General information on completing a purchase
Caution
These rules apply to all those who purchase property in Austria.
Advice
Due to the complexity of the legal issues associated with acquiring ownership of property, it is generally beneficial to seek help from a notary (→ ÖNK)German text or a lawyer (→ ÖRAK)German text when drawing up the agreement and registering your ownership title..
The range of properties on offer is considerable; however, there are offers that appear to be particularly favourable at first glance, but which are not as advantageous as one might think.
The price of a property is determined by the free market; you can find information on the price per square metre from real estate agents or experts – there is no such thing as an authoritative ‘price index’.
Remember to request a certified extract from the land register. There are also encumbrances on a property that cannot be seen from the land register extract. The purchase decision must therefore be made with particular care. This is particularly true because used properties are generally sold without any guarantee for material defects.
It is worth asking yourself why the owner wishes to sell the property! Check whether the value of the property will remain the same in the future or whether it is expected to lose value (e.g. as a result of planned industrial or road construction projects). Specify whether you wish to use the property yourself or whether you are considering renting it out.
Tip
Insist on an escrow arrangement when purchasing a property. This ensures the agreed-upon legal position of both the buyer and the seller and saves you from having to make extensive enquiries as to the creditworthiness of your contractual partner.
- oesterreich.gv.at Editorial Staff
- Austrian Chamber of Civil-Law Notaries