 in 15 years!
Inquiry → Sending documents → First inspection → Consultation → Bank appointment → Second inspection → Request for draft purchase agreement → Explanation → Notarization →
Purchase price payment → Handover
Apartments in old buildings have a unique charm that can be described in many words – but is best experienced during a viewing.
According to the definition in Section 1 of the Home Ownership Act (WEG-Gesetz), condominium ownership is the “special ownership of a residential unit in combination with a share in the common property to which it belongs”.
This provision stipulates that condominium ownership can only be established for apartments. However, partial ownership can only be claimed for rooms in a building that are not used for residential purposes as part of a corresponding declaration of division.
The abbreviation WEG stands for Wohnungseigentümergemeinschaft. This is formed as soon as a house and its apartments are converted into condominiums in the land register. This abbreviation is also used in legislation. The “Act on Residential Property and Permanent Residential Rights” is also abbreviated to WEG.
- Depending on the purchase price:
Notary fees for notarization - Real estate transfer tax (6 %)
- Buyer’s commission – usually not applicable with Fortis (3.57%)
Depending on the amount financed - Fees for the creation and registration of the land charge
This merely refers to the fact that the person who uses a property for residential purposes is also the legal owner of this property. In this context, the actual self-use of the apartment or house is decisive, regardless of the legal basis of the residential property in accordance with the WEG Act.
Common property includes all parts of the building that do not belong to an individual apartment – e.g. façade, stairwell, elevator, roof, outdoor facilities, load-bearing
walls or vertical pipes. All owners bear the costs of maintenance and repairs on a pro rata basis. A maintenance reserve is formed for this purpose.
Special property belongs exclusively to the respective owner – usually the
apartment itself. This includes everything within the owner’s own four walls, with the exception of e.g.
load-bearing walls or risers, which in turn belong to the common property
.
Established structures and the things that are important to you personally. With its diversity, Berlin offers the right environment for every type of buyer.
In addition to the apartment itself, it is essential to take a look at the surroundings
: Do you feel comfortable in the neighborhood? Are there shops, cafés, schools or
good transport links? The condition of the building and the communal areas
should also be taken into account.
In principle, it is not possible to decide on other measures at the first owners’ meeting. It is also not possible to omit individual measures, as the refurbishment measures are part of the purchase agreement with the basic deed, including an obligation to obtain the consent of each buyer (changes would therefore only be possible by a unanimous vote).
No, as the WEG itself is the client of the measures.
The commissioned general contractor assumes the statutory warranty for the commissioned measures.
No, the contract is awarded by the condominium management on behalf of the community of owners. Three cost estimates from different companies are presented to the COA at the first owners’ meeting. At least one cost estimate will be within the price range of the planned costs and, following a positive vote, the COA administration will commission the work on behalf of the COA.
As a precautionary measure, the cost estimates generally include a security amount for unforeseeable construction work amounting to at least 5% of the repair costs. If this is actually insufficient, the additional costs would have to be borne by the owners in line with the co-ownership shares.
After notarization, your contact person from our customer management team
will contact you by email. You will be informed which documents and letters you will receive in
the coming weeks, e.g:
- Copy of the purchase contract incl. notary invoice
- Real estate transfer tax assessment from the tax office
- Notification of the registration of the priority notice of conveyance
- Invoices from the notary and the land registry
- Notification of purchase price due date
- Confirmation of receipt of payment and the transfer of ownership, benefits and encumbrances by
Fortis - Request to make an appointment for the key handover
If the land charge has not yet been created at the notarization appointment, this is done separately at the notary’s office if no power of attorney exists.
From the transfer of ownership, benefits and encumbrances (at the latest with the entry in the land register as
owner), the WEG administrator is available to you as a contact person. This
will also introduce himself to you in writing.
Fortis will keep you regularly informed of general news about the project by newsletter.
Fortis is not the builder, but sells on behalf of the community of owners.
Measures are commissioned by the condominium management on behalf of this community. Three cost estimates
from different companies are submitted to the first owners’ meeting – at least one is within the planned budget.
After a positive vote, the condominium management takes over the commissioning on behalf of the
community of owners.
The homeowners’ association (WEG) is the decision-maker and client for the construction work from the outset. The process – including the appointment of a construction manager – is carried out in the name of the COA via the responsible COA administration. After
acceptance of the measures, the warranty period begins immediately between the COA and the companies carrying out the work.
The construction measures are financed via an earmarked special contribution, which is paid proportionately by each owner into a separate trust account of the COA management
. This money is legally and accountably separated from the assets of third parties.
The model also has advantages for us as sellers: as soon as apartments are sold, the planning and implementation of the measures is the responsibility of the condominium owners’ association. This
significantly reduces our administrative workload. Less bureaucracy also means lower personnel and project costs – an advantage that has a positive impact on the sales price.
Frequently asked questions about special property
Here you will find an overview of the most frequently asked questions about condominiums
Special ownership refers to your apartment, which you as the owner can use as you see fit, provided that no third-party rights are infringed.
According to the definition of the German Home Ownership Act (WEG), condominium ownership comprises the special ownership of an apartment. Special ownership includes both the apartment itself and the parts of the building that belong to this apartment and can be modified, removed or added to without affecting the common property or the special property of other apartment owners.
No, as we provide the living space calculations in accordance with the Living Space Ordinance. Furthermore, the true-to-scale AB plans can be used as a guide.
Fortis itself does not have its own construction company or tradesmen to carry out the interior work. However, it can recommend finishing companies and establish contact if required. Ultimately, it is up to each owner to decide which companies to commission and which work to carry out in the condominium.
If included in the cost estimate, the electrical, heating and sanitary lines are generally laid vertically up to the apartment entrance area (= common property). Each owner is responsible for the sub-distribution within their own rooms (= separate property).
Depending on the quality of the fittings, special features, individual requirements of the respective owner and the size of the apartment, the interior fit-out on the standard floor can be expected to cost between 500 and 1,200 euros.
Do you have any further questions? Then please send us a message. We look forward to being able to help you.
+49 30 516 95 97 32
info@fortis-group.de
www.fortis-group.de
