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Guide for buyers

Buying property: the offer, the process and the checks

The most expensive mistake in an Austrian purchase happens before the contract: a signed purchase offer is binding, not a reservation slip. Here is what your signature sets off, how the road from there to the land-register entry runs, and what belongs on the table on top for a condominium.

The Looshaus at Michaelerplatz in Vienna
Thomas Ledl · CC BY-SA 4.0

The purchase offer: binding, not a reservation slip

The most common expensive mistake when buying: a signed purchase offer is legally binding. If the seller accepts, the purchase is concluded; backing out without cause can cost damages, and the agent commission is due anyway. So sign only once price, financing and condition are truly settled.

One important exception protects quick deciders: if you submit the declaration on the day of the first viewing and the property serves your urgent housing need, consumer law lets you withdraw in writing within one week. But do not rely on it, the conditions are narrow.

Financing: what applies since the end of the KIM regulation

The strict KIM regulation expired on 30 June 2025, but its rules were not scrapped: the financial market authority continues them as guidance banks orient themselves by: at most 90 percent loan-to-value, at most 40 percent of net income for debt service, at most 35 years. Practically that still means: bring around 20 percent of your own funds plus the purchase costs, even if banks may be more flexible case by case than before.

From offer to land register: the process

  1. 01

    Offer & acceptance

    The written offer is binding (see above). With the seller's acceptance the purchase is fixed; the purchase contract formalises it.

  2. 02

    Contract & escrow

    A lawyer or notary drafts the contract, signatures are certified. The purchase price goes into escrow, not directly to the seller, which protects both sides.

  3. 03

    Tax & priority notice

    The contract drafter self-assesses the transfer tax and registers a priority notice in the land register so nobody can jump ahead of you.

  4. 04

    Clearing encumbrances & entry

    The seller's old liens are deleted, then your ownership is entered. Only that makes you the owner; only then is the price released. In practice the whole process takes 6 weeks to 4 months.

Condominiums: the five extra checks

The owners' association reserve
Since 1 January 2026 the minimum reserve is 1.12 euros per square metre per month. Ask for the reserve balance: an empty reserve plus a building needing renovation is a surcharge waiting to happen.
Annual statement & resolutions
Request the service-charge statement and the minutes of the owners' meetings: renovations already resolved are paid by you after the purchase.
Utility values & parification
The utility-value report determines your co-ownership share and thus your service-charge key; briefly check that cellar, balcony and parking space are correctly assigned.
Energy certificate
The seller must present and hand over an energy certificate no older than 10 years. The listing must state HWB and final energy demand (EEB) with the overall energy efficiency class, or HWB and fGEE with an older certificate that is still valid.
Read the land register yourself
Encumbrances, liens, easements and pre-emption rights are in the land-register extract, available online for a few euros, to be read before the offer, not after.

Common questions about buying property

Is a purchase offer really binding?

Yes. Your signature binds you; if the seller accepts, the purchase is fixed. The key exception: if the declaration was made on the day of the first viewing and the property serves your urgent housing need, you can withdraw in writing within one week (consumer protection law).

How much equity do I need?

The FMA guidance (successor of the KIM regulation that expired in 2025) foresees at most 90 percent loan-to-value; practically, banks usually require around 20 percent of your own funds plus the purchase costs, which are normally not co-financed.

What is a Nutzwertgutachten and why does it concern me?

It sets the utility value of every unit in the building and from that your co-ownership share. That share carries your voting weight in the owners assembly and your key for running costs and the reserve fund. Check that cellar, balcony and parking space are correctly assigned; a later correction is laborious.

When do I become the owner of the flat?

Only with the entry of your ownership in the land register, not with the contract signature. Between contract and completed processing, 6 weeks to 4 months are customary.

Do I need a notary or is a lawyer enough?

Both may draft the purchase contract and act as escrow agents; the signatures must be certified in any case. Costs run at about 1 to 3 percent of the price and are negotiable.

Read on

As of August 2026 (FMA guidance after KIM, 2026 minimum reserve) · Orientation, not legal or tax advice