For Sale By Owner Property Contract Template for Austria

The For Sale By Owner Property Contract is a crucial legal instrument used in Austrian real estate transactions where property owners choose to sell their property directly without real estate agent intermediation. This document type must comply with strict Austrian legal requirements, including the Austrian Civil Code (ABGB), Land Register Act (GBG), and Notarial Act Law (NotAktG). It is typically used when property owners want to maintain direct control over the sale process while ensuring legal compliance. The contract must include comprehensive details about the property, parties involved, purchase price, payment terms, warranties, and transfer conditions. It requires notarization and subsequent registration in the Austrian land register (Grundbuch) to effect the legal transfer of property ownership.

1. Parties: Identification of seller and buyer with full legal names, addresses, and personal identification numbers

2. Background: Brief context of the sale and confirmation of seller's ownership rights

3. Definitions: Key terms used throughout the agreement, including Property, Closing Date, Purchase Price, and other relevant terms

4. Property Description: Detailed legal description of the property including land register number (Grundbuchnummer), property address, cadastral number, and size

5. Purchase Price: Statement of the total purchase price, payment terms, deposit requirements, and payment schedule

6. Transfer of Ownership: Terms and conditions for the transfer of property ownership, including registration in the land register

7. Seller's Warranties: Seller's representations regarding property ownership, absence of encumbrances, and property condition

8. Due Diligence: Buyer's right to inspect the property and review relevant documents

9. Closing Requirements: Conditions that must be met before closing, including necessary permits and registrations

10. Costs and Taxes: Allocation of transfer taxes, registration fees, notary costs, and other transaction expenses

11. Handover: Terms for physical property handover, including timing and condition requirements

12. Governing Law: Confirmation that Austrian law governs the agreement

13. Execution: Requirements for notarization and formal execution of the agreement