Priority Ranking Notation
A land register notation that secures the rank for a future sale or pledge; it reserves the order of entries for one year.
With the priority ranking notation (Anmerkung der Rangordnung) the seller secures the current register status for the buyer: entries made after the notation rank behind the later acquisition of ownership by the buyer. This prevents third-party mortgages from advancing between conclusion of the contract and registration.
The ranking order decision is issued in a single copy and is valid for one year. In the escrow process the escrow agent keeps this copy as a central security instrument.
Legal basis
Statutory texts for orientation; the version in force at the relevant time prevails.
This explanation gives a general overview of Austrian law and does not replace advice in an individual case. The specific circumstances of your property purchase are always decisive.
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Land Register
The public register of land and the rights attached to it, kept by the district courts; it enjoys public faith, so a good-faith buyer may rely on its contents.
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Registration of Title (Einverleibung)
The unconditional entry of a right in the land register; through it ownership or another right in rem is definitively acquired.
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Escrow Agent (Treuhänder)
An independent person of trust (usually a lawyer or notary) who holds the purchase price and releases it only once the agreed safeguards are in place.
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Expectant Right (Anwartschaft)
The secured legal position of the buyer between conclusion of the contract and registration, from which the acquisition of ownership can no longer be unilaterally frustrated.
Reviewing a contract, arranging escrow, securing handover?
When buying property, the contract and the land register decide. Call us directly or send an email, callback within one business day.
A direct line to the firm.
Address
BRANDAUER Rechtsanwälte GmbH Giselakai 51 5020 Salzburg
Phone
+43 662 6280000