Johannes Huber from HUBER LEX – law firm for real estate law: contractual terms when selling real estate – 5 things you should definitely pay attention to

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Get up: November 7, 2024, 8:37 am

Munich (ots) – To ensure that everything runs smoothly when you buy property, expert knowledge is essential. Johannes Huber from the law firm HUBER LEX for real estate law is an expert in the field of real estate law. A particular focus of his work is on transactions that require special agreements. By supporting his customers in designing and reviewing appropriate purchase contracts, he contributes significantly to ensuring that the purchase or

Sales go smoothly. Find out here what the five things he believes should be in every contract.

Whether it’s your own home or an investment – real estate is always in demand. Especially in the current situation with low purchase prices and constantly rising rents, many people are trying to fulfill their dream of owning their own residential property as soon as possible. However, if you are in too much of a hurry and don’t pay attention to the details, you will quickly burn your fingers. “A contract must regulate all the conditions of sale and the procedures of dealing down to the smallest detail. If something is not regulated in writing, the buyer often finds it difficult to obtain his rights more later,” explains Johannes Huber from the law firm HUBER LEX for inheritance law.

“Therefore it is advisable to seek the right assistance before signing the contract,” continued the real estate lawyer. you want to be legally safe, you should also consult a lawyer and get extensive advice before signing.” With the law firm HUBER LEX for real estate law, Johannes Huber has been drafting and evaluating purchase contracts for real estate and objects with special conditions for more than ten years. He uses over ten years of experience and extensive knowledge. Below, Johannes Huber from the real estate law firm HUBER LEX has summarized the contractual terms that should definitely be taken into account when buying real estate.

1. Detailed and accurate property description

Enthusiasm is often greater after viewing the property. However, buyers should check the contract to make sure the property they are buying is the one the seller showed them. In addition to the address, the associated parcel numbers and land registry information must also be noted in the contract. If the buyer wants to be absolutely sure, he can also include the size of the accommodation in the contract.

In addition, buyers should request that they compare this data with the data from the land register and check all the relevant documents themselves. For example, for an apartment in an apartment complex, disclosure of subdivision and the distribution plans are also interesting to eliminate confusion and misunderstandings.

2. Purchase price and payment terms

The price of a property includes more than just the purchase price. In particular, additional purchase costs such as notary and broker costs, real estate transfer tax and land registry registration fees make up a significant portion of the costs and quickly add up to ten percent of the purchase price.

It is therefore essential that the contract states how high the purchase price is and how the additional purchase costs will be dealt with as part of the transaction. It is also important to ensure that the payment procedures, including in particular the amount of any down payment and the due date of the remaining balance, are clearly regulated.

3. Delivery date and location of property

In general, the buyer should leave nothing to chance. The contract should therefore clearly state the conditions under which the seller will hand over the property. For example, it must be noted whether a given object is wiped clean or even updated – but in any case it must be given empty. In addition, defects and remedial measures should be clearly documented – including the steps that need to be taken before they are issued.

If the seller still lives in the apartment, it is strongly advisable to lay down the foundations for a possible eviction by submitting to a compulsory enforcement in the notarial act. However, if the property is rented, the buyer should clarify if there are reasons to prohibit termination. In the worst case scenario, these can prevent you from terminating an existing rental agreement for up to ten years, even if you use it for your own purposes.

4. Liability and Limitations

To avoid unpleasant surprises, it should also be clarified whether the property for sale is surrounded by mortgages, rights of way or other obstacles or restrictions. If there are still land charges or mortgages, it is particularly important that they are removed and that this is completed at the latest when the purchase price is paid.

Mortgage costs in particular can quickly become a problem. If the corresponding letter can no longer be found, in the worst case it has to be declared invalid in a public notice process – a process that takes a lot of time and money.

5. Warranty and Disclaimer of Liability

Finally, your purchase contract should also regulate what claims the customer can make in the event of defects. Liability for defects in existing buildings is relatively uncommon – however, there are legal warranty claims from the building developer for new buildings. These in addition to the planned completion date or completion of occupancy and all special buyer requests accepted by the seller should be contractually guaranteed.

It is also necessary to clarify before buying whether the building meets the requirements of the building law and whether it is fully permitted. If this is not possible, for example due to time constraints, the alternative is for the seller to ensure that the property is permitted. If it turns out later that this is not the case, the buyer has a claim for damages from the seller anyway.

Do you want to protect the purchase of property from possible risks or have you agreed on procedures that deviate from the norm? Then register now Johannes Huber from HUBER LEX – law firm for real estate law and make an appointment!

Press release:

Lawyer Johannes Huber

Email:

[email protected]


Website:

https://immobilienrecht-huber.de/

Additional material:

www.presseportal.de


Source: Lawyer Johannes Huber