The Preliminary Sale And Purchase Agreement is commonly used in Austrian business transactions where parties have reached agreement on key terms but require additional time or need to fulfill certain conditions before executing the main contract. This document type is particularly valuable in complex property or asset transactions where due diligence, financing arrangements, or regulatory approvals are needed. Under Austrian law, specifically §936 ABGB, the preliminary agreement must contain all essential elements of the future main contract to be enforceable. It provides a legally binding framework that protects both parties' interests during the interim period while maintaining flexibility for addressing contingencies before the final sale.
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1. Parties: Identification and details of the seller and purchaser, including full legal names, addresses, and registration numbers for companies
2. Background: Context of the transaction and purpose of entering into a preliminary agreement rather than main contract
3. Definitions: Key terms used throughout the agreement, including Property, Completion Date, and Purchase Price
4. Object of Future Purchase: Detailed description of the property or assets to be purchased in the main contract
5. Purchase Price and Payment Terms: Agreed purchase price for the main contract and any deposit requirements for the preliminary agreement
6. Timeline and Deadlines: Timeframe for concluding the main purchase agreement and any critical interim deadlines
7. Main Contract Terms: Essential elements that will be included in the future main purchase agreement
8. Conditions Precedent: Conditions that must be fulfilled before the obligation to enter into the main contract becomes binding
9. Binding Effect: Clear statement of the binding nature of the preliminary agreement under §936 ABGB
10. Costs and Taxes: Allocation of costs for both preliminary agreement and future main contract
11. Governing Law and Jurisdiction: Confirmation of Austrian law application and competent courts
12. Execution: Signature blocks and execution requirements
1. Financing Conditions: Include when purchase is subject to buyer obtaining financing, specifying conditions and deadlines
2. Due Diligence: Include when buyer requires a due diligence period before main contract conclusion
3. Third Party Approvals: Include when transaction requires regulatory or other third-party approvals
4. Property Condition: Include when specific property condition requirements need to be met before main contract
5. Broker Provisions: Include when real estate brokers are involved in the transaction
6. Consumer Protection Provisions: Include when one party is a consumer, incorporating required consumer protection notices
7. Confidentiality: Include when parties wish to keep negotiations and terms confidential
8. Break Fee: Include when parties agree on specific penalties for failing to enter into main contract
1. Property Description: Detailed technical description of the property, including land register details
2. Purchase Price Calculation: Detailed breakdown of purchase price components if complex pricing structure
3. Form of Main Contract: Draft or key terms of the future main purchase agreement
4. Due Diligence Requirements: List of documents and information to be provided for due diligence
5. Required Approvals: List of required regulatory or third-party approvals
6. Condition Precedent Documentation: Forms or requirements for proving satisfaction of conditions precedent
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Construction
Manufacturing
Retail
Hospitality
Industrial
Agriculture
Commercial Property
Residential Property
Infrastructure
Energy
Technology
Relevant Teams
Legal
Real Estate
Finance
Compliance
Operations
Business Development
Investment
Asset Management
Corporate Development
Risk Management
Relevant Roles
Legal Counsel
Real Estate Manager
Property Director
Chief Financial Officer
Business Development Manager
Investment Manager
Asset Manager
Compliance Officer
Real Estate Broker
Transaction Manager
Corporate Lawyer
Property Lawyer
Managing Director
Operations Director
Investment Director
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