Mag. Balazs Esztegar LL.M.
Attorney-at-law Vienna

Piaristengasse 41/10
1080 Vienna, Austria
Tel. +43 1 997 4102
Fax +43 1 997 4102-99

Real Property Law

The real property law or real estate law is characterised first of all by the fact that it is in most cases about valuable assets preserving their value. Real properties have an enormous economic importance. Just for this reason legal transactions like the purchase of a house or a freehold flat are in particular intense need for advice and you should not be overhasty in entering into such a transaction.

Real property agreements are complex and the processing thereof requires know-how and reliability. On these grounds it is almost always inevitable to appoint a Treuhänder, a Kind of escrow agent, and to entrust him or her with the processing of the purchase agreement. It is a question of understanding, which one of the parties will appoint the person drafting the contract. In most cases it is the purchaser to bear the costs of a purchase agreement and it will be he or she who appoints the attorney at law as drafter of the agreement. The opponent party may then involve the attorney at law of his or her choice and entrust him or her with the audit of the purchase agreement. Such an audit of the contract is to be urgently recommended first of all in the event of property developer contracts.

However, construction and the legal problems connected thereto belong similarly to the real property law, e.g. in the public law of construction or in the framework of the law of sale and purchase of land. Both of them are specific in Austria for the federal provinces, so that the Vienna building regulations differ significantly from the rules of construction of Tirol or Lower Austria.