
Selling a condominium – what you need to know
Does the homeowners' association have a say in who the apartment is sold to?
In most cases, owners of condominiums can decide for themselves to whom they sell their property. However, if there is a stipulated restriction on sale, this can be difficult. The restriction on sale is enshrined in the German Condominium Act (WEG § 12) and applies if it is entered in the land register. If a seller is affected by this provision, the apartment may not be sold without the consent of the owners' association or a property manager.
But don't worry, just because a neighbor is not happy with the new resident, the sale will not fail. Either the entire community of owners decides on the sale of the apartment, or a majority decision is made. The property management company can also be commissioned to determine whether the apartment will be sold to the new potential buyer.
How to successfully complete the sale
1. Conduct market research
Before you put your condominium up for sale, it is important to thoroughly research the current real estate market. Find out more about the prices of similar apartments in your area to get a realistic idea of the value of your property. Also consider the condition, size, location, and other relevant factors to develop a reasonable asking price.
2. Prepare your apartment
Make sure your home is presented in the best possible condition to attract potential buyers. Clean thoroughly, make minor repairs, and remove clutter. A fresh coat of paint on the walls and well-maintained floors can increase the value of your property. Professional home staging services can also be considered to support the sales process.
3. Legal and financial aspects of selling a condominium
Before selling your condominium, you should familiarize yourself with the legal and financial aspects. Make sure that all documents are in order, such as the land register extract, the declaration of division, and the condominium rules. check your mortgage and clarify any repayments or obligations. A lawyer or notary can assist you with these matters.
4. Marketing and viewings
Effective marketing is crucial to attracting potential buyers. Use various channels such as online real estate portals, social media, and local ads to advertise your condominium. High-quality photos, a detailed description, and virtual tours can generate interest. Schedule viewings to give potential buyers the opportunity to see the apartment in person and ask questions.
5. Negotiations and closing the real estate sale
Once potential buyers express interest, negotiations begin on the sale price and contract terms. Be prepared to make concessions, but keep your bottom line in mind. Once an agreement has been reached, a purchase agreement should be drawn up that contains all the terms and conditions. A lawyer or notary can assist you with drafting the contract and closing the sale.
Remember that the sales process can take time, so patience and flexibility are important. Working with an experienced real estate agent can make the sales process much easier.
As experienced agents, we have market knowledge, a large network, and the expertise to sell your condominium successfully. We help you get the best price and find potential buyers while guiding you through the entire sales process. Contact us today for a no-obligation introductory meeting.