Real estate law

Attorney Fürstenow advises and repre­sents clients on legal issues relating to land and real estate.

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Property purchase contracts

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Prevention of financing gaps

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Apartment purchase contracts

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Support of brokers and devel­opers

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Loan financing of the real estate purchase agreement

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Advice to condo­minium owners

Real Estate Law

Attorney Fürstenow advises and repre­sents clients on legal issues relating to land and real estate. In particular, this concerns the drafting of contracts for real estate purchase, agree­ments or contracts for the sale of apart­ments, also — as an inter­section with banking law — the coordi­nation of the purchase agreement and the real estate loan agreement in a real estate purchase financed by a loan (power of attorney, encum­brance on real estate: land charge, mortgage, easements, etc.).

Drafting and negoti­ation of the real estate purchase agreement

The buyer or seller of land property commis­sions a notary for the notari­sation of the property purchase agreement, and the notary often provides his own draft of such a purchase agreement. Or one of the contracting parties, i.e. either the real estate buyer or the real estate seller, brings along his own draft contract. The other contracting party is well advised to have such a draft checked by a lawyer. This is because even if the notary or the contractual partner have had good experience with their drafts experience has shown that the contractual partner who draws up the draft of the real estate purchase contract brings along more buyer-friendly regula­tions as the buyer and more seller-friendly regula­tions as the seller. And even the notary’s proven drafts of real estate purchase contracts can show either buyer- or seller-friendly tendencies.

Furthermore, in many cases even the best thought-out draft contract is rarely fully applicable to the specific individual case of the buyer or seller. Since the purchase and sale of real estate usually involves a lot of money, both the purchase contract and, if applicable, the loan contract as well as the relationship between the two contracts should not contain any (hidden) traps, gaps or obstacles that may not reveal themselves until years later, often too late at any rate.

Loan financing of the real estate purchase agreement

In the case of loan financing of the real estate purchase agreement or the residential property purchase agreement, the so-called power of attorney for encum­brance must also be observed, which must be coordi­nated with the real estate financing loan agreement. The encum­brance power of attorney is regulated in the real estate purchase agreement and grants the real estate buyer, even before he becomes the owner of the property or apartment, to encumber the land register with a security land charge in favour of the bank financing the loan in order to finance the purchase price.

Prevention of financing gaps

In the context described above, it is important that the buyer of the land or residential property does not have any financing gaps. This can be caused, for example, by the fact that the bank financing the loan makes the payment of the purchase price to the seller dependent on the entry of a land charge in the land register as security.

In the case of a real estate purchase contract in which the seller as the property developer also under­takes to build the house in the first place, it sometimes happens that there is a separate land register for the entire building plot, but not (yet) for the sold part of the building plot, in which a land charge could be entered in favour of the bank financing the loan. If in such a case the bank does not pay although the buyer has to pay the purchase price after the regulation in the sales contract, a temporal gap develops, which could lead to the fact that the salesman withdraws from the real estate sales contract because of non-fulfillment of the contract, so that the buyer does not get the real estate.

Real estate agents, property devel­opers, condo­minium owners and condo­minium owners’ associ­ation

Estate Agent

Attorney Fürstenow supports real estate agents in legal matters important to their activ­ities. For real estate agents who are in contractual contact with their customers exclu­sively via means of distance commu­ni­cation, such as the Internet, it is crucial that they inform the customer, if they are consumers, of his right of withdrawal. Otherwise, there is a risk for the broker that the customer will not have to pay the brokerage fee, which is often in the 5‑digit range, if the revocation is effective.

Real estate agents and property developer regula­tions (MaBV)

This law serves to protect the client from rogue traders by imposing special book-keeping and infor­mation oblig­a­tions and by providing security in the event of the receipt of assets.

Condo­minium owners and condo­minium owners’ associ­a­tions

Attorney Fürstenow advises and repre­sents both condo­minium owners, e.g. against the charges of other condo­minium owners or against the condo­minium owners’ associ­ation as well as condo­minium owners’ associ­a­tions, e.g. against property devel­opers.

Services Relating to Real Estate Law

Attorney Fürstenow offers sellers and buyers of real estate (land and residential properties) the exami­nation of draft purchase agree­ments, advice and support during contract negoti­a­tions and, if required, accom­panies them to the notary appoint­ments. If the loan is financed by a bank, Attorney Fürstenow checks the loan agreement in coordi­nation with the real estate purchase agreement, and advises and repre­sents his clients in contract negoti­a­tions with the financing bank.

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