Austria can be termed as a modern-day village country as the culture still resembles the age-old time of the Austrian villages. No restriction is placed on foreign individuals and hence they enjoy the same rights as that of the local Austrian residents.

DOCUMENT NEEDED IN THE PROPERTY BUYING PROCESS

While buying a property in Austria, a series of documents need to be provided. These documents are to verify the authenticity of the deal and in some cases to verify the identity of an Austrian non-citizen.

Following is the list of the main documents required to successfully complete the property buying process:

       Identification proof

       Evidence for financial stability

       Mortgage certificate

       Documentation of security deposit

       Income proof

       Last updated tax return

       Description of the property including the floor plan and the blueprint

       Insurance certificate

       Certificate obtained from the Land Registry Office

       Contract for Sale

       Utility documents including the bills

PROPERTY BUYING STEPS

Following is the detailed steps in the property buying guide for the foreigners:

1. The first step is to find the desired property in Austria. You can hire a real estate agent and then go for property hunting.
2. It’s better if you arrange for a mortgage in order to have sufficient financial backup. It is not only the property cost that you need to pay as a buyer because there are more costs that have to be paid during a property transaction in Austria.
3. After this, the next step is to make an offer via a written letter. Either you can draw the offer or you can give this responsibility to a real estate agent.
4. The lawyer will draw the Agreement to buy where the deposit amount will be mentioned. This deposit must be paid to secure the property. The terms and conditions mentioned in this agreement must be satisfied before the closing date.
5. The contract of Sale is then prepared and is signed in front of the notary. This contract ensures the transfer of the title from the seller to the buyer.
6. You have to pay 4.5% of the property value as the property registration cost.