INTRODUCTION
Property title deed
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“Eigentum” Freehold ownership
“Wohnungeigentum” Apartments ownership
Rent Control
Building Warranties
PURCHASE PROCESS
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PROPERTY LOAN
International property buyers are entitled to receive a foreign housing loan as an international buyer in German. The loan terms & conditions depend on each bank & the buyer’s personal criteria. Contact us to get in touch with a German mortgage broker.
PROPERTY PURCHASE COSTS. ACQUISITIONS COSTS.
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Property Acquisition Tax
Notary
Land registry fee
Legal Fee
Mortgage cost
PROPERTY YEARLY COSTS. COSTS OF OWNING A PROPERTY IN GERMANY.
Service Charge
If your property is an apartment or shares common facilities with other properties in the residence, a service charge is due for the maintenance of the communal areas. The service charge cost is set annually by the home owners association. The service charge is due on a monthly basis to pay bills such as the building heating, water, electricity & the building insurance. In Germany it’s possible to add the service charge cost in the monthly rent paid by a tenant.
Sinking Fund
The sinking fund is a cost paid by the property owners as a reserve for the building maintenance. This cost is set annually by the home owners association. In Germany it’s not allowed to include the sinking fund cost in the monthly rental paid by a tenant.
Ground Tax
The Ground Tax represents about 0.5% to 2% of the property value, paid quarterly to the local tax office on the 15th of each quarter. The first quarter starts from February 15th.
It’s important to note that the Ground Tax is a deductible expense for the taxation of income derived from the use of that real property.
GERMAN TAXATION
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