If you are planning to sell your condominium, various preparations are necessary. It is a far-reaching decision that must be notarized by a notary. You need to obtain documents, set a purchase price and take care of the interested parties. It is advantageous to have a real estate agent assist you with your intention to sell. An important point concerns the procurement of the documents required for the sale. These include the floor plan, an energy performance certificate and documentation on any renovations that have been carried out. Find out which documents you need to successfully complete the sale.
Selling a condominium: You need these documents & papers
If you want to sell your condominium, you must hand over various documents to the buyer. These include documents without which a sale is not possible. Obtain these documents once you have decided to sell your condominium and allow sufficient time to obtain them. You may have to apply for certain documents from the authorities or fill out paperwork. Only when you have all the paperwork together should you start to express your intention to sell by hiring an estate agent or placing an advertisement.
Which papers are required?
There are a number of documents that you will need to sell your condominium. To help you keep track, we have listed all the important documents you need to sell your condominium.
Documents for the sale of condominiums: Apply for the land register extract
One of the most important documents for the sale of a condominium is the extract from the land register. If you have not owned the apartment for long, you may already have the extract from the land register. You must have received it when you bought the apartment yourself. If you have inherited the condominium or it has been in your family’s possession for a longer period of time, the extract from the land register may be missing. As you cannot sell without this document, you must apply for it at the land registry.
How to apply for an extract from the land register
The application is made at the land registry office responsible for your town or municipality. You must identify yourself. You will usually receive the extract after a processing period. How long it takes depends on the respective authority. Alternatively, you can also contact the local court responsible for you. It is also authorized to issue an extract from the land register.
What the land register extract provides information about
The extract from the land register identifies you as the owner of the apartment. This is important because you are only authorized to sell the apartment as the owner. You will also find details on the location of the apartment in the land register extract. Each property is assigned a corridor and a parcel. Both pieces of information are noted on the extract from the land register.
Documents for the sale of condominiums: The declaration of division including the partition plan and community regulations
Owners of condominiums acquire the apartment, but also a co-ownership share in the building and in the land, if such exists. These co-ownership shares are recorded in a document: the apportionment plan. There are also community regulations that apply to all owners. These set out, for example, the amount of the reserves that everyone must pay monthly or annually for any renovation or modernization of the building. The cleaning and maintenance of the common areas, if any, may also be included in the community rules. Special property that only belongs to some owners and certain special rights of use are also listed in the declaration of division.
Documents for the sale of condominiums: Have building and floor plan drawings ready
If you have decided to sell your condominium, it is an advantage if you have documents that contain details of the construction and a drawing of the floor plans. Sometimes these documents are already in your possession. In this case, you should first make copies. Only hand over the originals once you have found a buyer. The building and floor plan drawings are usually part of the notary contract. They are normally in the possession of the owner. If this is not the case for you, you must try to obtain the documents.
Where can you get building and floor plan drawings?
If you do not have these documents, the responsible building authority in your town or municipality is the point of contact. Alternatively, you can ask the owner of the building or the architect for help. It can be difficult to obtain documents for condominiums that have been owned by you or your family for decades. If the building authority is unable to help you and you do not know the builder or architect, the procurement can become a problem.
Significance of the building and floor plan drawings
The size of the living space and the layout of the rooms can be determined beyond doubt on the basis of the construction and floor plan drawings. This is very important for determining the purchase price. Prospective buyers want to see the drawings to get an idea of the dimensions of the rooms. Visual judgment is often not a good guide here. This is especially true when viewing condominiums that are occupied. However, the construction drawings provide even more information. For example, they show the route of the power lines under the plaster. This information is very important for any renovation work. The construction documents can also provide information about the condition of the apartment. For example, the prospective buyer can find out the status of the last renovation. This in turn is very important for calculating the purchase price.
Documents for the sale of condominiums: Enclose proof of renovation
The documents that are handed over to the buyer when a condominium is sold include evidence of renovations and modernization work. These documents provide important information about the condition of the building. If the building or the apartment itself has recently undergone refurbishment, this will have a positive effect on the purchase price. You can ask a higher price for a condominium that meets modern standards.
Provide the buyer with details about the condition of the apartment
The refurbishment certificates provide the buyer with important information about the work that has been carried out in the various areas. They can use the documents to decide which modernization work they would like to carry out themselves. You also have the opportunity to use the documents to show what you have invested yourself in order to maintain or improve the condition of the condominium. The renovation certificates therefore provide very important information for the prospective buyer and should therefore always be included in the documents for the sale of the apartment.
Documents for the sale of condominiums: Building insurance certificates are important
Buildings insurance is necessary to protect against damage caused by fire, storm or water damage. Buildings insurance also covers burglary or the effects of natural disasters. There is no legal obligation to take out buildings insurance. However, the policy is just as obligatory for owners of condominiums as it is for owners who finance the house or apartment with a loan. When the apartment is sold, the documents are transferred to the new owner. This is very important, as they need to be informed about the insurance cover and have the opportunity to adapt it to their individual needs if necessary. The new owner is also interested in the costs and wants to know which insurance company to contact in the event of a claim. If they have purchased the condominium by taking out a loan, they are obliged to provide the bank with proof of insurance.
Where you can obtain the insurance documents
You can obtain the documents relating to the conclusion of the insurance policy from the administration of the condominium owners’ association. However, you will usually have a copy in your possession.
Documents for the sale of condominiums: Submit the current statement of charges
The house allowance is the amount that each owner sets aside each month to maintain the building and cover community costs. The amount is specified in the community agreement. As a rule, all owners vote on this. If you have sold your condominium, you hand over this document to the new owner.
Buyer wants to calculate the costs
Knowing the amount of the property management fee is an important factor for the buyer. With the purchase of the condominium, he will incur costs that he must calculate. This is especially true if they want to live in the apartment themselves. If you are not in possession of the document showing the amount of the property management fee, you can request it from the management of the condominium owners’ association. Take a copy with the documents that you have ready when you hand over the condominium.
Documents for the sale of condominiums: Enclose minutes of the last owners' meetings
When you buy a condominium, you become part of a community of owners. This meets at fixed regular intervals to make agreements or pass resolutions. The owners’ meetings are subject to minutes. A member of the condominium owners’ association writes the minutes and makes them available to all other members. You take a copy of the minutes in your possession. If they are lost, you can request them again from the contact person in the homeowners’ association.
Handover of the last three protocols to the new owner
The last three minutes of the owners’ meeting are among the documents that must be handed over to the new owner when the apartment is sold. The minutes give prospective buyers who want to take over your apartment an important insight into the work and resolutions of the owners’ association. This is very important to many prospective buyers when making a purchase decision.
The contents document all issues that were clarified at the last owners’ meetings. It is possible to pass resolutions at an owners’ meeting. These are usually majority decisions. Minutes are taken for these decisions in order to make them accessible to all owners and to record them. For those interested in buying a condominium, the minutes are an important record of the work of the owners’ association, but also of the joint decisions.
Documents for the sale of condominiums: No sale without an energy performance certificate
The energy performance certificate has been a mandatory component for the purchase of real estate for several years. Owners of new properties receive the energy certificate from the builder. Anyone who owns an older property is obliged to obtain an energy performance certificate at the latest when they sell it. The energy performance certificate provides information about the energy balance of the building. This results from various components, such as the type of heating and insulation. The energy certificate is important for the buyer because it provides valuable information about the costs required to heat the home and provide the energy. If these costs are exceptionally high, it may be necessary to renovate the property soon. You can obtain the energy certificate for the apartment from the condominium owners’ association when you intend to sell the apartment.
Selling a condominium is not possible without an energy performance certificate
Please note that if the energy certificate is missing, you will not be able to sell your condominium. The notary is obliged to check whether the certificate is available. If not, he cannot notarize the contract. As a result, the sale cannot take place.
Documents for the sale of condominiums: The calculation of living space
The calculation of the living space can be derived from the floor plan of the condominium. However, a separate calculation is available for many apartments. It is an important document for the buyer, as the purchase price is based on the living space, among other things. As the owner, you may still have the living space calculation from the purchase of the apartment. Since, unlike with houses, extensions and additions are difficult to carry out on condominiums, older documents are usually still up to date. If the documents are missing, you have the option of calculating the living space yourself. Proceed as follows:
* Measure the length and width of the apartment
* Calculate the areas under sloping walls that are less than one meter high
* Balconies count as half of the living space
* A terrace is part of the garden and is taken into account in a separate calculation
* A cellar only counts as living space if it was explicitly developed for living purposes and is one of the rooms, for example
* Pure storage areas are not counted as living space.
Add up the values and present your calculation on a separate sheet of paper. Add this paper to the documents for the sale of your condominium.
Documents for the sale of condominiums: A rental contract if the apartment is rented out
A special situation arises if you want to sell a condominium that is already rented out. You must inform the buyer of this. The prospective buyer is surely aware that the rental agreement and the amount of rent remain unaffected by the sale of the condominium. If necessary, the new owner can register their own requirements.
When selling a rented condominium, the rental agreement must be presented to the future owner. You can make this available for inspection before the purchase. This way, the new owner can find out about the details and amount of the rent and include this important information in their purchase decision before buying the condominium. The rental agreement is one of the important documents that you must provide when selling the apartment.
Successfully sell your condominium with complete documentation
For a successful sale of your condominium, it is essential that you have all the necessary documents available. You are not only providing interested parties with important information about the apartment and the resolutions and cooperation at the owners’ meetings. The complete availability of the documents is one of the essential prerequisites for the successful sale of the apartment. It is advisable to obtain the documents before publishing the intention to sell your condominium. Especially in regions with a tight housing market, it usually doesn’t take long for the first interested parties to make inquiries. It is then important that you can provide the requested documents for inspection. Create a folder with the originals and a second folder with copies of the documents. Digitize documents that are essential for sales information, such as the floor plan. You can then provide the document as an e-mail. The originals of all documents will only be handed over to the future owner once the condominium has been successfully sold.
