Document background
The Owner Finance Contract is utilized in Austrian real estate transactions where traditional bank financing is either not preferred or not available. This document type combines elements of both a property sale agreement and a financing agreement, structured in compliance with Austrian civil law, particularly the ABGB (Austrian Civil Code) and property legislation. It is commonly used in situations where sellers wish to generate ongoing income from their property sale, or where buyers may face challenges obtaining traditional mortgage financing. The document includes crucial elements such as property details, purchase price, financing terms, security arrangements, and specific requirements for Austrian property transfers, including notarization and land registry registration. The Owner Finance Contract must incorporate consumer protection provisions when applicable and adhere to Austrian banking and financial services regulations.
