Conveyance – a Necessary Step when Acquiring a Condominium
The so-called conveyance marks an important step toward your own condominium during the acquisition process. In the conveyance, buyer and seller agree to transfer ownership of the apartment and a pro-rata share of the plot to the buyer. To do so, the two parties sign the conveyance together with the deed in a first step. The conveyance is required for a change of ownership because under German law that transfer is not accomplished solely by the notarisation of a deed (under the principle of separation). While the deed constitutes an executory agreement (an undertaking), the conveyance represents a transfer agreement (a disposition).
In the next step, one of the two parties – usually the buyer – has the priority notice of conveyance entered into the land register. This means it is officially recorded that the property has already been sold and is no longer available for sale. The actual conveyance is executed once the purchase price has been paid: The buyer is now the apartment’s owner, and is therefore accountable for any costs it generates henceforth. Finally, entry of the buyer into the land register completes the condominium sale.
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.”
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