Selling a rented condominium in Berlin: checklist

Selling a rented condominium in Berlin: checklist

Selling a rented flat in Berlin can be a challenging task that requires careful planning and an understanding of various aspects of the property market. This article will provide you with an overview of the key steps and considerations when selling a rented property in Germany. It is important to note that this article provides general information only and is not a substitute for legal advice. For specific questions and concerns, it is advisable to seek the expertise of a specialist lawyer or an experienced property expert.

1. Determine the value of the property

The property value can be determined using the comparative value method, in which the value is determined on the basis of similar properties in the neighbourhood, or the income value method, which is based on the potential income of the property. Andreas Müller, Managing Director of Black Label Properties and certified market value appraiser, is a member of the IVD Berlin & Brandenburg appraisal committee and can provide a well-founded and professional valuation of your property.

Book a consultation with Andreas Müller:

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2. Clarify tax consequences

In order to clearly understand the tax implications of selling a property, it is advisable to consult experienced tax advisors and lawyers who are familiar with property law. At Black Label Properties, you benefit from our good connections with qualified experts in these fields who specialise in real estate transactions and related tax issues to ensure an optimal and legally compliant transaction.

To our cooperation partners:

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3. Check the legal framework

When selling a rented property, it is important to check the tenancy agreement and tenancy law carefully, especially with regard to protection against termination and tenants' pre-emption rights. Our partner, Black Label Property Management GmbH, can put you in touch with professional support in reviewing these legal aspects from local specialist tenancy lawyers to ensure a smooth and legally compliant sales process.

To the website of Black Label Property Management GmbH:

https://blp-management.com/en/

4. Make sales preparations

In preparation for the sale of a rented property, the possibility of a rent increase should be examined and necessary maintenance and renovation work should be carried out in order to increase the value and attractiveness of the property. In addition, a valid energy performance certificate is required by law and is an important step in this process

To the website of Black Label Development GmbH:

https://bl-dev.de/

5. Create a sales offer

To create an appealing sales offer, professional photos of the property should be taken and a detailed description with all relevant information, such as location, size, features and special features, should be provided. This helps to arouse the interest of potential buyers and create a solid basis for negotiations. The exposés of rented flats often lack interior photos due to the tenants' right to privacy. However, to reduce the number of viewings, interior photos should be taken where possible and without invading privacy. Without these photos, potential buyers will have to view the property in person to get an idea.

Our estate agents will be happy to help you:

Our Team

6. Find a buyer

Of course, it is possible to sell your rented property without the help of an estate agent. However, you will have to take care of the marketing, finding potential buyers, viewings and negotiations yourself. Although this requires more initiative and effort, it can save you estate agent fees. However, our team at Black Label Properties is here to help with our expertise and extensive network should you need assistance or decide to use the services of a professional estate agent.

We have excellent references and have already successfully brokered numerous properties:

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7. Prepare the purchase contract, arrange a notary appointment and notarise the purchase contract

When selling a property, it is necessary to prepare the purchase contract carefully and make an appointment with a notary, as in Germany the sale of property must be notarised. The notary ensures that all legal requirements are met, checks the documents and ensures a legally binding transfer of ownership. It is important that all contractual terms are correctly formulated and that the interests of both parties are fairly considered. There are also flat sales where tenants have a right of first refusal, which must be communicated to the notary's office and the buyers beforehand. You should also talk to the tenant before the sale to see if they would like to buy the flat themselves. This is almost always the best way for all parties involved.

You can also find out more in our videocast:

Videokanal von Black Label Immobilien

8. Handover of the property

When handing over the flat after the sale, all relevant documents such as the energy performance certificate, utility bills and any warranty documents should be handed over to the new owner. A thorough handover inspection should also be organised, during which the condition of the property is documented and the keys are handed over. This step is crucial to ensure that all parties are aware of the condition of the property at the time of handover and to avoid any discrepancies.

Step by step to a successful sale:

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9. After the sale has taken place

Once the property has been sold, it is important to inform the tax office that the sale has taken place and to submit the necessary tax returns. This includes declaring the capital gain and other relevant financial details. It is also advisable to keep all documents relating to the sale and transfer of the property for your records so that you can refer back to them in the event of any queries or future tax audits.

How much is your property worth?

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Completely free of charge and without obligation, you will receive an initial value estimate of how much your house or condominium is worth.  Our online property valuation takes into account the largest and most important factors that influence the value of a property: Property type, living space, location and year of construction.

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Fazit

To summarise, the sale of a rented flat in Berlin requires thorough preparation and consideration of legal and tax aspects. From the valuation of the property and the clarification of tax consequences to the careful drafting of the contract and the final handover - every step should be carefully planned and carried out. While owners can handle the sale on their own, enlisting the expertise of an estate agent, such as Black Label Properties, and other experts such as tax advisors and notaries, provides valuable support to navigate complexities and optimise the sales process.

Ultimately, an informed approach is the key to a successful and smooth property sale