Purchase of property in Austria by foreigners is state regulated and the state has more influence here than in other EU countries. Each province has its own rules and process of real estate purchase.

Real estate business in Austria is done by lawyers and the notaries: starting from signing the contract of sale and purchase up to the registration of the new owner in land cadastre. They accept payment for the object which is transferred to the special confidential account. Money is transferred to the seller’s account after all details of registration of sale and purchase of the real estate object are settled. If the authorities cancel the transaction (which happens extremely seldom) money will come back to the buyer.

From Antalax

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