Real Estate Purchase

Yes. When you acquire a condominium, you become a member of an existing homeowners’ association (Wohnungseigentümergemeinschaft, WEG). In addition to the purchase agreement, the partition declaration, community rules and past resolutions of the owners’ meeting play an important role. We review these documents, highlight any legal or economic particularities and reflect them appropriately in the contract.

Because you are not only buying an individual unit but also becoming part of an owners’ association, you should especially review:

• Monthly service charges (Hausgeld): ongoing costs for management, maintenance and communal expenses.
• Maintenance reserve: whether sufficient funds are available for foreseeable repairs.
• Collection of resolutions: whether expensive measures (e.g. major refurbishments) have been discussed or resolved, particularly in the form of special assessments.
• Condition of the building: state of the common property (roof, façade, heating, etc.).

We factor these aspects into the contractual structure and draw your attention to legal issues arising from the community structure.

The purchase price becomes due only once all legal conditions have been fulfilled to protect both buyer and seller. Most importantly, the priority notice must be registered. You will receive a formal notice from us confirming that payment may safely be made.

Existing encumbrances, such as land charges, are quite common. We ensure that these are either discharged or appropriately assumed in the course of the transaction.

As a rule, yes. If personal attendance is not possible, you may be represented under certain conditions. The power of attorney usually needs to be notarized – and if it is signed abroad, it will typically require an apostille (and, depending on the country, a certified translation) before it can be used in Germany. Alternatively, the transaction may be carried out subject to your subsequent notarized approval.

In practice, the buyer usually chooses the notary, as the buyer typically bears the notarial and land registry fees.

We usually offer a notarization appointment within a few working days. You will be welcomed in the modern, calm and discreet setting of our offices in Frankfurt’s Nordend, near Holzhausenpark.
Between notarization and payment becoming due, typically 2 to 6 weeks pass, depending on the processing times of the authorities involved. Final registration of the new owner in the land register takes place after payment of the purchase price and real estate transfer tax.

Notarial fees are set by law and depend on the purchase price. As a rough indication, notarial and land registry costs together usually amount to about 1.5% of the purchase price. → Further details on notarial costs.