The Land Contract Agreement (Grundstückskaufvertrag) is a fundamental legal document used in Austrian real estate transactions for transferring property ownership. It is essential for any purchase or sale of land, buildings, or other real estate assets in Austria. The agreement must comply with strict formal requirements under Austrian law, including mandatory notarization and subsequent registration in the land registry (Grundbuch). This document type is used across various scenarios, from simple residential property transfers to complex commercial real estate transactions. It includes crucial information such as property details, purchase price, payment terms, warranties, and specific conditions for ownership transfer. The agreement must address all aspects required by the Austrian Civil Code (ABGB) and related legislation, making it a comprehensive record of the transaction terms and conditions.
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1. Parties: Identification of the seller and buyer with full legal names, addresses, and registration details if companies
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including land registry details (Grundbuch) and cadastral numbers
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Transfer of Ownership: Terms and conditions for the transfer of title and registration in the land registry
7. Representations and Warranties: Seller's warranties regarding property condition, encumbrances, and legal status
8. Handover and Transfer of Risk: Timing and conditions for physical handover of the property and transfer of risk
9. Costs and Taxes: Allocation of transaction costs, transfer taxes, and registration fees
10. Governing Law: Confirmation of Austrian law as governing law and jurisdiction
11. Execution: Formal execution requirements including notarization provisions
1. Mortgage and Encumbrances: Details of existing mortgages and process for clearance - required if property has existing encumbrances
2. Tenant Provisions: Details of existing tenancies and their treatment - required if property is currently leased
3. Environmental Provisions: Environmental warranties and indemnities - required if property has potential environmental issues
4. Development Conditions: Specific conditions relating to future development - required if property is for development purposes
5. Agent Provisions: Details of real estate agents involved and commission arrangements - required if agents are involved
6. Condition Precedents: Specific conditions that must be met before completion - required for complex transactions
7. VAT Elections: VAT treatment of the transaction - required if VAT is applicable to the sale
1. Property Plan: Cadastral extract and property plans from land registry
2. Land Registry Extract: Current land registry extract (Grundbuchauszug) showing ownership and encumbrances
3. Inventory List: List of fixtures and fittings included in the sale
4. Due Diligence Reports: Technical, legal, and environmental due diligence reports if applicable
5. Payment Schedule: Detailed schedule of payment installments if payment is not made in full at completion
6. Power of Attorney: Any required powers of attorney for registration purposes
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Agriculture
Commercial Property
Residential Property
Industrial
Retail
Hospitality
Healthcare
Education
Energy
Infrastructure
Development
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Finance
Compliance
Investment
Development
Operations
Risk Management
Asset Management
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Developer
Acquisition Manager
Legal Counsel
Notary Public
Real Estate Agent
Property Surveyor
Facilities Manager
Investment Manager
Asset Manager
Development Director
Chief Financial Officer
Real Estate Investment Analyst
Compliance Officer
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