What the Land Register Reveals
The owner of a property is whoever is listed in the land register – not, as is commonly and mistakenly assumed, the person who paid the purchase price…
Only the land register extract can help here. First, it allows you to verify whether the seller is actually the owner, and it also shows at a glance whether any encumbrances are registered. These can include a mortgage loan, right of way, prohibition on disposal, right of residence, etc.
For laypersons, land register extracts are quite difficult to navigate, and professional support when reviewing them is strongly recommended. Any encumbrances overlooked in the land register extract cannot subsequently be claimed as defects.
The buyer only truly becomes the owner upon entry in the land register – not, as is widely believed, upon payment of the purchase price. As a rule, however, a purchase agreement cannot be recorded in the land register immediately after signing. In most cases, the discharge of encumbrances on the property must first be carried out, meaning that registered liens and other encumbrances not assumed by the buyer – such as prohibitions on disposal, etc. – must be deleted.
In addition, the real estate transfer tax and the land register entry fee must first be paid, and any required approvals – such as those from the land transfer authority – must be obtained.
The 4M Immobilien team is happy to advise and support you in all matters, and guarantees you legal certainty and a smooth process through our professional, competent lawyers and financing partners.
Whether apartment, house, residential investment property or plot of land in Wien and the greater Wien area, for any further questions please feel free to contact me at any time at:
Robert Schmid [email protected] +43 676 541 1767
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