A party wall contract takes these traditional principles into account and establishes rules on ownership and maintenance obligations for the common party wall. The purpose of an agreement on party walls is to anticipate and resolve disputes between the parties before they take place – which will never happen, of course, but if they do, there is an agreement on the party walls. The agreement on the party walls should clearly define which party is bound to preserve the wall and its consequences if that wall is not preserved. And in general, a party wall agreement requires owners to keep their part of the wall together and together. The party management agreement will also cover the management by the two owners of overheads such as insurance, structural problems, roof maintenance and exchanges, foundations and common power lines. It can also include routine maintenance and the construction of other improvements such as fences and sheds in conjunction with the party wall. Such an agreement also provides for rules on an owner`s right to change the wall. For example, a parent agreement might say that both parties can hang frames on the wall, or that both parties can paint the wall, etc. And secondly, I hope that the agreement also provides that a party can make structural changes to the party wall, which obviously makes sense, since the two owners share the wall and all the structural changes would inevitably affect both owners.
Parts of a party wall agreement should indicate what an owner can follow from another landlord when an owner does not terminate the agreement to ensure that this does not happen and that there is a solution if this is the case. Many party convention contracts can also be put in place to “run with the land”, i.e. every time an owner sells his unit, the new owner is subject to the same agreement as the last owner. As soon as the owners legally accept the conditions in question, the circumvention agreements of the parties are recorded in the land registers, either (typically) with the Landratsamt or elsewhere. By adding the party wall agreement in public registers, potential buyers who look at a property with a party wall can better understand the property they want to buy. It`s like a owners` association for a party for two. I hope that this information about the agreements on the party walls has been helpful. Be sure to review your own agreement, have your real estate agent checked and feel free to spend some money on a lawyer if you are not comfortable with what you are signing.