Real Estate Glossary

Here at BAMBERGER IMMOBILIEN we know that not everyone is engaged with real estate on a daily basis. If you falter at some specialised term or other, you are in the right place, because this is where we provide short and clear explanations of the most important terms. If you still have further questions, please contact us. We will be pleased to take time to assist you in person.

C

Commission

The commission is the remuneration of the real estate agent for his mediation activity. The commission is earned and due with the conclusion of the legal transaction brought about by the real estate agent’s activity (agreement of will).

Commission on purchase
When a legal transaction is concluded, the maximum rates stipulated in the MaklerVO, BGBI. No. 297/1996 as amended apply, i.e. 3% of the purchase price plus VAT in the case of a purchase.

Commission for rent
When a legal transaction is concluded, the maximum rates provided for in the MaklerVO, BGBI. Nr. 297/1996 idgF apply, i.e. depending on the type of tenancy agreement and the duration of the tenancy, 1 to 2 gross monthly rents plus 20% VAT.

Credit check

The real estate agent uses a credit check to ascertain whether a potential purchaser of a property does indeed have the financial means to pay for it. This measure offers the owner security in completing the contract and prevents financing problems on the part of the prospective buyer.