Frequently Asked Questions
Buying and selling a property – good to know ..
Expiry of a real estate purchase:
In search of a suitable property, there are numerous portals on which you can filter and find the real estate offers according to your personal search criteria.
You have an object in mind and want to take the next step? Then contact the real estate agent. This appointment usually takes place on site in the property – in the case of concrete interest, the seller, be it owner or property developer, comes together at a table with the real estate agent and the customer in a second appointment.
Here, the submitted documents are discussed, discussed and, if necessary, clarified open questions, requests for changes or additions are included.
Subsequently, with the agreement of all parties, there will be a reservation agreement and subsequently a binding purchase offer.
In many cases, a purchase offer will be completed immediately. This includes all essential data of the buyer / seller as well as the data of the property to be acquired, including the purchase price. With the purchase offer, the purchase is legally binding, as soon as it was signed by both buyer and seller on the conditions mentioned and within the specified deadline.
Afterwards it is conveyed to the trustee, usually lawyer, together with the object documents for the preparation of the sales contract.
In this is u.a. the transfer date is regulated.
Finally, the contract is notarised and the information is forwarded to the Land Registry.
What additional costs are incurred?
The following costs usually accrue for incidental costs for the purchase of a condominium / property: see ÖVI Form No. 13K / 11/2017:
3.5% real estate transfer tax (from the purchase price) 1.1% registration fee (from the purchase price)
possibly 1.2% registration fee for a mortgage loan (from the loan amount)
Costs of contracting: The costs of contracting are regulated in the tariff regulations of the respective contracting party (notary or lawyer). Furthermore, there are cash expenses for attestations and stamp fees. These costs are usually between two and four percent of the purchase price.
Cost of the real estate agent. i.d.R. 3% (of the purchase price) plus 20% sales tax
PDF ÖVI-Form No. 13K / 11/2017
Wanne takes over the ownership transfer and when does the purchased property belong to me?
As a rule, a transfer date is agreed upon with a lawyer / notary who creates the purchase contract. At this time, the agreed purchase price must be paid to the seller, then the keys are handed over. In most cases, this is done through a trust account by the acting trustee, solicitor or notary. He manages the money and releases the money as soon as all conditions are met.
Do I need an energy certificate for the sale of my property and how long is it valid?
According to the EAVG (Energy Performance Certificate Template Act of 2012), the obligation to indicate the energy performance certificate value in newspaper advertisements and also online applies “both to the seller or the lender and to the real estate agent commissioned by him” (§3 EAVG). In principle, the energy certificate must be available at the latest when the contract is signed. For an inventory object, in most cases an energy pass must be made. For this there are some expert offices who take care of the matter. The energy pass is usually valid for 10 years.
What is the real estate income tax – what do you have to expect?
If you are considering a sale of your property, we advise you to seek advice from a tax consultant and lawyer. Especially the real estate income tax comes as a surprise for many:
Basically, the amount of the real estate income tax depends on various factors – each issue must be examined individually by an expert. As a rule of thumb one can count on 4.2% of the proceeds of the sale of a property which had been in its own possession for more than 10 years as of April 2012, ignoring the exemptions. If the property was owned for less than 10 years as of April 2012, the real estate income tax is generally 30% of the difference between the sales proceeds and the acquisition costs.
A tax-free sale is possible only under special conditions. We will gladly help you here and refer you to a tax expert.