Condominium Act (WEG) – the Law Governing all Aspects of Freehold Ownership in Germany
The German Condominium Act (German acronym: WEG) constitutes the basis for all legal regulations involving individual freehold ownership. Among other things, it governs the principles of freehold ownership, the rights and duties of home owner associations (HOA), and the management of condominiums. Moreover, the German Condominium Act regulates court proceedings involving condominium owners' associations. While the original German Condominium Act dates back to 1951, it was re-enacted in 2007, revising a number of provisions. One of the results of the re-enactment is that home owner associations are now invested with partial legal capacity. This means that a home owner association represents an entity with rights and duties that may conclude contracts and, for instance, open bank accounts. Previously, the legal status of home owner associations had merely been that of a group of persons, and its rights and duties used to be limited to those held by its members. The German Condominium Act divides the right of ownership in its first article into homeownership, individual freehold ownership, part ownership, and commonhold ownership.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
We hope you enjoy our encyclopaedia!