Real Estate Encyclopedia
Real estate technical terms explained briefly and simply
The real estate sector is a rather complex field of knowledge. So what could be more obvious than to offer our customers a balanced real estate lexicon, where the real estate terms used in our website are explained in a short and understandable way.
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Brokerage fee
In the brokerage agreement, the client undertakes to pay a commission (also brokerage fee) if, for example, a purchase or rental agreement has been concluded as a result of a proof or mediation. The amount of the brokerage fee for a real estate purchase differs regionally, therefore one can only ever speak of a commission that is usual in the region. For the letting of residential property, the commission is a maximum of two net cold rents plus VAT, whereby the special feature of letting is that the commission is always paid by the party who has commissioned the broker (buyer principle)
In the case of property sales, the commission is between 3 and 6 percent of the purchase price plus VAT and is usually due immediately after the conclusion of the purchase contract in the case of a house or apartment sale.
Building plot
According to a definition in § 5 para. I ImmoWertV, a building plot is "land ready for building, the areas of which are structurally usable according to public law regulations and the actual conditions. The purchase price for a building plot is calculated in EUR per square meter (e.g. 100 EUR/m²).
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Evaluation factor
In order to be able to estimate the value of an object as accurately as possible, it requires the assistance of factors (valuation factors) which can be considered as value-influencing aspects.
For example, the market value is a guideline for both parties for the appropriate purchase price. However, this depends on innumerable different factors which relate to the property itself as well as to the land and the entire surroundings of the property.
Exclusive contract
With a brokerage contract, only one broker is involved in the marketing of your property, which increases the chances of success.
A distinction is made between simple and qualified exclusive contracts. In the case of a simple contract, you as the seller may also search for interested parties, whereas in the case of a qualified contract you must refer them directly to the broker.
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Real estate
In legal and economic language, real estate is understood as immovable property, which is divided into residential, commercial, industrial or special property depending on the type of use.
Reduction in age value
A decrease in the value of an item is defined as the reduction in value of an item that it has suffered during its life or total useful life due to wear and tear, wear and tear, consumption or due to ageing processes.
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Sole ownership
Sole ownership refers to the right to determine an object (mobility) or property alone, since the object or property belongs to one person alone.
Special features still exist with real estate. Here, ownership depends on who is registered as owner in the land register.