The property buying process in Austria
These guidelines are meant for guidance only and describe a straightforward purchase scenarios. However this information is not meant to replace proper legal advice, which we always insist you take.
Non-Austrian citizens are allowed to buy commercial property, Austrian homes, apartments, luxury chalets and investment property in Austria. If you are an EU citizen you have the same rights and responsibilities as Austrian citizens in all matters, including the purchase of homes in Austria. In most areas of Austria you are allowed to buy property as your main home or as an investment property which means that it should be offered for rent when you are not using it yourself.
Buying property in Austria is not like the lengthy, stressful and bureaucratic system that
operates in some other countries.
Once you have found your desired property, you sign a legally binding document with your offer which is passed by the estate agent to the seller for consideration. Once a price has been agreed, the seller signs this contract and is committed to the deal. No valuation surveys are required by the banks. As a matter of normal routine, the buyer will post a deposit in the amount of 10% at the time the purchase agreement is executed. The deposit will be held in escrow, pending the completing of the sales transaction itself. If the sale falls apart through no fault of the buyer, the buyer will have his or her deposit returned.
Steps in registering Property in Austria
1. Obtain a land registry extract from either the competent District Court, a notary public or an attorney-at-law
2. Get authentication of signatures, authentication of authorization of representatives and property acquisition tax clearance from the working notary
3. File the application at the competent District Court (Land Registry)
Find detailed info on registering property in Austria HERE.