The Home Purchase And Sale Agreement is a crucial legal document used in Austrian real estate transactions to formalize the transfer of property ownership. It serves as the primary contract between buyers and sellers, incorporating mandatory elements required by Austrian property law, including the ABGB (Austrian Civil Code), the Land Registry Act (Grundbuchsgesetz), and various other regulatory requirements. This document is essential for both residential and commercial property transactions in Austria, requiring notarization and specific formatting to ensure land registry acceptance. It includes detailed provisions for property description, purchase price, payment terms, warranties, and transfer conditions, while also addressing local requirements such as energy certificates and property registration procedures.
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Key Requirements PROMPT example:
Home Purchase And Sale Agreement
"I need a Home Purchase and Sale Agreement under Austrian law for buying a newly constructed apartment in Vienna's 19th district, with completion and handover scheduled for March 2025, including specific provisions for parking space and storage unit."
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1. Parties: Identification of the seller(s) and buyer(s) with full legal names, addresses, and registration details if applicable
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the property including land registry details (Grundbuch), property address, and cadastral number
5. Purchase Price: Specification of the purchase price, payment terms, and escrow arrangements
6. Payment Terms: Detailed payment schedule, method of payment, and banking details
7. Transfer of Ownership: Conditions and process for transferring property ownership via the land registry
8. Representations and Warranties: Seller's warranties regarding property condition, encumbrances, and legal status
9. Handover Conditions: Terms and timing for physical handover of the property
10. Costs and Taxes: Allocation of transaction costs, transfer taxes, and registration fees
11. Due Diligence: Buyer's inspection rights and related procedures
12. Notices: Communication procedures between parties
13. Governing Law: Confirmation of Austrian law application and jurisdiction
14. Execution: Signature requirements and notarization provisions
1. Mortgage Release: Required if the property has existing mortgages that need to be cleared
2. Tenant Provisions: Required if the property is currently leased to tenants
3. Condominium Provisions: Required for properties under the Wohnungseigentumsgesetz
4. Construction Completion: Required for properties under construction or requiring renovation
5. Real Estate Agent: Required if brokers are involved in the transaction
6. Environmental Conditions: Required if there are environmental issues or protections
7. Parking Rights: Required if separate parking rights are included
8. Usage Rights: Required if there are specific usage restrictions or rights
1. Property Plan: Official cadastral plan and property boundaries
2. Land Registry Extract: Current Grundbuchauszug showing ownership and encumbrances
3. Energy Certificate: Legally required energy performance certificate (Energieausweis)
4. Building Permits: Copies of relevant building permits and certificates
5. Property Photographs: Documentation of property condition at time of sale
6. Inventory List: List of included fixtures, fittings, and furniture if applicable
7. Property Insurance: Details of existing insurance policies
8. Technical Due Diligence: Reports on building condition and technical inspections
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Relevant Teams
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Risk Management
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Property Acquisition Specialist
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