Our everyday practice also includes the drawing up and execution of real property purchase agreements. In this field we advise both private and institutional clients who are purchasing or selling land, private residences and apartments, business premises and other commercial real property. A very important aspect is above all providing support for clients from outside Austria, who are purchasing a leisure residence in Tyrol. Such purchases are subject to restrictions under the Tyrolean Land Conveyance Law (Tiroler Grundverkehrsgesetz). Our expertise - also with regard to European Law - considerably facilitates your acquisition of legal title to real property in Austria.
Since considerable time can elapse between the date on which the purchase agreement is signed and registration of the purchaser’s legal title in the Land Register and often the purchaser’s entire savings are being invested, the purchaser takes on a particularly great financial risk when signing a real property purchasing agreement.
With our long years of experience and our professional expertise in this field you can rest assured that we are able to draw up and execute such contracts in a manner that poses no legal risks for our clients.
In connection with the real property purchase agreements drawn up by us we also regularly act as escrow agent for such transactions to ensure that the contract is adhered to by all contractual parties.
Such escrow transactions are recorded in the electronic Escrow Register kept by the Austrian Notaries’ Chamber.
Entry in the Escrow Register is a special form of protection afforded for the contractual parties at no extra expense. Each of the transacting parties can request information on registration of his escrow transaction and the existing insurance coverage. Using this register the Notaries’ Chamber can check whether the strict regulations that govern notaries when acting as an escrow agent are being adhered to.
Providing support and advice for the contractual parties during the entire purchase transaction
Checking the Land Register status and the land use plan for the real property being purchased.
Drawing up the purchase agreement
Certifying the signatures of the signing parties
Drawing up a separate escrow agreement
Registering the purchase in the Escrow Register kept by the Notaries’ Chamber
Holding the purchase price in escrow
Acting as escrow agent for the purchaser’s financing bank(s)
Removing encumbrances including debts on the real property being purchased
Obtaining the approval or non-approval of the Land Conveyance Authority as well as approvals and permits from other public and judicial authorities.
Drawing up tax and duties statements on time
Calculating the Land Conveyance Tax and the Real Property Capital Gains Tax
Entering in the Land Register legal title for the purchaser and any liens or other security interests held by a third party