The Residential Real Estate Purchase Contract is a fundamental legal document used in Austrian property transactions for transferring ownership of residential properties. It is essential for both private and commercial property transactions, requiring careful preparation to ensure compliance with Austrian civil law, property regulations, and local requirements. This contract type must address all aspects of the property transfer, including precise property identification, purchase price, payment terms, and conditions for ownership transfer. It requires notarization and registration in the Austrian land register (Grundbuch) to effect the legal transfer of ownership. The document serves as the primary agreement between buyers and sellers, protecting both parties' interests while ensuring compliance with Austrian real estate transaction laws, including necessary provisions for property handover, warranties, and cost allocations.
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1. Parties: Identification of seller and buyer with full legal names, addresses, and identification numbers
2. Background: Context of the sale and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed description of the property including land register details (Grundbuch), property address, size, and cadastral number
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Transfer of Ownership: Terms and conditions for the transfer of property ownership and registration in the land register
7. Representations and Warranties: Seller's warranties regarding property condition, encumbrances, and legal status
8. Handover and Transfer of Risk: Timing and conditions for property handover and transfer of risk to the buyer
9. Taxes and Costs: Allocation of transaction costs, including transfer tax, registration fees, and notary costs
10. Due Diligence: Buyer's inspection rights and acknowledgments regarding property condition
11. Notices: Communication procedures between parties
12. Governing Law: Confirmation of Austrian law application and jurisdiction
13. Execution: Signature requirements and notarization provisions
1. Mortgage and Financing: Include when buyer is obtaining mortgage financing, detailing conditions and coordination with lender
2. Tenant Provisions: Include when property is currently tenanted, addressing existing lease agreements
3. Furniture and Fixtures: Include when sale includes specific furniture or fixtures
4. Construction Completion: Include for properties under construction or requiring specific works before completion
5. Foreign Buyer Provisions: Include when buyer is non-Austrian, addressing any special permits or requirements
6. Agent Provisions: Include when real estate agents are involved in the transaction
7. Contamination and Environmental: Include when there are known environmental issues or specific warranties needed
8. Parking and Storage: Include when separate parking spaces or storage units are part of the sale
1. Property Plans: Floor plans, site plans, and land register extracts
2. Property Inventory: Detailed list of included furniture, fixtures, and equipment
3. Title Documents: Current land register extract (Grundbuchauszug) and ownership history
4. Technical Documentation: Building permits, energy certificate, and technical assessments
5. Existing Contracts: Copies of relevant contracts affecting the property (e.g., maintenance agreements)
6. Payment Schedule: Detailed breakdown of payment installments and timing
7. Due Diligence Results: Reports from property inspections and technical surveys
8. Handover Protocol Template: Template for documenting the physical handover of the property
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Construction
Banking and Finance
Legal Services
Property Management
Investment and Fund Management
Insurance
Urban Development
Professional Services
Relevant Teams
Legal
Real Estate
Property Development
Sales
Compliance
Finance
Investment
Operations
Risk Management
Administrative Support
Relevant Roles
Real Estate Lawyer
Property Developer
Real Estate Agent
Notary
Property Manager
Legal Counsel
Mortgage Advisor
Investment Manager
Property Surveyor
Compliance Officer
Real Estate Investment Analyst
Transaction Manager
Development Director
Sales Manager
Legal Administrator
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