Partition plan
The partition plan is an officially confirmed construction drawing that documents the partition of the building into condominiums in terms of location, size, individual- and common right of usage. Units in separate special ownership are numbered consecutively and differentiated by colour.
Protection of existing property
If property has been acquired, built upon and used in a legally correct manner, the law can no longer retroactively question or even cancel this ownership (ownership guarantee). This protection of property is based on Art. 14 of the German Constitution (Grundgesetz).
Personal use
A term referring to the owner's legitimate right of terminating a lease contract for the purpose of personal use of a property.
Place of performance
The place of performance is the place where the debtor of a contract has to render the service to the creditor.
Property management
A property management company deals with the management of rented residential buildings, housing estates, condominiums or commercial properties in the real estate sector. The tasks of the management range from technical supervision, i.e. implementation of modernization to commercial administration with various tasks such as contract drafting, economic planning, accounting, receivables management or the commissioning of utility services.
Purchase contract
The sales contract is a legally standardized type of contract according to the German law of obligations in § 433 BGB. It consists of two related and content wise matching declarations of intent, which are called offer and acceptance. The parties are called buyer and seller.
Protection against dismissal
Dismissal protection includes regulations that make termination of a rental contract difficult or impossible. Tenants of apartments are protected against socially unjustified or unfairly dismissal when weighing the mutual interests. A known dismissal protection clause for tenants can be found in § 577a BGB.
Property
A property is an immovable property, e.g. a land or property as opposed to a movable thing. Each property is listed and numbered in the real estate cadastre, which is managed by the district office.
Penthouse
A penthouse is generally understood to be a luxurious roof terrace or loft apartment.
Partial ownership
According to the law (Wohnungseigentumsgesetz - WEG), partial ownership is defined as special property, which consists of co-ownership of the common property and of the rooms on the building, which do not serve the residential purpose.
Property manager
The law requires that every condominium owners' association will have a property manager. The manager is responsible for regulating and maintaining the property. The manager is also responsible for the annual accounts and prepares the business plan. He is appointed by resolution of the owners.
Power of attorney (POA)
A power of attorney (POA) is an authorization that one person (=provider) grants to another person (=authorized representative) so that the latter can represent the provider, usually in legally relevant matters. A power of attorney is the document that grants the authorization described above. There are different types of power of attorney.
