The procedure for buying property in Austria

The easiest way to buy property is in the regions of Upper Austria, Lower Austria, Carinthia, Styria, Burgenland. The most difficult thing is to get permission to buy in Vienna.

Mercury Estate specialists will help you decide on the type of housing in Austria and will select for you the best options available on the country's housing market.

Under Austrian law, the seller is not obliged to inform the buyer about defects in the property. For this reason, it makes sense to hire an architect or surveyor to inspect a property, especially in a resale market.

If significant deficiencies are identified, the buyer has the right to ask for a price reduction.

Most often, the price declared by the seller is 5-10% higher than the real one, so it makes sense to ask to reduce the cost. If both parties agree on a price, the buyer's realtor sends the seller a purchase offer (Kaufanbot). As soon as the purchase offer is signed by both parties, the object is removed from sale and reserved for the buyer.

The buyer from this moment has no right to refuse the transaction without a good reason. The seller may request a deposit of about 10% of the transaction amount. The amount will be kept in a special account with a notary until the transaction is completed.

Both parties sign the contract of sale before a notary. If the buyer does not know German, an interpreter will have to be hired. 

Sometimes this function is taken over by real estate agents.

After signing the contract, the buyer transfers funds for the property and related costs to the account of his notary or lawyer. Payment can be made from an account in your country, but in this case, you will need to provide evidence of the origin of funds. Then the contract is sent to a special commission (Grundverkehrskomission) and considered for about one to two months.

This is a mandatory step for all, without exception, foreigners who want to buy property in Austria. If the commission refuses permission, the funds for the property are returned to the buyer in full, with the exception of the commission to the agency. However, the owner can claim a certain amount as compensation.

When the commission has approved the transaction, the notary draws up the property to the buyer. The information is entered into the State Real Estate Cadastre - the Land Register. The whole process of buying property in Austria takes about three months.

Mercury Estate specialists take care of the entire process of buying real estate in Austria, from selecting the perfect property to meticulously assembling a comprehensive turnkey document package, all while extending the support to our investors through a wide array of concierge services.