From generation to generation: offer something or inherit it?

From generation to generation: offer something or inherit it?

  • Weigh the pros and cons in each individual case – keep an eye on tax aspects, family situation and long-term planning
  • Donation: notarial contract required during lifetime
  • Chain donation: multiple use of allowances possible and potential total evasion of gift tax
  • Succession: will or inheritance contract as legal basis

The question of whether to donate or inherit real estate concerns many people who want to plan their wealth for the long term. The experts at VON POLL IMMOBILIEN offer you valuable advice to make an informed decision. You can find the press release below and in the appendix in PDF format.

If published, we would be happy to receive a link or sample copy.


Franka Schultz

Public relations manager

Tel: +49 (0)69 – 26 91 57 603





From generation to generation: offer something or inherit it?

  • Weigh the pros and cons in each individual case – keep an eye on tax aspects, family situation and long-term planning
  • Donation: notarial contract required during lifetime
  • Chain donation: multiple use of allowances possible and potential total evasion of gift tax
  • Succession: will or inheritance contract as legal basis

Frankfurt am Main, MAY 28, 2024 – The question of whether to donate or inherit real estate concerns many people who want to plan their wealth for the long term. “It is better to give with a warm hand than with a cold hand…” – this old adage still applies today. In many situations, donating property can have clear benefits. Particularly when assets are transferred during one's lifetime, a donation can not only provide tax advantages and avoid conflicts between potential heirs, but can also, among other things, guarantee a right of residence for life. But inheriting property is also an option for transferring wealth and can be done, for example, through a will or an inheritance contract. However, it is important to always take tax and legal aspects into account. The experts at VON POLL IMMOBILIEN ( provide clarity on this subject and offer valuable advice to make an informed decision.

“Real estate is one of the most important assets people own. “It is therefore crucial to understand the different aspects of a donation and an inheritance,” explains Dr. Tim Wistokat, LL.M., lawyer and head of the legal department at VON POLL IMMOBILIEN. He continued: “While both options may offer benefits, there are also legal, financial and emotional considerations that must be taken into account. In the case of a donation, for example, tax aspects such as exemptions and gift tax may play a role, while in the case of inheritance, legal regulations such as property law must be taken into account. inheritances and possible requests for compulsory sharing.

Tax Saving Model Gift: What's Important?

Transferring real estate during your lifetime can be worth it. “This anticipated inheritance can offer financial advantages in order to pass on assets to the next generation,” explains VON POLL IMMOBILIEN lawyer Dr. Tim Wistokat, LL.M. “A life transfer must always be certified by a notary. Securities, cash and real estate can be transferred tax-free under certain conditions. However, gift taxes must be taken into account if the exemption amount is exceeded. The tax debtors are the donor and the buyer, but both can agree on which of them should bear the tax burden internally. If the donor bears the gift tax, the assumption of the tax constitutes an additional donation. In principle, gift taxes are calculated according to the same principle as inheritance taxes,” explains Dr. Tim Wistokat, LL.M., continues. The regulations on this subject are also consolidated into one law, the Inheritance and Gift Tax Act (ErbStG).

There are three classes of inheritance tax and reductions of between 20,000 euros and 500,000 euros depending on the degree of relationship. In addition to spouses and life partners, tax class I only includes direct descendants benefiting from different tax reliefs. The personal allowance is 500,000 euros for spouses and 400,000 euros for children. If the value of the property is greater than the exemption amount, it can also be transferred in stages. The allowance can be exhausted again every ten years. In this way, assets can be transferred over several decades without tax deduction, which also affects the long-term retention of an asset in the family.

A gift may also be subject to conditions for the recipient. If the owner wishes to stay within his four walls as long as possible, a right of residence or usufruct can be registered in the land register. It can also be agreed that the beneficiary will take over the care later or cover a large part of the costs of providing care.

Plan asset succession from the start

Inheritance taxes may also apply to inheritances. “However, only the heir is liable for the tax, but inheriting real estate also has its own advantages. If you need your own home for retirement, it may make sense to keep it, because your four walls are of crucial importance in the event of occupational disability or old age. Additionally, the testator retains control of the assets until his or her death. Inheritance allows property to be kept in the family and used as an asset for generations,” explains Dr. Tim Wistokat, LL.M., legal expert at VON POLL IMMOBILIEN. And further: “But when it comes to inheritance, the question is often who can claim what part of the inheritance. If this is not specified in a will, legal succession applies. If the assets are to remain in the family, a will or inheritance contract can specify who will inherit them in the future. A handwritten private will, which can be drawn up without a notary, is sufficient. If other heirs are excluded, they will not be left empty-handed: after the death of the testator, they will be able to claim their obligatory share, i.e. at least half of the legal share of the inheritance.


If real estate values ​​exceed the tax exemption limit, a lifetime gift is preferable to a traditional inheritance because the exemption amounts can be used multiple times to avoid gift tax. This can help save the financial burden on heirs. Early real estate valuation therefore also influences the type of inheritance settlement. For example, thanks to a donation, parents can obtain a right of residence for life, which allows them to live free of charge in the transferred property.

“On the other hand, bequeathing real estate by will or bequest offers clear and legally binding regulations for the handling of the inheritance,” emphasizes VON POLL IMMOBILIEN legal expert Dr. Tim Wistokat, LL .M. “This allows the testator to distribute the property according to his wishes. However, claims on the obligatory share of other heirs and inheritance taxes can play a role here. Ultimately, the decision to gift or bequeath property depends on a variety of factors, including tax considerations, family circumstances and long-term planning. Individual circumstances and goals play a crucial role in this choice. At VON POLL IMMOBILIEN, we recommend that our clients inform themselves carefully and seek legal advice in order to ultimately make the best possible decision.

Most interesting Blog post on the theme of real estate, lifestyle and modern living as well as a free real estate estimate VON POLL IMMOBILIEN offers you on its website.

About Poll Immobilien GmbH

Von Poll Immobilien GmbH (, active throughout Europe, is headquartered in Frankfurt am Main. His work focuses on brokering value-stable properties in prime residential and commercial locations. With more than 400 stores and more than 1,500 employees, VON POLL IMMOBILIEN, which also includes the divisions VON POLL COMMERCIAL, VON POLL REAL ESTATE, VON POLL FINANCE and VON POLL HAUSVERWALTUNG, is present in Germany, Austria, Switzerland, Spain, Portugal , Hungary, Italy, the Netherlands, France and Luxembourg, making it one of the largest brokerage companies in Europe. The Capital Broker Compass has once again awarded VON POLL IMMOBILIEN top marks in its October 2023 issue. The managing partners are Daniel Ritter and Sassan Hilgendorf. The management includes Beata von Poll, Eva Neumann-Catanzaro, Tommas Kaplan, Dirk Dosch and Wolfram Gast.

von Poll Immobilien GmbH 
Feldbergstraße 35, 60323 Frankfurt am Main
Telefon: +49 69 26 91 57-0 | Telefax: +49 69 26 91 57-11
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Daniel Ritter, Sassan Hilgendorf

DE 208 940 728, Finanzamt Frankfurt am Main III.

Pensioners regret buying Mross-Villa – what you should pay attention to when buying a house

Pensioners regret buying Mross-Villa - what you should pay attention to when buying a house

Protection against mold, asbestos and monuments

Pensioners regret buying Mross-Villa – what you should pay attention to when buying a house

Wednesday May 29, 2024 | 11:08 a.m.

A retired couple bought a property near Passau (Bavaria) from “Always on Sunday” presenter Stefan Mross. The new owners are making serious accusations against the pop star because after moving in, the dream property turned out to be a nightmare.

Anyone looking to buy a property is faced with many decisions. Some are lighter, others heavier. One of the hardest things is deciding whether it should be a new build or a pre-owned property. New buildings and existing properties have certain advantages and disadvantages.

It is not possible to say generally whether a new or used property is better.

These are the advantages of a second-hand good

The main advantage of purchasing an existing property over a new building is that the potential new home can be viewed in its entirety at any time. While when it comes to new construction, only plans or comparable properties can give an idea of ​​the future home, the existing property is practical… you can touch it.

What you should pay attention to when buying a house

However, a seemingly good offer can quickly turn out to be a scam.


Protection of monuments

You should be careful if the property is listed. A listed property can certainly be an advantage as an investment, but the owner is often obliged to carry out costly maintenance. Some conversions are not possible due to monument protection. It is best to call the Landmark Protection Office to find out more before purchasing.


Renovations can also make the purchase more expensive, especially if legal regulations restrict the freedom to carry out renovation work, such as replacing the heating system, or if the property needs to be redesigned to be barrier-free.


If damp or mold appears in a house, it is clearly a construction defect. Mold can be harmful to your health and humidity can damage the home, especially the walls. If nothing is done to address the cause of the moisture damage, the building structure will be lost.


Until the 1990s, asbestos was one of the most popular building materials in Germany. Due to its excellent properties such as heat resistance, durability and resistance to chemical influences, it has been used in many areas of house construction. It was only later that the enormous health risk posed by asbestos fibers was recognized. When inhaled, asbestos fibers can cause serious lung diseases such as asbestosis, lung cancer and mesothelioma.

Due to these risks, strict regulations apply in Germany for handling asbestos. To ensure safe disposal, materials containing asbestos must be removed by certified specialist companies. This is not only technically demanding, but also expensive. Depending on the scale and difficulty of the work, the cost of asbestos removal can amount to several thousand euros.

How to identify construction defects in old buildings?

Before signing the contract, it is therefore advisable to examine the property closely. Basically, the “bought as seen” principle applies. Therefore, when dealing with second-hand properties, it is very important to carefully inspect the property and identify problems that could reduce the value of the property or even lead to its total loss.

“It’s amazing how naive so many people are when it comes to buying property. Even though many buyers are laymen, they are confident enough to carry out a complex real estate valuation,” emphasize consumer advocates interviewed by FOCUS online. However, experience shows that many visits are carried out in a very superficial manner. It is also not properly assessed whether the building structure or building amenities are worth the asking price, nor are major issues and future subsequent costs identified or even discussed.

The condition of the roof is more important than a beautiful bathroom

It is not possible to know at first glance whether a property is in “good condition”. Even if a house appears well maintained, it may still have serious construction defects. An expert, such as an architect or certified appraiser, can accompany the potential buyer during the property inspection. He checks the property before purchasing and must determine whether major renovation and modernization work will be necessary in the coming years.

When viewing a property, laypeople usually pay attention to the furnishings and design of the floors and walls. However, the beautiful tiles in the bathroom or the expensive fitted kitchen are less important. Items that become expensive during a renovation have a much greater impact on the value of a property. This concerns, for example, the roof, the heating system, the windows or the pipes. If these are in good condition and meet current requirements – particularly in terms of energy – this has a positive effect on the value of the house. If questions arise regarding damp areas, musty odors or visible cracks, these should be carefully clarified.

An assessment can be useful for security purposes

If you want to further protect yourself as a buyer of a second-hand property, you can commission an appraiser to prepare a valuation report for the property you are considering. This can be particularly useful for properties over 30 years old. In the 1960s and 1970s, for example, many architectural sins were committed that are not apparent at first glance. The report clearly indicates what defects the building or property may have. The condition of the house or apartment is also documented.

This allows the buyer to better plan any renovation, redevelopment or modernization work. However, an assessment is not free. Typically, this is a four-figure investment, which is a manageable size compared to the typically six-figure value of the property being purchased.

View the property multiple times

Not all important details of the surroundings are visible during the first viewing appointment. The noise from construction work in a new development area can be very different on weekdays and weekends. Odors from industry or agriculture may depend on wind direction, and takeoffs and landings at a nearby airport may depend on the time of day. This is why you absolutely must plan several visits before making the final purchasing decision.

You should check these documents before purchasing the house

An important source of information is the extract from the land register. There is a separate cadastral sheet for each property. The entries are divided into three sections:

  • The first section provides information about the owner of the property.
  • The second section provides information about the rights and encumbrances associated with the property. These may also be usage rights.
  • The third section contains mortgages. In practice, these are essentially mortgages. Banks register these rights as security for financing.

The construction file also offers interesting information for the buyer of a property.

  • You can find them in the building file Building permit A Description of the site THE History and the Furnishing of an object. It contains approved construction drawings, sections, area and mass calculations.

Why I'd rather buy WP Carey or Realty Income than real estate

Ein kleines Holzhaus vor kleiner werdenden Münzstapeln

A property? No, I prefer to stick to REITs like this W. P. Carey (WKN: A1J5SB) and Real estate income (WKN: 899744). The investment options are basically very similar: it involves passive income from real estate. And secondly, to benefit in the long term from the concrete rise in gold prices and thus protect yourself against inflation.

So far, so good. Nonetheless, there are many different advantages that, in my opinion, speak in favor of REITs. Let’s look at this more closely. I don’t want to give you the benefit of the doubt if you’re a fan of concrete gold. But I encourage you to at least take a closer look at the possible pros and cons.

WP Carey, Realty Income & Co.: More divisible than real estate

A primary reason I prefer to rely on WP Carey or Realty Income alongside other REITs is their divisible and scalable nature. Or, to put it another way: I can buy a share of Realty Income for less than 50 euros at the time of writing this article. At WP Carey, it’s a little over 55 euros. This means: I don’t need to spend a gigantic fortune to invest in concrete gold here.

Of course: the returns are similar. At WP Carey, I receive approximately $0.86 per quarter in dividends. Whereas at Realty Income, it’s $0.2656 per month. This is certainly not rental income that we can expect as an income investor. But the bottom line is this: I can invest 1,000 euros. Or even 100,000 euros if I wish. Or any other amount that comes to mind.

These REITs are more flexible. We can invest larger or smaller amounts. Yes, in principle, you can even buy our shares at any time without additional purchase costs. And at the same time, over several years or even decades, we can gradually build a position that also provides us with a growing passive income or dividend.

The risk of consolidation is lower

To be honest, it’s just as possible that we could make a mistake when investing in property or when investing in a REIT. We certainly don’t have to be unlucky when it comes to tenants. Or damage to the house or apartment. But it is possible that we may have difficulties with owners on an individual property. Or more serious damage. Even a vacant property can significantly reduce our rental income.

REITs like Realty Income and WP Carey are just one stock. This means: We have an individual risk based on the respective stock (which should definitely be kept in mind!). But both REITs are excellent examples of highly diversified real estate portfolios. Realty Income has over 13,000 properties. While WP Carey has a four-digit unit count. By purchasing a stock, we secure a share of this total portfolio. A single tenant, a single vacancy or even a disaster? All this gets lost in a colorful and larger portfolio.

In this regard, I am convinced that in direct comparison with real estate, a REIT like Realty Income and WP Carey can provide calmer and more reliable results. It’s usually internal diversification that drives this.

Realty Income, WP Carey vs. Real Estate: Lots of Little Things

Last but not least, there are a lot of little things that, to me, speak more to Realty Income or WP Carey than to real estate. For example, effort: Buying and renting real estate directly involves effort. We have to take care of administration and taxation. In the case of a REIT, however, the property company takes care of this; you just need to take care of the proper taxation of capital gains (which the broker often takes care of).

At the same time, additional purchase costs are lower. Only trading fees with a broker are due. Buying a property, on the other hand, involves an additional purchase fee of 10% or more. We must also remember that finding and evaluating a property is more complex and that the offer is often limited. However, we can purchase Realty Income or WP Carey at any time at market price and acquire the same combination of existing properties. Listing on the stock exchange also allows more liquidity in the event of a sale. Whether we should buy and sell at any time is of course another question.

But overall, I see for myself: REITs like Realty Income and WP Carey offer me more flexibility, more scalability and also more diversification. The possible disadvantages are of course that I am not registered in the land register, that I do not have much operational power (for example regarding the use of borrowed funds) and that I have to put up with the volatility of the action. price. However, I think the pros outweigh the cons.

Just 1,000 euros per month despite decades of work: that’s all the legal pension can offer many of us.
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Four questions for IW real estate experts: The real estate market will recover this year – German Economic Institute (IW)

Four questions for IW real estate experts: The real estate market will recover this year - German Economic Institute (IW)

In an interview with LinkedIn News DACH, IW real estate expert Michael Voigtländer talks about current opportunities in the real estate market, areas where prices could rise the most and the likely impact of lower interest rates. interest forecast by the ECB on the market.

The US Federal Reserve put the brakes on at its latest central bank meeting, while the ECB is open to an interest rate cut in June. Many real estate agents aspire to this. Do you expect a sudden recovery if interest rates fall in June?

Expectations are already built into interest rates for long-term financing, for example for 10-year fixed-rate home loans. Financing interest rates fell already in December 2023, as market participants expected changes to key rates this year. If they come now, it should have no real effect on interest rates. However, overall inflation is trending more favorably than expected. If this is confirmed, interest rates could fall a little further, but rather slowly. For the real estate market, however, this means that a sudden improvement in the financial situation should not be expected. However, the increase in new contractual rents and the new exceptional depreciation should revive transactional activity.

Many properties currently have been on the market for a long time and buyers have some flexibility. How long will this time window remain open?

I think this window will close relatively quickly. Due to the decline in housing construction, apartments are becoming even more scarce, and there is also high immigration to big cities, including urgent immigration of international workers. As new contract rents continue to rise and people become more accustomed to interest rate levels, the demand for properties to purchase will increase again, increasing competition for these properties. There are currently only a few price reductions, especially for properties located in metropolitan areas with a good energy balance. Only for buildings to be renovated in peripheral areas will there likely remain a buyer's market in the future.

In 2023, condominiums fell by an average of 5.8 percent in the seven largest metropolises, according to data from the Federal Statistical Office. According to the IfW, this is the biggest drop in around 60 years. How quickly could the pendulum swing again and in which cities could prices rise particularly quickly?

I firmly believe that house prices will rise again this year, but not as sharply as in the 2010s. The DIW only predicts 177,000 new apartments in 2025, but demand is much higher. As a result, rents for new contracts are now increasing by 6% per year, compared to 4% in 2020. This makes real estate more attractive, especially since lower interest rates can be expected at long term. Local demand, which is determined by the number of households and income developments, is also crucial for price developments. The big cities are ahead here, cities like Berlin and Munich are experiencing very strong growth. And since companies in the service sector are active there, whose development is much more dynamic than in the industrial sector, incomes are also increasing more quickly.

Anyone who bought a property almost a decade ago was able to benefit from significantly lower interest rates. At the same time, JPMorgan boss Jamie Dimon recently said interest rates could reach significantly higher levels in the long term. When financing, should property buyers now speculate on a further fall in interest rates in the coming years?

Forecasting short-term interest rates is always difficult because interest rates are largely determined by expectations, particularly regarding the evolution of inflation, short-term interest rates and general economic development. In the long term, however, it can be assumed that interest rates will fall again, because due to demographic developments in industrialized countries, in particular the constant lengthening of retirement periods, savings must constantly increase. More savings in turn means more supply on the money market and therefore lower interest rates. However, this perspective does not help those who want to invest money now or buy property for their own use. However, part of the financing could be provided with a shorter fixed interest rate in order to benefit from this development. However, this should only be implemented if the risk of a less favorable development can be tolerated, for example for geopolitical reasons.

To the interview on

“Remedium” company put to the test: does it offer a solution to the dispute concerning inherited property?

“Remedium” company put to the test: does it offer a solution to the dispute concerning inherited property?

When a property passes to multiple heirs, things usually get emotional. One wants to sell, the other doesn't. A start-up claims it can solve the problem.

Not all inheritances can be divided as easily as an account balance. Disputes often arise, especially with houses and apartments, as soon as several heirs are involved. Some people want to get rid of the property as quickly as possible, others prefer to renovate it and then rent it out. An impasse that could lead to court.

But it can also be simpler – at least that's what those responsible for the Frankfurt start-up Remedium claim. Your offer: You buy the share of the property from the person who still wishes to sell. In legal terms, this is called a divisional dispute.

Remedium announces a complete, worry-free package

“Whoever wants to sell gets their money, and those who want to keep the property remain co-owners and, in addition, have in us a professional partner who takes care of the important things,” explains Robert, co-founder of Remedium. Lindenstreich in an interview with t-online. This means: any renovations that may be necessary and any steps that need to be taken to rent the house or apartment. This is completely free for the remaining co-owner.

The start-up makes money by buying back the co-ownership share of the heir ready to sell it 15 to 25% below the market value. Added to this are income from common rentals. “From our point of view, this is a fair price. Other buyers demand a 50 to 60 percent reduction from the communities of heirs and do not retain the property in the long term. They go to the high court instance and impose a shared auction.” Lindenstreich said. “So the property is gone.”

What is a divisional auction?

Any co-heir can request a shared auction. The property is sold by force to the highest bidder. So it's kind of a mandatory auction. The community of heirs then shares the profits, which are generally significantly lower than those of an amicable sale on the open market.

Remedium definitively excludes a shared auction in the co-ownership contract with the remaining owner. This means that no one has to worry about losing inherited assets later. Unlike the controversial partial sale, in which seniors in particular sell part of their home to an investor, no monthly user fees are due.

“The so-called partial sale is something completely different from the partial sale that we offer,” explains Lindenstreich. “The partial buyer targets financially distressed seniors and owner-occupied properties. And on unethical terms.” With user fees of 6 to 7 percent per year, the sum paid by the partial buyer was quickly exhausted, “without me being able to devote a single cent to life wishes or an obstacle-free conversion.”

Robert Lindenstreich (Source: Remedium)

To the person

Robert Lindenstreich founded Remedium in 2023 with Florian Kania and is its managing partner. He previously worked for several years in investment banking, notably at Rothschild. The 29-year-old studied at WHU – Otto Beisheim School of Management, the University of Maryland and Paris Dauphine University.

The conditions agreed by the heirs with Remedium are governed by the purchase contract for the outgoing heir and the co-ownership contract for the remaining heir. The deal will only be concluded if everyone involved agrees to the regulations. Consumer advocates say the offer is definitely worth considering, but they temper expectations that are too high.

“Not suitable for everyone”

“It is basically a good thing when new paths are taken. This is an urgent need in the real estate market,” says Alexander Krolzik, head of the department of real estate financing, construction and purchase contracts at the Consumer Center from Hamburg. “It remains to be seen whether this really works. » This offer is not a panacea. “This does not suit everyone, because Remedium expects the property to be in a certain location. And even in a divorcing couple, where one wants to harm the other, it is unlikely to reach an agreement.”

Krolzik believes the price reduction is appropriate. “You have to be clear that you are getting less than if you sold freely. This is, so to speak, the price you have to pay for Remedium to help you because the co-heir does not want to sell.”

He advises examining contracts very carefully and, if in doubt, presenting them to an expert from the consumer advice center or a lawyer. However, it is questionable whether everything can really be organized in advance. It cannot be excluded that a blockage will occur later because there is no longer an agreement with the investor.

KaDeWe has a new owner

KaDeWe has a new owner

The ownership of the Berlin luxury department store KaDewe is now fully owned by the Thai Central Group. The previous owner, the insolvent company Signa Prime Selection, and the group had reached an agreement for the full acquisition, Central announced on Friday. Previously, this had Handelsblatt newspaper talked about it. The KaDeWe building in Berlin is part of the insolvent Signa Prime selection of Austrian entrepreneur René Benko. We knew that the Central Group had been interested in its acquisition for a long time. The price would be more than 1.2 billion euros. Signa and Central have been business partners for many years. Since 2015, Central has held a slim majority in the department store sector of the KaDeWe Group, but not in real estate. KaDeWe Group properties also include the Alsterhaus in Hamburg and the Oberpollinger in Munich. The current agreement is expected to relate only to the KaDeWe property.

Meanwhile, it has become known that the holding company of the largely insolvent real estate and trading group Signa will not be restructured as planned. The receiver of the holding company founded by René Benko announced this on Thursday in Vienna. The initial restructuring concept envisaged that the largest sub-companies, Signa Prime and Signa Development, were also to be renovated. However, a trust plan has been drawn up for both units for the orderly sale of their entire portfolios, which include the Elbtower, KaDeWe and the department stores of the Galeria Karstadt Kaufhof group.

Since the holding company occupies a relatively low rank in the ranking of primary and development creditors, it can no longer hope to reorganize by exploiting these portfolios, explained the receiver. Instead, the insolvency procedure of the holding company should now take place in the form of a so-called bankruptcy, in which the emphasis is on the rapid realization of assets. Unlike a restructuring, creditors cannot expect 30 percent of their claims to be repaid in bankruptcy.

Buying a house: were conditions better before than today?

Buying a house: were conditions better before than today?

To buy an apartment or house, buyers often need more than 100,000 euros in equity, depending on the size – a sum that scares away many young families.
Image: Photo Alliance

Young people say owning their own property has become far too expensive. The oldest respond: Conditions were not better before. Who is right?

J.akob Werling lets his frustration out freely. After all, it is nothing less than a big lifelong dream that may never come true. The 21-year-old says he would love to have his own home where he could one day raise his own children. They should have a childhood like the one he experienced in his hometown of Herzogenaurach. “But even if I earn well, I don’t know if I will ever be able to afford it,” complains the law student.

Sarah Huemer

Editor in the “Value” department of the Frankfurter Allgemeine Sonntagszeitung.

Nina Hewelt

Deputy artistic director at FAZ.NET and infographic coordinator.

The more he talks about the subject, the less he is able to contain his feelings. Of course he would forgo the vacation if he knew he could then afford a house. He's very careful with his money anyway, works part-time, and recently canceled a ski vacation with his friends because he doesn't want to spend so much. He says he can count on an inheritance that would facilitate his dream of owning a home. But he doesn't want to depend on his parents' wealth. “I would like to build my own house,” he said. “But unfortunately, this perspective does not exist.”

Athos Family Office could acquire prime property in Munich

Stahlkugel im Innenhof des Einkaufsquartiers Fünf Höfe im Herzen Münchens.

Union Investment wants to sell the Fünf Höfe shopping district in downtown Munich. This is reported by the real estate newspaper and therefore refers to consistent information from the Munich market. The property has been part of the Uniimmo Europa real estate fund open since 2003. With a share of 4.6 percent, the building constitutes the fund's largest investment. In the most recent report, his market value stood at 715 million euros.

Union Investment would have contacted the seller directly; Conren Land reportedly acted as asset manager for Athos. According to industry service Thomas Daily, Colliers was allegedly involved as a consultant. The transaction, first reported by React News, is expected to be completed by the end of the year. Union Investment is currently exploring other sales opportunities in Germany, particularly in the office sector. The aim is to have liquidity available to reinvest in smaller properties in the Logistics, European Living and Local Sourcing classes.

Another argument in favor of a sale is that Union Investment chief executive Martin Brühl announced in February that he would approach “sales specifically in Germany based on our established real estate assets.” It does not exclude large volume transactions.

The purchase price would be between 750 and 800 million euros. The Athos family office is considered a potential buyer. Athos is the investment company of Hexal founders Andreas and Thomas Strüngmann. If the deal goes through, it would be the family office's second official purchase of a well-known property in a good year.

However, the transaction does not yet seem clear. Union Investment has not yet officially announced a possible sale – the Fünf Höfe are therefore still part of Uniimmo Europa.


The shopping district extends through downtown Munich along Kardinal-Faulhaber-Strasse, Salvatorstrasse and Theatinerstrasse and comprises 49,000 square meters of lettable space. Of this area, 14,000 square meters are occupied by 60 stores. The main part is made up of offices of 24,300 square meters.

E-commerce hub: Thielemann Group realizes real estate for Recht Logistik Group

E-commerce hub: Thielemann Group realizes real estate for Recht Logistik Group

“In Wernberg-Köblitz, we are developing a logistics center with an area of ​​more than 32,000 square meters on a plot of 53,000 square meters,” said Navid Thielemann, CEO of ThielemannGroup.

The facility is expected to begin operations in the second quarter of 2025. “The conditions are optimal: the property is already developed, the development plans are in place,” Thielemann said.

“We are creating a range of cutting-edge logistics services with which we will open the market in Bavaria,” said Christian Karl Flick, CEO of the Recht Logistik Group. “We are convinced that we will gain new customers here too, whose projects we will implement efficiently and to high quality in the new logistics location. This will allow us to continue our growth in Bavaria in the future. »

The Recht Logistik Group with its two divisions, freight forwarding and contract logistics, has continued to grow in recent years. In total, 450 employees generated a turnover of around 90 million euros during the last financial year. In the area of ​​contract logistics, the company is expanding its activities in the booming e-commerce sector, also planned in Wernberg-Köblitz. The proximity to the depot of a major parcel service provider is therefore an advantage.

To ensure reliable transport, the Recht Logistik Group not only works with partners, but also relies on its own fleet of more than 200 units, which is continually expanded with new trucks with environmentally friendly propulsion. . An LNG filling station is located in the immediate vicinity of the new site.

“Sustainability plays an important role for us, especially in the development and subsequent operation of our new logistics center,” said Thielemann. “The proposed property must receive a DGNB gold certificate.”

For example, plans include a photovoltaic system on the roof, the provision of electric charging stations for forklifts, a smart LED lighting concept, the creation of modern social and office spaces as well as natural greenery on the five hectare property wherever use permits. Up to 180 jobs are expected to be created in the new logistics center.

Boycott the sale of common goods?

Boycott the sale of common goods?

If your marriage ends in divorce, you will also need to find an arrangement for your joint ownership. If you consider selling to be the best solution, your spouse must agree as co-owner. If you separate because of a dispute, your partner can boycott the sale of the joint property. You are then faced with the challenge of how to handle the situation. Let's talk about the options available.

Why is selling shared ownership the best option?

If the property is your marital home that you previously shared, you will need to come to an arrangement when you separate. This is how a spouse could Take over the co-ownership share of the other person against payment of severance payprovided, however, that he has sufficient capital or that his solvency is so good that the takeover can be financed.

If there is no interest in a trade-in, selling may be the best option. Just one Sell ​​on the open market ensures that you get the best possible sales product based on your expectations. You may need money to repay the mortgage you took out to finance the purchase price. If there is a surplus, the money can be divided. Especially if you separate, both partners may need additional cash. Since both spouses own the property, the sale requires the consent of both spouses.

An alternative could also be that you transfer the house to a third person as usual. to rent out, use the rent to maintain the capital or collect the surplus for themselves. Also in this case, both spouses must accept the rental. If one spouse boycotts the rental, the rental is not easily achievable. If you wanted to conclude the rental contract alone, the contract would be invalid if the partner did not agree. The tenant could have a problem because he would then move into the apartment of an owner with whom he has not signed a rental contract. As long as the rental corresponds to good management of the property, you may be able to take legal action to obtain permission for the rental (§ 745 BGB). The effectiveness of this approach seems questionable.

A very bad solution would be that Empty house let it go and wait for a solution to emerge. During periods of vacancy, you may find yourself with maintenance delays and, in the worst case scenario, the house will fall into disrepair. Regardless, you still have to maintain the home, such as paying property taxes and building insurance. As co-owners, each bears half of the maintenance costs. If a maintenance measure proves impossible to postpone (here the renovation of the roof), both spouses must contribute to the costs (Higher Regional Court of Brandenburg, decision of December 15, 2015, no. 9 UF 29/15).

Can one of the spouses sell the house alone if both are registered in the land register?

If both spouses are co-owners of the land register, neither of them can dispose of the property without the other. They depend on each other. If you want to sell the property, rent it or give it away, the partner must agree. Your separation and divorce do not change the ownership structure recorded in the land register.

What happens if one spouse refuses to sell the property?

If one of the spouses refuses to sell the property, the sale will not be possible. If you notarize a purchase agreement with a buyer for the purpose of selling, the purchase agreement would be invalid due to lack of spousal consent. If consent is not given, the purchase contract cannot be executed. You risk that the buyer, who is counting on your promise to sell and who may have already concluded a loan contract with his bank to finance the purchase price, will claim damages.

Can a co-owner be forced to sell?

As a co-owner, you cannot force your spouse to sell. If you wanted to take legal action to obtain his consent to sell the house, this would constitute an impermissible interference with his property rights. The path is different. The law provides for sharing auctions for this purpose.

If you are a co-owner of the property, you legally form a “community” (§§ 741 et seq. BGB). At the latest at the time of divorce, each partner can demand that this community be abolished and that the property be sold. If one partner opposes the sale, or even boycotts the sale, the other can request a divisional auction. The property is then sold at public auction at the local court. However, share auctions are a double-edged sword.

Good to know: What about inheritance law?

The same goes for communities of heirs. Here too, the consent of individual co-heirs cannot be forced. In order to separate the community of heirs, it is necessary to take the route of litigation. If a property is part of the estate, it must be sold at auction for division.

Are partition auctions possible before divorce?

Case law has different opinions on whether a pre-divorce partition auction is possible and can perhaps even be used as leverage in marital disputes.

The Hamburg Higher Regional Court (FamRZ 2017, 1829) ruled that property belonging to both spouses cannot be sold at auction for division during the period of separation and before divorce. The reason is that marriage The marital home remains the marital home even during the period of separation Everyone has the right to ensure that this situation does not change unilaterally. According to this, the partition auction would only be considered after the divorce at the earliest.

Other courts are of a contrary opinion. The Stuttgart Higher Regional Court (FamRZ 2021, 663) ruled that a partition auction is generally not excluded, even during the separation period. It is possible that the spouse is economically dependent on the proceeds of the auction. Only if the division auction is allowed can we avoid one partner feeling obliged to work towards the divorce as quickly as possible, while the other partner feels obliged to delay the divorce as long as possible. long possible. This is why many courts allow partition auctions during a spouse's separation. Balancing of interests in individual cases addicted.

The aim is to ensure that the spouse who refuses the partition auction has legal possibilities to prevent the partition auction, even in the context of a compulsory auction procedure. He may request the court to order the temporary interruption of the proceedings if the interruption is necessary to avoid a serious threat to the well-being of a common child (Article 180, paragraph III of the Compulsory Auction Law) . Termination is also considered if a spouse credibly demonstrates that a potential buyer is willing to pay a reasonable purchase price for the sale and it is likely that the previously boycotted spouse can still declare consent ( § 180, paragraph I ZVG). He can also request and have the apartment allocated for exclusive use by the family court (§ 1360b BGB).

Why is the partner boycotting the sale?

Before considering legal options, be clear about why the partner is boycotting the sale. Perhaps it is the parents' house that should remain in the possession of the family. Maybe your children grew up in the house and have many memories associated with the house. Or if the house was built mainly by their own means, some people's hearts bleed to have to say goodbye. You should at least respect these emotional sensitivities and, ideally, think together about how you want to manage the property. Be aware that sheet music auctioning is not really a good option.

The spouse should also know that a boycott is not a long-term solution. If you bought the property together and financed the purchase price, you probably also signed the loan contract with the bank together. The partner is then also responsible to the bank for servicing the debt.

If your property is financed, your partner also risks debt service taking a hit and the bank, as lender, potentially foreclosing on the property. In the event of foreclosure auctions, significant losses in value can always be expected.

Why are partition auctions not a good option?

If a property is forced to auction, experience has shown that as an owner you always have to accept considerable losses. The starting point is that the experts commissioned by the local court to produce a valuation report generally set the market values ​​of real estate at a lower level than would be possible if they were sold freely. If the property is sold at auction for this value, you will lose money.

Or if there aren't enough interested parties at the auction dates based on the market value, you risk your property being auctioned below the value limits for much less than you would have. could have obtained if it had been sold privately. .

You should also know that a house is always sold at auction as a whole. It is therefore not possible for only a partner's co-ownership share to be auctioned. Anyway, you have the option on the auction date act as a bidder yourself and auction off the property as a whole. This option may make economic sense in some cases, but it requires that you be prepared to undertake this long journey and the effort associated with it.

What about the gain when selling a house before a divorce?

Selling your home before divorce can affect your profits. What matters most is the deadline. If the marriage ends in divorce, you are entitled to compensation of earnings. To calculate the amount of the compensation claim, the reference date is the date on which your divorce request was served on your spouse by the family court. This is the day when the case is pending (§ 1384 BGB).

For example, if you brought building land or your own money into the marriage, these contributions can be taken into account in the equalization of earnings. The amounts are added to your initial assets. Regarding the final assets in the event of divorce, the initial assets determine the gain that you both made within the framework of the marriage. You are entitled to half of this earnings if your earnings are lower than those of your spouse. Ideally, you should determine the gain by mutual agreement in a divorce settlement agreement.

In all

If the sale of your property is on hold due to separation, you may find yourself in a difficult situation. However, your prospects are good as the partner must also have an economic interest in an agreement being reached regarding the real estate. It is best to discuss with your lawyer the strategy you can use to sell your property. Despite all this, always have hope. There is always a way.