Option To Buy Land Agreement Template for Austria

The Option To Buy Land Agreement is a crucial document in Austrian real estate transactions, providing potential purchasers with secured rights to acquire property while allowing time for due diligence, financing arrangements, or development planning. This agreement type is particularly valuable in commercial development projects, strategic land acquisitions, and complex real estate transactions where immediate purchase may not be feasible or desired. Under Austrian law, these agreements must be carefully structured to comply with the ABGB, land registration requirements, and regional property transfer regulations. The document typically includes detailed property descriptions, option terms, pricing mechanisms, and exercise procedures, while accounting for notarial authentication requirements and potential foreign investment restrictions. It serves as a preliminary step to a full property purchase, offering protection to both the option holder's future acquisition rights and the landowner's interests.

1. Parties: Identification of the Option Grantor (landowner) and Option Holder, including full legal names, addresses, and registration details for corporate entities

2. Background: Context of the agreement, relationship between parties, and brief description of the property and intended transaction

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Option Period, Purchase Price, and Completion Date

4. Property Description: Detailed description of the land, including cadastral number, land register details, and exact boundaries

5. Grant of Option: Express grant of the option to purchase, including the specific rights being granted and any conditions attached

6. Option Period: Duration of the option, including start and end dates, and any extension mechanisms

7. Option Fee: Amount of the option fee, payment terms, and whether it's refundable or applied to the purchase price

8. Exercise of Option: Process and formalities for exercising the option, including notice requirements and timing

9. Purchase Price: Agreed purchase price for the land or mechanism for determining it, including any adjustments

10. Completion Requirements: Requirements for completing the sale if the option is exercised, including notarial and land registry requirements

11. Representations and Warranties: Statements and guarantees about the property's title, condition, and absence of encumbrances

12. Costs and Taxes: Allocation of costs, including registration fees, taxes, and notary fees

13. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes

14. Execution: Formal execution requirements including notarization provisions