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Latest Real Estate Rules: What Buyers Need to Know Now!
Discover the current developments in Sendling regarding money laundering regulations and real estate purchases. Find out about new obligations and regulations.
Latest Real Estate Rules: What Buyers Need to Know Now!
Something is happening on the real estate market in Munich, and it's not just the prices that are high - new legal regulations are also providing a breath of fresh air. A charming property in the city is currently on offer for 480,000 euros, which could certainly prove to be a good deal. The details of this offer, which must comply with the Bavarian Monument Protection Act, are quite impressive.
The object is not only of historical importance, but also in perfect condition. According to the information from Living happiness The size information is provided by the owners and architects and carries a certain risk as no liability is assumed for its accuracy. Interested parties should also be aware of the new requirements that have been in effect since February 17, 2025.
New legal requirements in the real estate business
As the Federal Bar Association explained, legal and tax advisory professions have had to submit reports for real estate transactions since October 2020 in accordance with the Money Laundering Act Reporting Obligation Ordinance (GwGMeldV-Immobilien). This obligation is now tightened to adapt to the latest legal changes. Buyers should pay particular attention to the issue of payment methods, as cash payments have been prohibited when purchasing real estate since 2023.
What is new, among other things, are the obligations for notaries who must actively implement reporting obligations, for example if the due date of the purchase price is more than a year after the application for registration at the land registry office or if legal obligations to provide proof are not met. So there is a lot of emphasis on transparency - and that's a good thing if we want to keep an eye on the integrity of the market!
Conditions for buyers and sellers
If you are interested in purchasing this property, you should know that buyers must plan a commission of 3.57% including VAT of the purchase price, which also applies to sellers. And for those interested in other properties or planning non-consumer purchases, commission fees can go up to 7.14%. This shows how important it is to be well informed before buying and possibly also to seek legal advice.
Also worth mentioning is the obligation to retain documents, which applies for five years. This means that a certain level of responsibility remains even after the purchase. If the property is known, a written objection may also be required within 48 hours.
All of this can be challenging for many potential buyers, but don't worry: those who prepare well and gather all the information will have the best chance of closing a safe and profitable deal.
Munich's real estate landscape remains exciting and continues to be dynamic - the development will certainly surprise many more. If you are looking for an interesting investment, you should stay tuned.