Purchase of owner-occupied condominium - financing process

How high is the maintenance reserve? Or, if the property previously belonged to an owner association: Is there even a maintenance reserve?

I have to check the minutes of the owners' meetings for that. I suspect there is a maintenance reserve, but I’m not sure. If it exists, would I have to 'trigger it' as well, meaning buy it proportionally?

Do you know the reasons for the sale of several apartments in the property? FFM; built in 2004; 55 sqm all sound like an attractive investment property at first glance. So one should at least ask that question.

I summarized it a bit in the initial post: The current owner used to have a construction company and built the house himself. Over the years, he sold some of the other apartments bit by bit. These are owner-occupied. Of the 8 units, only two apartments are still rented out - mine and one other. Both are supposed to be sold in December.

The taxable base and thus the real estate transfer tax can be reduced by a few hundred euros by stating the amount of the maintenance reserve and other movable equipment of the condominium (e.g., taking over a kitchen).

Ok, I will discuss that with him. I assume the garage and the parking space need to be taxed as well? Presumably, you cannot exclude them from the taxable base?

Keep in mind that the notary needs proof of payment of the real estate transfer tax from you.

What would such proof be? Would a bank statement, for example, suffice, or do I need a certificate directly from the tax office?

Thanks and best regards,
Tinterho

What would such proof be? Is a bank statement, for example, sufficient or do I need a certificate directly from the tax office?

After you have paid, the tax office sends the so-called certificate of no objection directly to the notary, who must also forward this certificate to the land registry office.

and already a draft of the notarized contract.

That may be convenient that the seller has his own notary, but you have the right to choose the notary freely. This right has its reasons!

I will then send these documents to the advisor.

What is the advisor supposed to advise on? How about a building surveyor.

I would have the protocols of the WEG meeting provided and check whether any investment in the building is planned in the near future that has to be paid with a special assessment.

Good tip!

Okay, I will discuss it with him. I assume that the garage and the parking space have to be taxed as well? You probably can’t deduct them from the tax base?

All “land” must be taxed. Everything you can loosen with screws and shake out upside down from the apartment can be deducted (no fittings ;), rather furniture)

After you have paid, the tax office sends the so-called certificate of no objection directly to the notary, who must also forward this certificate of no objection to the land registry office.

The certificate of no objection must be applied for at the tax office, right? It is easier to send proof of payment (e.g., from online banking) directly to the notary. They then obtain the certificate of no objection from the tax office. Only then can the ownership transfer be recorded at the land registry office. But it’s best to ask your notary about this!

I have to look at the minutes of the owners' meetings. I suspect there is a maintenance reserve, but I am not sure. If there is one, would I have to 'take it over', meaning buy it proportionally on top?

No. The maintenance reserve is usually included in the purchase price. At least, that is the common practice.

There must even be an asset statement of the owners' association showing the amount of the maintenance reserve. In that context, I would definitely also ask for the service charge statements of the last 3 years and the current budget. :)

It may be practical that the seller has his own notary, but you have the right to choose the notary freely. This right has its reasons!

Word.

The certificate of no objections must be applied for at the tax office, right?

It is easier to send proof of payment (e.g., from online banking) directly to the notary. The notary then obtains the certificate of no objections from the tax office. Only then can the change of ownership be registered at the land registry office.

But it is best to ask your notary about this!

The tax office receives a copy of the purchase contract from the notary with a request to issue the certificate of no objections, calculates the real estate transfer tax based on the purchase price stated there, and invoices it to the buyer. After payment is received by the tax office, the tax office sends the certificate of no objections to the notarizing notary.