What is the ski property purchase process like in Austria?
The purchase process in Austria is relatively straightforward and streamlined. It usually follows these steps:
- Once the buyer has selected a ski property he/she wishes to buy, he signs a 'Buying Offer' ('Kaufanbot' in German). Usually no deposit is paid at its signature, but the buyer must have all the funds for the purchase ready, or otherwise insert a 'subject to finance' condition in the document, as the Buying Offer is legally binding.
- Then, a lawyer/notary is appointed to prepare the Purchase Contract ('Kaufvertrag' in German) and open the escrow account where the amount corresponding to the purchase price will be held until the transfer of the property is complete. The buyer sends the monies into the escrow account. The lawyer/notary generally acts on behalf of both parties.
- The lawyer/notary checks the property to confirm ownership and any related burdens, and drafts the Purchase Contract. This is later signed by both parties in front of the notary and ownership of the property is transferred to the buyer in the land registry ('Grundbuch' in German).