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Sales Contract: Transfer of Possession, Use, Benefits, Burdens, and Risk

Every purchase agreement includes the agreement on when the property will be handed over to the buyer. This is because the handover transfers the risk of accidental loss or accidental deterioration of the property. Furthermore, the benefits and burdens are also transferred to the buyer. Here is an overview of the most important terms in this context:

Possession

The term possession refers to a person's actual control over a thing, in this case over a property or even a right. For example, the tenant of an apartment is the possessor (not to be confused with the owner) because they actually control the apartment.

Benefit

Uses are all yields of the property, e.g., rental income or lease income.

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Loads

Encumbrances on a property can be of a public-law nature or they can be private agreements. Encumbrances include, for example, property taxes or chimney sweep fees.

Danger

The purchase agreement must specify the time at which the buyer has to bear the risk of accidental destruction of the property, e.g., by fire, or accidental deterioration. For example, if the house burns down after the time of the transfer of risk, but before payment of the purchase price and transfer in the land register, the buyer must pay the agreed purchase price. The transfer of risk is decisive for the assertion of warranty rights. The transfer of the aforementioned rights and duties differs from the transfer of ownership, because the transfer of ownership is the actual registration of the buyer as the owner in the Land Register. This usually happens a few weeks later.

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Excerpt from the purchase agreement

The transfer of possession shall take place on the date of full payment of the purchase price. As of the same date, the risk of accidental deterioration, the benefits, and all public burdens and levies, including the obligations to maintain public safety, shall pass to the buyer. The contractual property is currently still occupied by the seller himself. The seller is obligated to completely vacate the contractual property in a broom-clean condition no later than May 15, 2016.

He is not obligated to carry out any repair or renovation work. The contractual property must be handed over in its current condition, with normal wear and tear being permissible. In the event that the seller does not vacate the contractual property on time, the statutory provisions explained by the notary shall apply. Regarding the obligation to vacate and hand over the contractual property, the seller submits to immediate enforcement from this deed. An enforceable copy is to be issued to the buyer at any time without further proof.

Regarding the partial ownership unit:
The buyer joins the existing co-owners' association with all rights and obligations regarding the partial ownership unit. The declaration of division, including the community rules, is known to the buyer.

The buyer shall bear all costs and burdens of the property accruing for the period from the transfer of possession onwards common property, in particular ongoing housing allowances and all measurable utility costs, and releases the seller from all such payment obligations.

The seller assures that
a) all payments due until the transfer of possession to the community have been fully settled,
b) to his knowledge, there are no outstanding extraordinary liabilities and no pending resolutions by the community concerning extraordinary repairs.

Any compensation amounts resulting from the next annual settlement, as well as costs that cannot be measured based on consumption, shall be apportioned pro rata temporis between the parties to the contract. As of the transfer of possession, the seller authorizes the buyer to comprehensively exercise the owner rights within the homeowners' association, primarily to exercise the voting right at the homeowners' meeting, provided the association's bylaws permit this.

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Great professionalism and constant availability

Now that the sale of my apartment has been completely finalized, I would like to take this opportunity to thank you again for the excellent cooperation with your agency. The marketing of the property, especially the exposé you created, was of a high standard and presented the property optimally. Your agency was characterized by high efficiency, great professionalism, and constant availability. You advised me excellently throughout the entire sale and truly accompanied me until the final formalities. For these reasons, I can only wholeheartedly recommend your agency.

Dr. J. L.

Thanks to Mr. and Mrs. Rogers, we found our dream home :)
The care was, from the first second to the last, very, very friendly, professional, and accommodating. We couldn't have wished for a better collaboration and would like to thank you sincerely! :)

L. B.

We would like to thank Ms. Rogers and Mr. Rogers from the bottom of our hearts for their exceptional support as we searched for our new home. After more than three years of intensive searching and numerous meetings with various real estate agents, we have finally found a team that has impressed us not only with the highest level of professionalism, but also with their warmth and great dedication.

From the very first contact, we were guided through the entire purchasing process with great care, patience, and friendliness. Also worth mentioning is Ms. Kaufmann—a financing expert who was recommended to us by Ms. Rogers. The collaboration between Ms. Rogers, Mr. Rogers, and Ms. Kaufmann played a key role in ensuring that all the formalities went remarkably smoothly and without complications.

Communication was always open, honest, and warm, and the advice was professional and tailored precisely to our needs. Thanks to this support, we were able to make our dream of owning our own home a reality.

We wholeheartedly recommend Rogers Immobilien to anyone looking for real professionals with a human touch. Thank you again sincerely – we will remember you fondly!

M. G.

A fantastic and very honest real estate agency—Mr. and Mrs. Rogers were highly knowledgeable and provided us with the best possible advice and information at every step throughout the several-month process of purchasing an older home. 5 stars—that’s become a rarity in Munich!

P. W.

While searching for an apartment to rent in Munich, we eventually came across a property listed by Mr. and Mrs. Rogers. We have nothing but positive things to say about the entire process, from our initial contact all the way through to the handover of the apartment. Everything went very professionally and smoothly. Mrs. Rogers was always approachable and went out of her way to answer even the smallest questions as quickly as possible and to gather all the requested information. Mr. Rogers organized and conducted the apartment viewing and subsequent handover very carefully and conscientiously. All in all, we were extremely satisfied with our interactions with Mr. and Mrs. Rogers and can highly recommend them!

S.R.

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