Transfer of Possession (Benefits and Burdens)
The agreed point in time from which the buyer obtains actual possession and benefits, burdens and risk pass to him.
With the transfer of possession the benefits (e.g. rental income) and burdens (e.g. operating costs, taxes) as well as the risk of accidental loss pass to the buyer. This key date is to be distinguished from the registration of ownership, which often occurs later.
The condition at the time of handover should be recorded in the handover protocol, as it is decisive for the warranty. In the contract the handover is usually tied to full payment of the purchase price.
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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Handover Protocol
The written documentation of the condition of the property at handover, including meter readings, keys and any recorded defects.
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Maturity of the Purchase Price
The point at which the buyer must pay the purchase price; in a property purchase usually tied to securing the unencumbered transfer of ownership.
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Statutory Warranty
The seller's no-fault liability for the property having the stipulated or ordinarily expected characteristics at the time of handover.
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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.
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.
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Address
BRANDAUER Rechtsanwälte GmbH Giselakai 51 5020 Salzburg
Phone
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