Regulation on the determination of the mortgage values of land in accordance with § 16 (1) and (2) of the Pfandbrief Act (BeleihungswerterDetermination Ordinance-BelvalueV)

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BelValue V

Date of completion: 12.05.2006

Full quote:

" The Ordinance of 12 May 2006 (BGBl). 1175), as defined by Article 1 of the Regulation of 16 September 2009 (BGBl). I p. 3041)

Status:

Amended by Art. 1 V v. 16.9.2009 I 3041

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.8.2006 + + +) 

  

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Input formula

On the basis of § 16 (4) sentence 1 to 3 of the Pfandbrief Act of 22 May 2005 (BGBl. 1373) in conjunction with Section 1 (4) of the Regulation on the delegation of powers to the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) of 13 December 2002 (BGBl. 3), § 1 No. 4 as last amended by Article 7 (1) of the Law of 22 June 2005 (BGBl. 1698), the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht), in agreement with the Federal Ministry of Justice, after hearing the leading associations of the credit industry:

Part 1
General provisions and procedural principles

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§ 1 Scope

The provisions of this Regulation shall apply in the determination of the mortgage lending values in accordance with Article 16 (1) and (2) of the Pfandbrief Act and in the collection of the data necessary for the determination of the value of the value. Unofficial table of contents

§ 2 Subject of the valuation of the value

The object of the determination of the deposit is the property, the same right or the comparable right of a foreign legal order, which is subject to or is to be burdened with the fundamental right of property. Unofficial table of contents

§ 3 Principle of the determination of the value of the Beleider

(1) The value on which the exposure is based (asset value) is the value of the property, which experience, according to experience, is independent of temporary, such as cyclical fluctuations in the value of the relevant land market and with elimination of of speculative elements during the entire duration of the exposure during a sale. (2) For the purpose of determining the value of the asset, the future commercial nature of the property shall be taken into account in the light of the long-term nature of the property. Sustainable characteristics of the object, the normal regional the market conditions and the current and possible other uses in the context of a cautious assessment. Unofficial table of contents

§ 4 Procedure for determining the value of the insult

(1) In order to determine the asset value, the yield value (§ § 8 to 13) and the property value (§ § 14 to 18) of the Beleiing object are to be determined separately. The asset value shall be deducted in the light of these values in accordance with the provisions of paragraphs 2 to 6. The object to be assessed is to be viewed in the context of the value determination. (2) In the case of residential and partial property, the comparative value procedure according to § 19 is to be carried out in addition and the comparison value as a control value in the determination of the lending value shall be considered. In the case of condominies and individual units used in self-employed commercial units, it is possible in these cases to determine the value of the property. (3) The value of the asset is regularly determined for the determination of the value of the asset, which is not the case. may be exceeded. If, in these cases, the property value or the comparative value of the Beleification object is more than 20 percent lower than the yield value, a special review of the sustainability of the underlying income and its capitalization is required. If the initially determined yield value is confirmed, the result of the verification is subject to a verifiable justification, otherwise the yield value must be reduced accordingly. (4) For single-and two-family houses as well as condominities, the value of the income can be reduced. the value of the asset is based on the value of the item and a determination of the value of the yield is eliminated if the object to be assessed is, after cutting, quality of equipment and location without any doubt, suitable for self-use and in the case of ordinary market development the circumstances of the individual case may be assumed to have the object is permanently in demand by potential purchasers for their own use. In these cases, the value of the insult can also be based on a comparison value determined in accordance with § 19; in addition to the determination of the yield value, the determination of the property value can also be omitted. However, in the case of single-and two-family houses, an orientation on the comparison value may only be carried out if the determination is based on the actual comparison prices of at least five objects, which are also based on the size of the living area with the reference value. (5) A maintenance backlog or other structural effort, as well as tree defects and structural damage, which can be recognized at the time of the assessment, shall be based on the maintenance backlog for its disposal on the Expenses required for the valuation date, or as separate from experience Consideration shall be taken into account. The loading value must be adjusted accordingly. (6) In the case of objects under construction, the loading value is the state value. This is the sum of the ground value (§ 15) and the proportional value of the construction plant. The proportional value of the construction plant is calculated from the value of the construction plant of the finished object (§ 16) and the building tended to be reached. The building tended in approach shall be determined by a person who is to be selected by the Pfandbrief bank, who is independent of the planning and execution of the building, and § 7 (1) sentence 1 shall apply accordingly. In cases where the yield value of the completed object is lower than the actual value of the object, the state value must not exceed the proportional yield value which corresponds to the percentage of the respective building's level.

Part 2
Expert opinions and reviewers

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§ 5 Opinion

(1) The mortgage lending value shall be determined by means of an expert opinion. (2) The opinion shall be drawn up by one or more reviewers determined by the Pfandbrief Bank in general or on a case-by-case basis. In special cases, for example in the context of co-operations or in the case of portfolio purchases, opinions may be drawn up for other credit institutions or insurance undertakings, if:

1.

these opinions comply with the provisions of this Regulation,

2.

a competent employee of the Pfandbrief Bank, not covered by the credit decision, carries out a plausibility check, also with regard to the individual valuation parameters, and

3.

the result of the plausibility check is documented.

Opinions submitted or commissioned by the borrower must not be taken into account. (3) The opinion must be based on the object and location quality, the regional property market, and the legal and actual Object properties and to the ability of the object to be activated, its ability to be used and the ability to rent. The expert opinion also has to deal with the question of whether the surveyed property is a sufficiently large potential buyer and user group and thus the sustainable profitability of the property based on its wide-ranging usability and their sufficient usability by third parties; a loss of value to be expected in the course of time is to be presented and in particular in the assessment of the risk of modernization (§ 11 (7)) and the remaining period of use (§ 12 para. 2) shall be considered. The essential valuation parameters and the assumptions made shall be explained and explained in a comprehensible way. (4) All circumstances affecting the material value or the yield value, in particular also possible restrictions on use, serviceability, To be mentioned, to be taken into account and, where appropriate, to be taken into account in a value-reducing manner, shall be subject to disclosure requirements, pre-emption rights, construction loads and all other restrictions and loads. Unofficial table of contents

§ 6 Reviewers

The expert must have special knowledge and experience in the field of valuation of real estate after his or her training and professional activity; a corresponding qualification shall be obtained in the case of persons employed by a state, state-owned, state-owned and/or state-owned recognised or accredited in accordance with DIN EN ISO/IEC 17024 as experts or experts for the valuation of real estate or have been certified. When selecting the reviewer, the Pfandbrief bank has to convince itself that the reviewer, in addition to many years of professional experience in the valuation of properties of real estate, has to offer especially the necessary information on the preparation of mortgage valuation reports. Knowledge, especially regarding the respective real estate market and the type of property. Unofficial table of contents

§ 7 Independence of the assessor

(1) The reviewer must be independent from the credit acquisition and credit decision process as well as from object transfer, sale and rental. It must not be in a related, other legal or economic relationship with the borrower and must not have its own interest in the result of the opinion. The reviewer may not set the mortgage lending value or process the loan. (2) The assessment of the mortgage lending in the Pfandbrief bank may only be based on the determination of the mortgage lending value if the assessment is carried out within the framework of the Establishment organisation of the Pfandbrief Bank the relevant experts are only responsible for the management or are exclusively part of a reviewer unit which is directly subject to the management, or part of an all relevant Verifier summary unit and also, by the way, up to and including the level of Management is not associated with an area of the Pfandbrief bank, where real estate lending is either alleged or made subject to the sole vote.

Part 3
Value determination procedure

Section 1
Yield value procedure

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§ 8 Basics of the acquisition of earnings

(1) The yield value of the construction plant, separate from the ground value, shall be determined in accordance with § § 9 to 12. (2) The ground value shall be determined in accordance with § 15. (3) The ground value and the yield value of the construction plant shall be determined subject to the following conditions: § 13 the yield value of the BeleihungsObject. Unofficial table of contents

Section 9 Determination of the yield value of the construction plant

(1) In the determination of the yield value of the construction plant, the annual net yield can be expected to be sustainably achieved. The net income is derived from the gross profit (§ 10) minus the cost of management (§ 11). (2) The net income is to be reduced by the amount which results from an appropriate return on the ground value. The interest rate shall be based on the capitalization interest rate applicable to the capitalization according to § 12. If the property is substantially larger than the use of a site appropriate to the construction site, and if an additional use or exploitation of a face is permitted and possible, the calculation of the amount of interest in the land shall be the same as the amount of the land value. of this face should not be used. In terms of value determination, the additional use and utilization of this sub-area shall also be shown in a comprehensible manner in terms of construction law. (3) The net income reduced in accordance with paragraph 2 shall be capitalised in accordance with § 12. Unofficial table of contents

§ 10 Rohertrag

(1) The determination of the gross profit shall take into account only the yield which the object can provide to each owner in a sustainable way if the object is properly managed and used. If the sustainable rent is above the contractually agreed rent, the contractually agreed rent is usually to be added. The rental area corresponds to the rentable living area in the case of residential use or the permanently rentable useful area for commercial use. In the case of different types of use, the proportional yields are to be presented separately. Deposits which are to be paid by the tenant or tenant to cover operating costs shall not be taken into account. (2) In the case of hotel, clinic, nursing home or comparable use, the resulting crude yields referred to in paragraph 1 shall be applied to: (3) Existence of structural or long-lasting vacancy rates, it is particularly necessary to check whether, due to the respective market situation, a renting at all is possible. or to be expected at the rental prices in the foreseeable future. Unofficial table of contents

Section 11 Costs of management

(1) The gross profit determined in accordance with § 10 shall be reduced by the cost of management normally remaining in the case of landlords. For this purpose, income-reducing individual cost estimates for administrative costs, maintenance costs, the rental default risk and, where appropriate, other operating costs not covered by submissions are to be added to the yield, as well as to the costs of the long-term market experience. (2) The individual cost estimates shall be within the permitted bandwidths according to Appendix 1, unless the particular circumstances of the individual case are higher than those of the individual case. Approach required. A discernible, acute risk of leaking, which is above the set of experience, is to be regarded as a separate loss of value in the amount of the expected failure. The minimum cost for the management cost reduction is 15 percent of the gross profit. However, as a result, the actual or calculated management costs of an object must not be undershot. (3) Administrative costs within the meaning of the second sentence of paragraph 1 are:

1.

the costs of the manpower and facilities necessary for the management of the land, and the supervision,

2.

the costs of accounting, auditing, payment transactions and annual accounts, and

3.

the costs of concluding and amending rental contracts and the processing of insurance cases.

(4) Maintenance costs within the meaning of the second sentence of paragraph 1 shall be costs which must be incurred as a result of wear, ageing and weather conditions in order to maintain the intended use of the construction plant during its useful life. They include the ongoing maintenance and periodic repair of the construction plant, but not its modernisation. (5) The risk of a loss of earnings within the meaning of the second sentence of paragraph 1 is the risk of a reduction in yield caused by non-compliance. Leasing or vacancy of space intended for renting is created. It also serves to cover the costs of a legal prosecution for payment or cancellation of a lease or eviction. (6) Operating costs within the meaning of paragraph 1, second sentence, are the costs of ownership of the property or by the (7) The costs of necessary adaptation measures, which are in addition to the maintenance costs to maintain the marketability and the maintenance costs, and the costs of the maintenance of the land, the the need to ensure a lasting protection of the level of leeway, the The modernization risk referred to in the second sentence of paragraph 1. They shall be presented as a percentage of the new construction costs. Unofficial table of contents

Section 12 Capitalisation of net income

(1) The net income which is reduced by the amount of interest in the land value in accordance with section 9 (2) is dependent on the remaining period of use of the construction plant and the capitalization interest rate with the resulting financial mathematically the (2) In the case of the measurement of the remaining period of use, in contrast to the technical service life, it is only necessary to adjust to the period during which the construction plant at Proper entertainment and management can still be operated economically. Taking into account the user requirements changing in increasingly shorter time intervals, the economic remaining time of use is object-specific on the basis of the question as to how long the rentability of the object to the , it shall be appreciated. The rates of experience for the useful life of building plants referred to in Appendix 2 shall be taken into account. (3) The rate of capitalisation interest shall be equal to the assumed interest rate with which the sustainable net income of a property which can be achieved in the future shall be discounted according to a prudent estimate for the period of its adopted payment. It must be derived from the regional, long-term market development. The higher the income and sales risk of the property is to be classified, the higher the capitalization interest rate must also be chosen. Different types of use are to be considered separately. (4) In the case of residential use, the rate of capitalization may not be less than 5 per cent, and not less than 6 per cent in the case of commercial use without prejudice to sentence 3. (minimum rates). The bandwidths for individual uses referred to in Appendix 3 shall be used. The lower limit of the respective bandwidth may be reduced by a maximum of 0.5 percentage points for commercially used objects, if they are first-class properties. This shall be the case if at least the following criteria are met:

1.

a very good location in the compression room,

2.

a preferred location according to the type of object concerned,

3.

a good infrastructure,

4.

a good conception,

5.

high-quality equipment,

6.

high-quality construction,

7.

a particularly high level of marketability,

8.

the restriction to the types of use of trade, office and business,

9.

a very good object condition and

10.

the given possibility of other uses.

The opinion of the special, verifiable justification shall be subject to a reduction in the number of cases referred to in sentence 3. Unofficial table of contents

Section 13 Determination of the yield value in special cases

(1) In the event of the reduction of the net yield by the amount of interest on the ground value in accordance with Article 9 (2), no part shall be used for the determination of the yield value of the construction plant, the yield value of the beleiment object shall, by way of derogation from Article 8 (3), be the only difference between the To set ground value. In this case, the ground value shall be reduced by the usual costs, which would be to be applied in order to align the plot of land with comparable undeveloped land. The normal costs within the meaning of the second sentence are in particular the cost of demolition for the construction plants. (2) In the case of a residual useful life of the construction plant of less than 30 years, the share of the ground value at the yield point shall also be applied to the (3) In cases where the value of the land is more than half the value of the yield, the total cost of the construction plant must be determined, identified and deducted from the value of the yield. where the opinion is based on the assumptions underlying the determination of the soil value, and the conditions for a replacement construction and the expenses, if any, necessary for this purpose.

Section 2
Substantive procedures

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§ 14 Basics of objecting

The property value of the Beleification object is composed of the ground value and the value of the construction plant to be determined in accordance with § 16. The building's construction also includes the outdoor facilities. Unofficial table of contents

§ 15 Soil value

(1) For the determination of the soil value, surveys shall be carried out on:

1.

the location, size and cutting of the land,

2.

the nature and extent of the rights of use and the actual use,

3.

the nature and nature of the approach,

4.

the main economic and transport links,

5.

connection possibilities for supply lines and sewerage systems,

6.

the resulting contributions and

7.

existing benchmark values and comparative prices.

(2) The ground value shall be set in accordance with square metres of the land area. The determination of the ground value must not be used as a basis for the use of higher value. Unofficial table of contents

§ 16 Value of the construction plant

(1) In order to determine the value of the structural installation, the production costs to be derived from experience rates per room or area unit are to be multiplied by the number of the corresponding reference unit of the building to be evaluated (production value). The cost of production must be appropriate for both regional and object-specific production. In particular, account should be taken of the value of

1.

the intended and possible use,

2.

the scope and the division of space,

3.

the construction and the materials used for the shell construction,

4.

the equipment and the value-influencing ancesuits,

5.

the age and the state of conservation in accordance with § 17,

6.

Other value-influencing circumstances in accordance with § 18.

The costs for outdoor installations must normally be set at no more than 5 per cent of the production value. (2) In order to take into account possible reductions in construction prices and thus the sustainable validity of the approaches, the following shall be determined in accordance with paragraph 1. Manufacturing value to cut a security beat of at least 10 percent. All evaluations must show the initial value per unit of space or area, the safety abatement and, where appropriate, the reduction in value due to age. (3) Baunal costs, in particular costs for planning, construction implementation, administrative costs Tests and approvals, can only be found in the usual amount and to the extent that they are equal to a permanent increase in value. The approach to the cost of the bath is limited to up to 20% of the production value reduced in accordance with paragraph 2. Unofficial table of contents

§ 17 impairment of age due to age

(1) The reduction in value due to age shall be determined by the ratio of the remaining useful life to the useful life of the building; it shall be expressed in a percentage of the manufacturing value. In the determination of the impairment loss, depending on the type and use of the constructional system, it can be assumed that a reduction in the value of the value is equal to or from an increasing age. (2) If the use is normal, the value can be reduced to a certain degree. Period of use of the construction plant has been extended by repairs or modernisation or maintenance or other conditions have been reduced to a shortening of the remaining useful life, the purpose of the determination of the reduction in value shall be: Because of age, the changed remaining period of use and the usual for the building installation the duration of the period of use. Unofficial table of contents

§ 18 Consideration of other factors affecting value

Other circumstances which have not yet been recorded in accordance with § § 16 and 17, such as an economic ageing, an over-or below-average state of conservation and a significant deviation from the actual situation of the , shall be taken into account by means of surcharges or by other appropriate means.

Section 3
Comparative Value Method

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Section 19 Determination of the comparison value

(1) For the purpose of determining the comparison value, sustainable comparative prices of objects which are to be obtained with regard to the characteristics influencing their value, in particular the location, equipment and possibilities of use, are to be used for the purpose of determining the comparative value in a sustainable way. , the comparison prices may be taken from purchase price or other market data collections. A security discount of at least 10 per cent shall be deducted from the initial value thus determined. (2) In the case of residential or partial property, the initial value of the object to be assessed results from the multiplication of the comparative price. per square metre of living or working area with the total area of the accommodation or partial property to be assessed, in the case of pitches from the multiplication of the comparison price for a parking space, with the number of applicants to be assessed Pitches; paragraph 1, second sentence, shall apply accordingly.

Section 4
Special features for individual objects

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§ 20 Bauland

In the determination of the value of the building land, both its state of development and the future demand for building land are to be examined. The opinion on the right to be built, the state of development and possible contaminated sites should be taken into account in the opinion. Only secured building rights may be taken into account. The value of the value shall be deducted from appropriate comparative values, taking into account the basic features found. Section 15 (2) shall apply accordingly. Unofficial table of contents

§ 21 inheritance rights and other fundamental rights

The remaining term of the inheritance law shall be taken into account when the inheritance rights are to be provided. Restrictions resulting from the inheritance law must be adequately taken into account by means of appropriate promotional surcharges. In the opinion, it should be stated whether and how long the inheritance law appears to be reasonably usable with regard to its duration and the compensation scheme agreed upon at the end of its termination for the building. The scheme applies to other fundamental rights and to those rights of a foreign legal order comparable to those of German law which are equal to the provisions of the same law. Unofficial table of contents

Section 22 Landeconomically used land

(1) Land-based land plots are those whose predominant part of the gross profit is obtained by agricultural or forestry use. (2) In the case of uncultivated land (land, grassland, fruit and vineyards, forest), the value of the land is the value of the land. to derive the land from suitable comparative prices, taking into account the basic characteristics of the land, as appropriate; § 15 shall apply accordingly. In this context, the nature, structure and size of the land shall be particularly appreciated in the light of regional circumstances, with particular reference to soil quality and climatic conditions in the opinion and to the derivation of the soil value. (3) Where built-up land is to be included in the evaluation, the yield value and the material value shall be determined for each of them. The buildings may be subject to an independent value, which can be taken into account in the determination of the value of the capital, only if they can be used independently and also outside the respective agricultural holding. Section 4 (4) shall apply accordingly. Unofficial table of contents

Section 23 Machinery and equipment

Machinery and equipment shall, in principle, be disregarded in the determination of the value of the property, provided that they are not essential elements of the object of the determination of the deposit value within the meaning of § 2. The value of such essential elements shall be assessed separately, in the light of a normal depreciation and sufficient charges for wear and technical devaluation, when the basic right of property law is applied to it. If there is a rapid ageing process in the case of machinery due to technical development, it is not possible to set these values in value terms. Unofficial table of contents

§ 24 Objects used for residential use in the case of small loans

(1) In the case of an objecting of a domicaleconomically used object, the preparation of an expert opinion in accordance with § 5 may be waived if the amount of the loan to be secured on the object, including all preloads, amounts to the amount of the amount of the loan is not exceeding 400,000 euros. However, in the case of a partial commercial use of the object, the proportion of the yield to which it is based may not exceed one third of the gross profit. Instead of issuing the opinion, a simplified valuation shall be drawn up or produced which must comply with the other requirements of this Regulation. (2) The person who carries out the valuation of the value in the case referred to in paragraph 1 shall be responsible for the assessment of the value of the value. be sufficiently trained and qualified for the determination of the value of the objects referred to therein. It must not be identical to the person who makes the final credit decision or sets the mortgage lending value; § 7 (1) sentence 2 shall apply accordingly. The Pfandbrief Bank shall ensure the regularity of the valuations by means of a review of a sufficiently large number of representative samples to be carried out at regular intervals by reviewers; § § 6 and 7 are (3) By way of derogation from Article 4 (1), third sentence, in the cases referred to in paragraph 1, a visit to the object to be assessed may not be carried out if:

1.

the object of the Pfandbrief bank or the credit institution or insurance undertaking cooperating with the Pfandbrief Bank is already known, and it is only possible to assume that the object has been received in the last two years by a credit institution or insurance undertaking. employees of the Pfandbrief Bank or of the cooperating credit institution or insurance undertaking or on behalf of the Pfandbrief Bank or the cooperating credit institution or insurance undertaking have been visited,

2.

it is the mortgage of a condominious apartment located in a building where the Pfandbrief bank has already visited at least one similar dwelling within the last two years,

3.

in the case of a single-family home situated in a settlement of similar single-family houses, the Pfandbrief Bank has visited at least one similar object in that settlement within the last two years, or

4.

in the case of a newly constructed prefabricated house of the Pfandbrief bank or the cooperating credit institution or insurance undertaking, the prefabricated house is well known and the prefabricated house is clearly determined by type and type on the basis of the manufacturer ' s catalogue can be.

The reasons for the maintenance of the inspection must be documented in a comprehensible manner. (3a) By way of derogation from § 4 (1) sentence 3, in the cases referred to in paragraph 1, an internal inspection of the object to be assessed may be waived if the Person carrying out the value determination, the essential valuation parameters are sufficiently well known and

1.

the property has been completed within the last ten years, and the reasons for the renunciation of the internal inspection are to be documented in a comprehensible manner, or

2.

a drop of at least 10 per cent shall be made on the basis of the results of the determination of the value of the supply.

(4) In the case of the acquisition of a large number of loan receivings referred to in paragraph 1, other credit institutions or insurance undertakings may be used as a basis for simplified valuations of the value created for them or for such simplified valuations, provided that:

1.

these valuations shall comply with the provisions of the third sentence of paragraph 1 and of the first and second sentences of paragraph 2,

2.

a competent employee of the Pfandbrief Bank, not covered by the credit decision, carries out a plausibility check, also with regard to the individual valuation parameters, and

3.

the result of the plausibility check is documented.

The plausibility check required in accordance with the first sentence of 1 no. 2 can be limited to a representative number of assessments, which form the acquired portfolio regionally and objectively. If it is found that the values of the covering objects determined at the time have not only been set too high in individual cases or if there are other doubts as to the appropriateness of the values determined, the result is a dependency on the value of the values determined on the basis of the value of the test object. Result of the verification of the sample shall be adequately extended or an individual review of all assessments for specific regions or object types or a full re-evaluation of certain or all of the exposedment objects referred to in paragraph 1, sentence 3 in conjunction in accordance with the first and second sentences of paragraph 2. The valuations referred to in the first sentence shall be included in the review to be carried out in accordance with the third sentence of paragraph 2.

Section 5
Objects located abroad

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Section 25 Beloing abroad

(1) The determination of the exposure value of objects situated outside the Federal Republic of Germany shall be determined in accordance with § § 1 to 23 and 26, unless otherwise specified in paragraphs 2 to 5. (2) In the determination of the Exposure value may be used to provide essential information, data and assessments from a country-specific opinion drawn up in relation to the object to be assessed, provided that this opinion is carried out on a transparent basis and by professional circles. , and the essential information for the determination of the Insult value contains. The country-specific expert opinion may not be older than two years at the time of the determination of the inservice value and must have been drawn up in accordance with the provisions of § 4 (1) sentence 3, § 5 (2) sentence 1 and 3 and section 3, as well as § § 6 and 7. The data and parameters taken from the country-specific opinion shall be identified in the assessment report to be drawn up in accordance with Section 5 (1). A re-visit of the object within the framework of the determination of the Beleihungswerterdetermination can be dispensed with if the country-specific expert opinion sufficiently describes the findings obtained in the context of the early visit as well as all the (3) In the case of the derivation of the capitalization interest rate to be applied in accordance with Section 12 (3), the peak values achieved in the respective market not only in the short term are appropriate. (4) Insofar as a consideration of the economic The remaining time of use within the meaning of section 12 (2) in country-specific valuations is uncommon or not expelled, can be used to determine the reproduction according to § 12 para. 1 a rest period of use of 100 years, provided that the (5) The respective country-specific valuation methodology usually provides for a deduction of the remaining period of use of the building. Cost of management is not available, or only in a highly reduced form, can be found in § 11 para. 2 sentence 3 The mandatory minimum train shall also take the form of an equivalent equivalent through the approach of an increased rate of capitalization interest.

Section 6
Verification of the determination of the value of the Beleification

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Section 26 Review of the fundamentals of the determination of the value of the Beleification

(1) It is clear that there is no evidence that the fundamentals of the determination of the value of the beleiment have worsened insignificantly. This is particularly true when the general level of prices on the relevant regional property market has fallen in an amount which is at risk of safety in the field of public safety. In the case of non-owned residential real estate, a check shall be carried out even if the claim secured on the mortgage object has a significant performance residue of at least 90 days. The value of the asset is to be reduced if necessary. (2) If, according to other provisions, there is a further obligation to check the value of the insult, this shall remain unaffected.

Part 4
Final provisions

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§ 27 Reference source of the DIN standard

The DIN standard referred to in § 6 sentence 1 is published in the Beuth Verlag GmbH, Berlin and is deposited in the German Patent and Trademark Office in Munich. Unofficial table of contents

Section 28 Entry into force

This Regulation shall enter into force on 1 August 2006. Unofficial table of contents

Appendix 1 (to § 11 para. 2)
Range of individual cost estimates for the calculation of management costs

Source of the original text: BGBl. I 2006, 1182 administrative costs

a)

Housing bandwidth of costs, calculated on the basis of the units:

-

Apartments: 200,00 to 275,00 Euro

-

Garages: 25,00 to 50,00 Euro

b)

Industrial object bandwidth: 1% to 3% of annual crude output

In each individual case, care must be taken to ensure that the absolute amount shown is unquestionably appropriate for proper administration.
Maintenance costs
Calculation basis: Production costs per sqm living area or utility area (excluding bath costs and outdoor facilities). The lower limit of the bandwidth is usually appropriate for new, the upper limit for older objects. The object state, degree of equipment and age shall be taken into account in the dimensioning of the maintenance costs.

a)

e.g. storage and production halls with production costs of 250,00 to 500,00 Euro/m²: 0.8% to 1.2%, absolute lower limit: 2,50 Euro/sqm

b)

For example, commercial objects simple standards and self-service consumer markets with manufacturing costs of more than 500.00 Euro/sqm: 0.8% to 1.2%, absolute lower limit: 5,00 Euro/m²

c)

For example, residential buildings and commercial buildings with medium standard and production costs of more than 1,000.00 Euro/sqm: 0.5% to 1%, absolute lower limit: 7,50 Euro/sqm

d)

For example, high-quality office and commercial and other commercial objects with manufacturing costs of more than 2,000.00 Euro/sqm: 0.4% to 1%, absolute lower limit: 9,00 Euro/m²

e)

Garages and underground parking spaces: 30,00 to 80,00 Euro per parking space

Forging Wagon

a)

Housing: 2% or more

b)

Commercial objects: 4% or more

Modernizing Risk
Calculation basis are the manufacturing costs (excluding bath costs and outdoor facilities)

a)

No risk of modernization (e.g. Normal residential buildings, small residential and commercial buildings, small and medium-sized office buildings, storage and production halls): 0% to 0.3%

b)

low modernization risk (e.g. Larger office buildings, residential, office and commercial buildings with special features, retail trade with a simple standard): 0.2% to 1.2%

c)

higher risk of modernization (e.g. B. Inner-city hotels, higher standard retail, leisure properties with simple standard): 0.5% to 2%

d)

Very high risk of modernization (e.g. B. Sanatoriums, clinics, leisure properties with a higher standard, hotels and retail objects with a particularly high standard): 0.75% to 3%

Unofficial table of contents

Annex 2 (to § 12 para. 2)
Experience sets for the useful life of building plants

Source of the original text: BGBl. I 2006, 1183

A)

Residential use (objects situated in Germany): Home houses: 25 to 80 years

B)

Commercial use (objects situated in Germany):

a)

Business and office buildings: 30 to 60 years

b)

Warehouses, Shopping malls: 15 to 50 years

c)

Hotels and restaurants: 15 to 40 years

d)

Agriculturally used objects: 15 to 40 years

e)

Clinics, rehab facilities, old and nursing homes: 15 to 40 years

f)

Warehouses, production buildings: 15 to 40 years

g)

Leisure activities (e. g. Sports facilities): 15 to 30 years

h)

Multi-storey car parks: 15 to 40 years

i)

Hypermarket and specialist markets, consumer markets: 10 to 30 years

j)

Petrol stations: 10 to 30 years

Unofficial table of contents

Appendix 3 (to § 12 para. 4)
Bandwidths for capitalization interest rates

Source of the original text: BGBl. I 2006, 1184

A)

Residential use (objects situated in Germany): Home houses: 5,0% to 8,0%

B)

Commercial use (objects situated in Germany):

a)

Business Houses: 6.0% to 7.5%

b)

Office houses: 6,0% to 7,5%

c)

Warehouses: 6,5% to 8,0%

d)

Hypermarket and specialist markets: 6.5% to 8.5%

e)

Hotels and restaurants: 6.5% to 8.5%

f)

Clinics, rehab facilities: 6.5% to 8.5%

g)

Old-and nursing homes: 6.5% to 8.5%

h)

Agriculturally used objects: 6.5% to 8.5%

i)

Consumer markets, shopping centres: 6.5% to 9.0%

j)

Leisure activities (e. g. Sports facilities): 6.5% to 9.0%

k)

Car parks, petrol stations: 6,5% to 9,0%

l)

Storage halls: 6,5% to 9,0%

m)

Production buildings: 7,0% to 9,0%

Unofficial table of contents

Appendix 4 (to § 12 para. 1)
Duplicator table

(Fundstelle des Originaltextes: BGBl. I 2006, 1185-1186)

For a residual usage period of ... Years	at a capitalization interest rate in the amount of ... Percent
	5	5.5	6	6.5	7	7.5	8	8.5	9	9.5	10
1	0.95	0.95	0.94	0.94	0.93	0.93	0.93	0.92	0.92	0.91	0.91
2	1.86	1.85	1.83	1.82	1.81	1.80	1.78	1.77	1.76	1.75	1.74
3	2.72	2.70	2.67	2.65	2.62	2.60	2.58	2.55	2.53	2.51	2.49
4	3.55	3.51	3.47	3.43	3.39	3.35	3.31	3.28	3.24	3.20	3.17
5	4.33	4.27	4.21	4.16	4.10	4.05	3.99	3.94	3.89	3.84	3.79
6	5.08	5.00	4.92	4.84	4.77	4.69	4.62	4.55	4.49	4.42	4.36
7	5.79	5.68	5.58	5.48	5.39	5.30	5.21	5.12	5.03	4.95	4.87
8	6.46	6.33	6.21	6.09	5.97	5.86	5.75	5.64	5.53	5.43	5.33
9	7.11	6.95	6.80	6.66	6.52	6.38	6.25	6.12	6.00	5.88	5.76
10	7.72	7.54	7.36	7.19	7,02	6.86	6.71	6.56	6.42	6.28	6.14
11	8.31	8.09	7.89	7.69	7.50	7.32	7.14	6.97	6.81	6.65	6.50
12	8.86	8.62	8.38	8.16	7.94	7.74	7.54	7.34	7.16	6.98	6.81
13	9.39	9.12	8.85	8.60	8.36	8.13	7.90	7.69	7.49	7.29	7.10
14	9.90	9.59	9.29	9.01	8.75	8.49	8.24	8.01	7.79	7.57	7.37
15	10.38	10.04	9.71	9.40	9.11	8.83	8.56	8.30	8.06	7.83	7.61
16	10.84	10.46	10.11	9.77	9.45	9.14	8.85	8.58	8.31	8.06	7.82
17	11.27	10.86	10.48	10.11	9.76	9.43	9.12	8.83	8.54	8.28	8.02
18	11.69	11.25	10.83	10.43	10.06	9.71	9.37	9.06	8.76	8.47	8.20
19	12.09	11.61	11.16	10.73	10.34	9.96	9.60	9.27	8.95	8.65	8.36
20	12.46	11.95	11.47	11.02	10.59	10.19	9.82	9.46	9.13	8.81	8.51
21	12.82	12.28	11.76	11.28	10.84	10.41	10.02	9.64	9.29	8.96	8.65
22	13.16	12.58	12.04	11.54	11.06	10.62	10.20	9.81	9.44	9.10	8.77
23	13.49	12.88	12.30	11.77	11.27	10.81	10.37	9.96	9.58	9.22	8.88
24	13.80	13.15	12.55	11.99	11.47	10.98	10.53	10.10	9.71	9.33	8.98
25	14.09	13.41	12.78	12.20	11.65	11.15	10.67	10.23	9.82	9.44	9.08
26	14.38	13.66	13.00	12.39	11.83	11.30	10.81	10.35	9.93	9.53	9.16
27	14.64	13,90	13.21	12.57	11.99	11.44	10.94	10.46	10.03	9.62	9.24
28	14.90	14.12	13.41	12.75	12.14	11.57	11.05	10.57	10.12	9.70	9.31
29	15.14	14.33	13.59	12.91	12.28	11.70	11.16	10.66	10.20	9.77	9.37
30	15.37	14.53	13.76	13.06	12.41	11.81	11.26	10.75	10.27	9.83	9.43
31	15.59	14.72	13.93	13.20	12.53	11.92	11.35	10.83	10.34	9.89	9.48
32	15.80	14.90	14.08	13.33	12.65	12.02	11.43	10.90	10.41	9.95	9.53
33	16.00	15.08	14.23	13.46	12.75	12.11	11.51	10.97	10.46	10,00	9.57
34	16,19	15.24	14.37	13.58	12.85	12.19	11.59	11.03	10.52	10.05	9.61
35	16.37	15.39	14.50	13.69	12.95	12.27	11.65	11.09	10.57	10.09	9.64
36	16.55	15.54	14.62	13.79	13.04	12.35	11.72	11.14	10.61	10.13	9.68
37	16.71	15.67	14.74	13.89	13.12	12.42	11.78	11.19	10.65	10.16	9.71
38	16.87	15.80	14.85	13.98	13.19	12.48	11.83	11.23	10.69	10.19	9.73
39	17.02	15.93	14.95	14,06	13.26	12.54	11.88	11.28	10.73	10.22	9.76
40	17.16	16.05	15.05	14.15	13.33	12.59	11.92	11.31	10.76	10.25	9.78
41	17.29	16.16	15.14	14.22	13.39	12.65	11.97	11.35	10.79	10.27	9.80
42	17.42	16.26	15.22	14.29	13.45	12.69	12.01	11.38	10.81	10.29	9.82
43	17.55	16.36	15.31	14.36	13.51	12.74	12.04	11.41	10.84	10.31	9.83
44	17.66	16.46	15.38	14.42	13.56	12.78	12.08	11.44	10.86	10.33	9.85
45	17.77	16.55	15.46	14.48	13.61	12.82	12.11	11.47	10.88	10.35	9.86
46	17.88	16.63	15.52	14.54	13.65	12.85	12.14	11.49	10.90	10.36	9.88
47	17.98	16.71	15.59	14.59	13.69	12.89	12.16	11.51	10.92	10.38	9.89
48	18.08	16.79	15.65	14.64	13.73	12.92	12.19	11.53	10.93	10.39	9.90
49	18.17	16.86	15.71	14.68	13.77	12.95	12.21	11.55	10.95	10.40	9.91
50	18.26	16.93	15.76	14.72	13.80	12.97	12.23	11.57	10.96	10.41	9.91
51	18.34	17.00	15.81	14.76	13.83	13.00	12.25	11.58	10.97	10.42	9.92
52	18.42	17.06	15.86	14.80	13.86	13.02	12.27	11.60	10.99	10.43	9.93
53	18.49	17.12	15.91	14.84	13.89	13.04	12.29	11.61	11.00	10.44	9.94
54	18.57	17.17	15.95	14.87	13.92	13.06	12.30	11.62	11.01	10.45	9.94
55	18.63	17.23	15.99	14.90	13.94	13.08	12.32	11.63	11.01	10.45	9.95
56	18.70	17.28	16.03	14.93	13.96	13.10	12.33	11.64	11.02	10.46	9.95
57	18.76	17.32	16.06	14.96	13.98	13.12	12.34	11.65	11.03	10.47	9.96
58	18.82	17.37	16.10	14.99	14,00	13.13	12.36	11.66	11.04	10.47	9.96
59	18.88	17.41	16.13	15.01	14.02	13.15	12.37	11.67	11.04	10.48	9.96
60	18.93	17.45	16.16	15.03	14.04	13.16	12.38	11.68	11.05	10.48	9.97
61	18.98	17.49	16,19	15.05	14,06	13.17	12.39	11.68	11.05	10.48	9.97
62	19.03	17.52	16.22	15.07	14.07	13.18	12.39	11.69	11.06	10.49	9.97
63	19.08	17.56	16.24	15.09	14.08	13.19	12.40	11.70	11.06	10.49	9.98
64	19.12	17.59	16.27	15.11	14.10	13.20	12.41	11.70	11.07	10.49	9.98
65	19.16	17.62	16,29	15.13	14.11	13.21	12.42	11.71	11.07	10.50	9.98
66	19.20	17.65	16.31	15.14	14.12	13.22	12.42	11.71	11.07	10.50	9.98
67	19.24	17.68	16.33	15.16	14.13	13.23	12.43	11.71	11.08	10.50	9.98
68	19.28	17.70	16.35	15.17	14.14	13.24	12.43	11.72	11.08	10.50	9.98
69	19.31	17.73	16.37	15.19	14.15	13.24	12.44	11.72	11.08	10.51	9.99
70	19.34	17.75	16.38	15.20	14.16	13.25	12.44	11.73	11.08	10.51	9.99
71	19.37	17.78	16.40	15.21	14.17	13.25	12.45	11.73	11.09	10.51	9.99
72	19.40	17.80	16.42	15.22	14.18	13.26	12.45	11.73	11.09	10.51	9.99
73	19.43	17.82	16.43	15.23	14.18	13.27	12.45	11.73	11.09	10.51	9.99
74	19.46	17.84	16.44	15.24	14.19	13.27	12.46	11.74	11.09	10.51	9.99
75	19.48	17.85	16.46	15.25	14.20	13.27	12.46	11.74	11.09	10.51	9.99
76	19.51	17.87	16.47	15.26	14.20	13.28	12.46	11.74	11.10	10.52	9.99
77	19.53	17.89	16.48	15.26	14.21	13.28	12.47	11.74	11.10	10.52	9.99
78	19.56	17.90	16,49	15.27	14.21	13.29	12.47	11.74	11.10	10.52	9.99
79	19.58	17.92	16.50	15.28	14.22	13.29	12.47	11.75	11.10	10.52	9.99
80	19.60	17.93	16.51	15.28	14.22	13.29	12.47	11.75	11.10	10.52	10,00
81	19.62	17.94	16.52	15.29	14.23	13.30	12.48	11.75	11.10	10.52	10,00
82	19.63	17.96	16.53	15.30	14.23	13.30	12.48	11.75	11.10	10.52	10,00
83	19.65	17.97	16.53	15.30	14.23	13.30	12.48	11.75	11.10	10.52	10,00
84	19.67	17.98	16.54	15.31	14.24	13.30	12.48	11.75	11.10	10.52	10,00
85	19.68	17.99	16.55	15.31	14.24	13.30	12.48	11.75	11.10	10.52	10,00
86	19.70	18.00	16.56	15.32	14.24	13.31	12.48	11.75	11.10	10.52	10,00
87	19.71	18.01	16.56	15.32	14.25	13.31	12.48	11.75	11.10	10.52	10,00
88	19.73	18.02	16.57	15.32	14.25	13.31	12.49	11.76	11.11	10.52	10,00
89	19.74	18.03	16.57	15.33	14.25	13.31	12.49	11.76	11.11	10.52	10,00
90	19.75	18.03	16.58	15.33	14.25	13.31	12.49	11.76	11.11	10.52	10,00
91	19.76	18.04	16.58	15.33	14.26	13.31	12.49	11.76	11.11	10.52	10,00
92	19.78	18.05	16,59	15.34	14.26	13.32	12.49	11.76	11.11	10.52	10,00
93	19.79	18.06	16,59	15.34	14.26	13.32	12.49	11.76	11.11	10.52	10,00
94	19.80	18.06	16.60	15.34	14.26	13.32	12.49	11.76	11.11	10.52	10,00
95	19.81	18.07	16.60	15.35	14.26	13.32	12.49	11.76	11.11	10.52	10,00
96	19.82	18.08	16.60	15.35	14.26	13.32	12.49	11.76	11.11	10.52	10,00
97	19.82	18.08	16.61	15.35	14.27	13.32	12.49	11.76	11.11	10.52	10,00
98	19.83	18.09	16.61	15.35	14.27	13.32	12.49	11.76	11.11	10.52	10,00
99	19.84	18.09	16.61	15.35	14.27	13.32	12.49	11.76	11.11	10.52	10,00
100	19.85	18.10	16.62	15.36	14.27	13.32	12.49	11.76	11.11	10.53	10,00