Austria — Property: Buying Process

Key facts

• Get a current land register extract before buying to see the owner, mortgages, pre-emption rights and easements; it is available at district courts or surveying offices.
• The contract must be certified by a notary or court, existing mortgages are usually removed first, and non-EU buyers and agricultural land generally need a property transfer authorisation.
• Real estate transfer tax is 3.5% of the price, filed through FinanzOnline by a notary or lawyer.
• Ownership passes only on entry in the land register: a fee of 1.1% of the value of the title plus a filing fee of EUR 81, and 1.2% of the pledged amount for a mortgage.
• Notaries or lawyers typically charge about 1% to 3% of the purchase price.

Steps

1. Step 1: Search and Find a Property — Relocating individuals should work with a real estate agent or lawyer to find a suitable property.
2. Step 2: Due Diligence — Buyers will need to conduct property inspections, review the property's title, and investigate any outstanding liens or debts associated with the property.
3. Step 3: Signing of the Purchase Agreement — The buyer and seller will sign a purchase agreement, which should be reviewed by the buyer's lawyer.
4. Step 4: Notarization — The notary public will review and authenticate the purchase agreement, charging a fee for their services.
5. Step 5: Registration of the Property — The buyer will need to register the property in their name with the relevant authorities.
6. Step 6: Payment and Closing — The buyer will transfer the funds for the property, and the seller will transfer the ownership of the property.