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 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, a lawyer/notary is appointed to prepare the purchase contract ("Kaufvertrag") and open the escrow account. The buyer sends the amount corresponding to the purchase price into the escrow account. The lawyer/notary 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 and ownership of the property is transferred to the buyer in the land registry ("Grundbuch").