Document background
The Agreement of Property Purchase is a fundamental legal document used in Austrian real estate transactions to formalize and execute the sale of property. This document is essential when transferring ownership of real estate in Austria, whether for residential, commercial, or industrial purposes. It must comply with specific requirements under Austrian law, including the Austrian Civil Code (ABGB) and Land Registry Act (GBG). The agreement includes crucial details such as property description, purchase price, payment terms, warranties, and transfer conditions. It requires notarization and subsequent registration in the Austrian land registry to effect the transfer of ownership. This document type is particularly important as it serves as the basis for property registration and tax calculations, and provides legal protection for both parties in the transaction.
