What is the property purchase process in Austria?
Once the buyer has selected a property to buy, he signs a Buying offer („Kaufanbot“). Usually no or low deposits are paid at its signature, but the buyer must have all the money for the purchase ready, or otherwise insert a „subject to finance“ condition in the document, as the buying offer is legally binding. Then, the buyer sends the amount corresponding to the purchase price into the notary’s account. The notary, a publicly appointed official, checks the property to confirm ownership and any related burdens, and then drafts the property purchase contract. This is later signed by both parties in front of the notary, at which point ownership of the property is transferred to the buyer. If you cannot travel to attend the notary meeting, you can give a Power of Atorney to someone to represent you.