What is the purchase process when buying a property in Austria?
The property purchasing process requires you to sign a binding offer agreement after viewing or based on the information and plans in case of a new build property.
This offer agreement or “Kaufanbot” states the information of the apartment, the seller, the buyer and any secondary conditions such as payment schedules and handover dates.
Once this document is signed by both parties, a lawyer will be instructed to draft the official purchase contract or ‘kaufvertrag’. The purchase contract needs to be legalized which can be done at the notary in Austria, the Austrian embassy or consulate or with a local notary with an apostille.
Once the contract is signed by both parties it is returned to the lawyer and the purchase price is paid into the escrow account. When any secondary conditions are met, the handover can take place and funds can be released to the seller.