The Real Estate Purchase Agreement is a crucial document used in Austrian property transactions to formalize the transfer of real estate ownership. It serves as the primary legal instrument for documenting the terms and conditions of property sales under Austrian law. This document is essential when any party wishes to purchase or sell real property in Austria, whether it's residential, commercial, or industrial property. The agreement must comply with strict formal requirements under Austrian law, including mandatory notarization and subsequent registration in the land register (Grundbuch). It encompasses all necessary elements required by the Austrian Civil Code (ABGB), including precise property description, purchase price arrangements, warranties, and specific closing conditions. This type of agreement is particularly important as it forms the basis for the property transfer tax assessment and serves as the foundation document for land register registration.
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1. Parties: Identification of seller and purchaser with full legal names, addresses, and registration details if companies
2. Background: Context of the transaction and brief property description
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including land register details (Grundbuch), property address, and cadastral number
5. Purchase Price: Amount, currency, and payment terms including escrow arrangements
6. Payment Terms: Schedule of payments, method of payment, and conditions for release of funds
7. Transfer of Ownership: Conditions and process for transferring title, including land register registration requirements
8. Representations and Warranties: Seller's warranties about property condition, encumbrances, and legal status
9. Handover: Process and timing for physical handover of the property
10. Costs and Taxes: Allocation of transaction costs, transfer tax, and registration fees
11. Notices: Communication procedures between parties
12. Governing Law: Confirmation of Austrian law application and jurisdiction
13. Execution: Signature requirements including notarization provisions
1. Mortgage Release: Required if property has existing mortgages to be discharged
2. Tenant Provisions: Required if property is subject to existing tenancies
3. Construction Completion: Required for properties under construction, including completion timelines and standards
4. Condominium Rules: Required for condominium properties, incorporating WEG requirements
5. Environmental Provisions: Required if environmental issues or contamination are present
6. Broker Provisions: Required if real estate brokers are involved in the transaction
7. Furniture and Fixtures: Required if sale includes specific movable property
8. Development Rights: Required if property includes unused development potential or building rights
1. Property Plans: Land register extract (Grundbuchauszug) and cadastral plans
2. Property Certificates: Energy certificate, building permits, and usage approvals
3. Inventory List: List of included furniture and fixtures if applicable
4. Due Diligence Documents: Technical reports, building inspection reports, and soil surveys
5. Existing Contracts: Copies of relevant contracts affecting the property (leases, maintenance agreements)
6. Payment Schedule: Detailed breakdown of payment installments and timing
7. Handover Protocol: Template for recording the physical handover of the property
8. Power of Attorney: If required for completion of land register registration
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