Proof of Insurance
The proof of insurance is meant to assure you that the required insurance policies were taken out for the property in which your condominium is located. Pursuant to the German Condominium Act (WEG), it is mandatory for a condominium complex to have a residential building insurance against fire damage as well as a proper owner's liability insurance and a landowner's liability insurance As a rule, the insurance policies are taken out collectively by the home owner association for the entire building. The pro-rata costs are then allocated to each freehold owner in that building. The building insurance often covers storm and water pipe damage on top of fire damage. Other common insurance policies safeguard against damage by natural forces and vandalism.
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!