The Agreement of Purchase and Sale (Real Estate) is a fundamental legal document used in Austrian property transactions to formalize the transfer of real estate between parties. This document is essential whenever real property is bought or sold in Austria, whether for residential, commercial, or industrial purposes. It must comply with strict Austrian legal requirements, including mandatory notarization and specific provisions for land registry registration (Grundbuch). The agreement incorporates all necessary elements required by Austrian law, including detailed property descriptions, purchase price arrangements, warranties, and the formal Aufsandungserkl盲rung (consent for land registry registration). It serves as the primary document for property transfers and must address tax implications, transfer conditions, and any specific requirements of Austrian property law.
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Key Requirements PROMPT example:
Agreement Of Purchase And Sale (Real Estate)
"I need an Agreement of Purchase And Sale (Real Estate) for a commercial property in Vienna, Austria, which includes specific provisions for existing tenant agreements and an option for the buyer to develop additional floors, with completion scheduled for March 2025."
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1. Parties: Identification of buyer and seller with full legal names, addresses, and registration details if applicable
2. Background: Context of the transaction and brief description of the property being sold
3. Definitions: Key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including land registry details (Grundbuch) and cadastral number (Einlagezahl)
5. Purchase Price: Agreed purchase price, payment terms, and payment schedule
6. Transfer of Ownership: Terms and conditions for the transfer of title (Eigentums眉bertragung)
7. Representations and Warranties: Seller's declarations regarding property condition, encumbrances, and legal status
8. Handover and Possession: Terms for physical handover of the property and transfer of possession
9. Costs and Taxes: Allocation of transaction costs, transfer taxes, and registration fees
10. Land Registry Consent: Explicit consent for registration in the land registry (Aufsandungserkl盲rung)
11. Notices: Communication procedures between parties
12. Governing Law: Confirmation of Austrian law application and jurisdiction
13. Execution: Signature requirements and notarization provisions
1. Financing Conditions: Include when purchase is subject to buyer obtaining financing
2. Due Diligence: Include when buyer requires a due diligence period
3. Existing Tenancies: Include when property has existing tenants
4. Property Management: Include when dealing with apartment buildings or commercial properties
5. Environmental Matters: Include when environmental issues are relevant or for industrial properties
6. Development Rights: Include when property has unused development potential
7. Broker Provisions: Include when real estate agents are involved
8. Furniture and Fixtures: Include when sale includes specific movable property
9. Condition Precedents: Include when completion is subject to specific conditions
10. VAT Elections: Include when VAT treatment needs to be specified for commercial properties
1. Property Plan: Cadastral plan and property boundaries
2. Land Registry Extract: Current land registry extract (Grundbuchauszug)
3. Inventory List: List of included furniture and fixtures if applicable
4. Building Permits: Copies of relevant building permits and certificates
5. Energy Certificate: Mandatory energy performance certificate (Energieausweis)
6. Payment Schedule: Detailed schedule of payment installments if applicable
7. Existing Contracts: List and copies of relevant contracts affecting the property
8. Property Photographs: Documentary photographs of property condition at sale
9. Technical Due Diligence: Technical inspection reports and findings
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Finance
Construction
Hospitality
Retail
Healthcare
Education
Industrial
Agriculture
Commercial Property
Residential Property
Legal Services
Relevant Teams
Legal
Real Estate
Property Management
Corporate Development
Facilities
Finance
Commercial
Compliance
Operations
Risk Management
Asset Management
Investment
Relevant Roles
Real Estate Lawyer
Property Manager
Real Estate Agent
Legal Counsel
Notary
Commercial Director
Property Developer
Investment Manager
Facilities Manager
Corporate Lawyer
Transaction Manager
Asset Manager
Chief Legal Officer
Real Estate Investment Director
Property Acquisition Manager
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