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FAQ

Is an exemption from the obligatory payment of monthly operating and property management expenses possible if the apartment is not currently rented out, for example?

An exemption from or reduction of the obligatory monthly operating and property management expenses is not possible. The amount of the monthly operating and property management expenses is calculated by drawing up an overall and an individual business plan. The resolution on the business plan is binding for the owner until a new business plan is resolved.

When does the settlement become due?

The credit balances and subsequent payments only become due when the owners meeting resolves the annual accounts; they are then paid out or demanded.

What are settlement fractions?

The settlement fractions in the annual accounts are calculated from the costs of the settlement year that are compared to the target advance payments of the monthly operating and property management expenses.

What is a collection of resolutions?

The collection of resolutions is the collection of all resolutions passed by a community. It can be kept in a paper or electronic form. Even a loose-leaf collection is possible. Whatever the case, remember that no leaves/pages may be removed and that the collection can be checked for completeness at any time on the basis of the consecutive numbering of the resolutions.

What is a shared-ownership deed?

The shared-ownership deed is the unilateral declaration by the property owner to the registry of deeds through which the sole ownership of property (with buildings or planned buildings) is divided up into co-ownership shares, each of which is associated with estate in severalty of an apartment (freehold apartments) or rooms that are not used for residential purposes (part ownership). The shared-ownership deed is almost always supplemented by a declaration of restrictions: this is where the mutual rights and duties of the owners are regulated, though also the voting rights in the owners meeting, apportionment formula for costs and encumbrances etc. In some cases this may differ from the provisions of the German condominium act (Wohnungseigentumsgesetz).

Which costs from the annual accounts can I allocate to the tenants?

Just which additional charges can be allocated is set out in the lease contract. The annual accounts we prepare are split into service charges that can and cannot be allocated to give you an idea of which costs can be allocated to the tenants.

Who bears the settlement fraction during a change of ownership?

In principle, the party who is the owner of the apartment on the due date has to bear the settlement fraction (BGH from 30.11.1995 / file ref. IV ZB 16/95). Consequently, the buyer is entitled to the credit from the previous settlement period, but at the same time they are also liable for deficits.

How are the monthly operating and property management expenses put together?

The amount of the monthly operating and property management expenses is defined in the business plan that has to be resolved by the community. The amount is then usually applicable until a new business plan is resolved.

Will the share of the reserve for renewals and replacements be paid out when the apartment is sold?

The calculatory share of the reserve for renewals and replacements is not normally paid out to the departing owner when an apartment is sold. The reserve for renewals and replacements is a common asset.