You want to purchase an already rented flat as an investment. The listing shows a rental income and notes a long-standing tenancy. For your purchase decision, however, an essential part is still missing: what tenancy actually exists, what obligations belong to it and what should clearly transfer on acquisition? This article considers an off-market purchase, not a judicial auction.
Do not factor a new tenancy into your purchase calculation
§566 BGB provides in the statutory facts for the acquirer’s accession to landlord rights and obligations. [MIETBESTAND] The notion of simply starting with arbitrary new rental terms after purchase is therefore not a reliable basis.
Our editorial recommendation: Have the actual contract including relevant amendments and ancillary agreements made available for review. Assign rental rooms, provided fixtures, commencement, agreed payments and known disputes. Personal documents are only passed on within a legitimate scope; private details about occupants do not replace a contract review.
Compare contractual claim, receipts and assertions
Record separately which payment is contractually claimed, which amount actually arrived and which change is merely expected. A sales statement can be a useful overview, but it must correspond to the underlying status.
In the case of arrears, reductions or outstanding settlements you will need the associated documents and a concrete legal classification. A low payment is not automatically assessed here as a breach of duty nor as a justified reduction. Do not adopt for your purchase comparison any allegedly certain future increase whose basis is still unclear.
The precise yield and financing calculation is a separate verification step. This article does not replace it with a blanket percentage. It ensures that its income assumption is based on the actually reviewed tenancy.
Include ongoing owner tasks in the same comparison
Compare the actual payment status with the expenses relevant to your acquisition. Community documents, known repairs and prior administrative procedures assist with this. Whether and to what extent individual costs can be passed on must be checked from the applicable contract and law.
Also determine who will practically manage the letting after acquisition. You should not value a suitably priced investment only by whether money comes in monthly. Open tasks, enquiries and contract administration are part of the assumed undertaking. The article does not promise any specific level of management effort.
Clarify rental security and acquisition obstacles in advance
§566a governs accession to rights and obligations from provided rental security. [KAUTIONSVERPFLICHTUNG] Have the actual type of security and its evidenced status assigned. A stated total amount and a completed legal or factual transfer are different outcomes.
Depending on the prior history, a pre-emption right under §577 may also need to be examined. [VORKAUF-PRUEFEN] Therefore share the known data on the rental provision, the establishment of condominium ownership and the sale with the contractual adviser. This article does not claim a general tenant pre-emption right for every rented flat and does not authorise any personal execution date.
Hypothetical case: The stated yield contains a still unresolved change
A buyer sees a monthly rental income in the sales statement. The actual receipt is lower. According to the seller’s site, the difference is to be made up by a change not yet finally clarified. At the same time, only an undocumented deposit amount is stated.
She has the contract and payment status organised before making a binding price decision. Her initial calculation does not use any asserted future payment as certain while it still needs checking. Deposit and her own financing requirement remain separate. The example says nothing about the entitlement to the actual rent claim.
Make the transfer concrete
Agree with the contractual adviser which documents, payments and outstanding matters are to be handed over and in what state. Inform parties only by the professionally clarified route about the changes relevant to them. A private purchase contract date is not automatically equated with every legal effect without review.
Your result is an assessable investment based on the existing tenancy. If you can only rely on unsecured new terms or an otherwise unresolved short-term vacation, this assumption must be disclosed prior to purchase.