To own a residential property means to have purchased a piece of real estate. There are different forms of residential property:

  • Sole ownership: You are the sole owner of the building and have contributed the full amount of capital required for its purchase (or share of own funds). The property is yours to do with what you will, but you are solely responsible for the property and its maintenance etc.Miteigentum: Sie teilen sich das Eigentum mit einer oder mehreren weiteren Personen. Das Verhältnis wird je nach Einbringung des Kapitals geregelt. Sie können frei über Ihren Teil des Objekts verfügen und entscheiden, haften dafür und sind dafür verantwortlich (häufiges Beispiel: Ehegatten).
  • Joint ownership: You share ownership of the property with one or more other individuals. The ratio of ownership depends on the contribution of capital. You have free reign over and pass decisions on your share of the property, and you are liable and responsible for it (common example: married couples).
  • Shared ownership: You hold shared ownership together with one or more other individuals. Each person owns a 100% share of the building, meaning decisions can only be made if all parties agree (common example: communities of heirs).