Get rid of condominium (property).
November 5, 2009 | 30,00 EUR | answered by Dr. Dr. Danjel-Philippe Newerla
Hello,
I bought a real estate apartment exactly 3 years ago. Unfortunately, I was poorly advised and therefore bought the wrong property. The property was and is rented out, which should bring me tax benefits. Unfortunately, I can barely afford the apartment anymore and would like to know how I can get rid of it. I have rental income of 400 EUR + 160 EUR in additional costs and I have to pay 560 EUR in interest to the bank, 293 EUR to the property management, and 150 EUR in repayment. So in total, I have to pay out of pocket 443 EUR per month. In addition, there is property tax: annual fee of 173 EUR. The total purchase price was 134,000 EUR. If I sell the apartment, I would have to pay a lot more, I estimate up to 30,000 EUR or even more. The tax benefits are not worth much anymore. In addition, I have a personal loan, car leasing, rent, and many expenses. I can barely make ends meet. Since I bought the wrong property due to my own mistakes, I urgently want to get rid of it. I am not self-employed, but I have a stable and well-paid job. I would also greatly appreciate detailed advice, where I am willing to pay more, and maybe even collaborate with a good lawyer. Help, I am in need!
Best regards,
Eduard
Dear seeker of advice,
Thank you for your inquiry!
Taking into consideration the information you provided, I would like to summarize the answers to your questions as follows:
The case you described reminds me of the so-called "problem of scrap properties", which has also been a concern for the Federal Court of Justice in recent times.
In this context, a scrap property is understood to be one that, even with favorable market developments, cannot generate the income values/tax benefits or sales proceeds that were forecasted by the seller or the intermediary bank.
According to the case law of the Federal Court of Justice, in connection with scrap properties, depending on the circumstances of the individual case, claims for damages as well as cancellation or withdrawal rights (which you seem to be aiming for) may be considered.
If the intermediary bank also granted you the loan for the purchase of the property, which is not entirely clear from your description, claims for damages against the bank may also be considered. This is especially the case if the bank can be held responsible for the mediation of the property and if, during the mediation, whether by an external intermediary or through the bank itself, there was deceitful behavior, or if there was a failure to inform you of the possible cancellation of the contract due to a doorstep situation, resulting in harm to you.
Furthermore, as already mentioned, there are also claims for the reversal of both contracts (sales contract and loan agreement).
Moreover, there is the possibility of challenging the loan agreement, particularly the sales contract, due to fraudulent deception according to § 123 of the German Civil Code. The prerequisite for this is that the seller/bank intentionally deceived you about essential circumstances, particularly in this case, the tax benefits, knowingly.
However, there are deadlines to consider, such as the one-year deadline for challenging according to § 124 of the German Civil Code. Furthermore, these claims are subject to statute of limitations, so for an effective enforcement of claims, it will also depend on when you first became aware of the false statements.
In conclusion, I recommend that you engage a lawyer to comprehensively and conclusively clarify the facts and legal situation. I would be happy to assist you in this regard. In the event of further engagement, I would credit you the initial consultation fee in full.
I hope my explanations have been helpful to you. Please feel free to contact me through the follow-up option on this portal or via my email address.
I would like to point out the following: The legal advice I have provided is based solely on the information you have provided. My response is only an initial legal assessment of the situation and cannot replace a comprehensive evaluation of the facts. Adding or omitting relevant information could result in a completely different legal assessment.
I wish you a pleasant Thursday evening!
Kind regards,
Dipl.-Jur. Danjel-Philippe Newerla, Attorney-at-Law
Heilsbergerstr. 16
27580 Bremerhaven
kanzlei.newerla@web.de
Tel. 0471/3088132
Fax.0471/57774
