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4 things you need to know when buying property in Austria

🎥 Welcome to Your Guide to Buying Property in Austria! Discover the allure of Austrian real estate with this comprehensive guide on purchasing property in this stunning Alpine country. Austria's blend of modern infrastructure and traditional hospitality makes it an attractive destination for potential property buyers. Whether you're an EU citizen entitled to own property or simply curious about the process, understanding the key steps is essential. 📝 Understanding Legal Entitlements and Documents As an EU citizen, you have the legal right to own property in Austria, though specific rules can vary by state. All property titles are freehold, ensuring you have complete ownership. The legal documentation involved in purchasing property is handled by a registered notary, who typically represents both the vendor and the buyer. This dual representation ensures a smooth and efficient process, characterized by high-quality standards and meticulous attention to detail. 🏡 Step 1: Signing the Kaufenbot - The journey begins with the Kaufenbot, a legally binding pre-sales contract signed by both the vendor and the purchaser. This document outlines the terms and conditions of the sale, setting the stage for the next steps. It's an exciting moment that marks the formal start of your property purchase in Austria. 💶 Step 2: Paying the Deposit - After signing the Kaufenbot, the next step is to pay a deposit, usually around 10% of the property's purchase price. This deposit is held in escrow by the notary, ensuring it's secure until the transaction is finalized. For new build properties, the balance of the funds is typically paid in accordance with stage payments, while for resale properties, the balance is due upon the execution of the sales and purchase contract. 📝 Step 3: Executing the Purchase Contract - The purchase contract can be executed either in front of the notary or at any Austrian embassy or consulate worldwide. Once the contract is signed and witnessed, it must also be countersigned by the owner or developer. The notary then prepares the title deeds and enters them into the land registry, officially recording your ownership. 🏗️ Step 4: Finalising the Purchase - The final step involves releasing the balance of the purchase monies to the developer. This occurs upon certification from the architect and approval from the solicitor and Austrian government at various construction stages. This meticulous process ensures that all legal and structural standards are met before the transaction is completed. 💰 Understanding the Costs and Taxes - Purchasing property in Austria involves additional costs totalling approximately 10% of the purchase price. These include a 3.5% real estate transfer tax, a 1% land registration fee, 2% plus VAT for solicitor and notary fees, and a 3% plus VAT estate agent's fee. It’s important to consult with a qualified advisor regarding taxation, as capital gains and commercial rental income are taxed differently. 🏞️ Explore Stunning Properties - During a recent visit, I experienced the exceptional quality of Austrian properties firsthand. From luxurious penthouses with private saunas and communal swimming pools to breathtaking views and high-end finishes, Austria's real estate offers something for everyone. Take a virtual tour with me and see these magnificent homes for yourself. 🔍 Professional Guidance and Final Thoughts While this guide provides a general overview, it’s crucial to seek professional advice tailored to your specific situation. We have a network of experts ready to assist you in finding your dream holiday home in Austria. Remember, this video is for general guidance and does not constitute legal advice. 👍 Like, Subscribe, and Comment If you found this guide helpful, please like, subscribe, and leave a comment below. Your support helps us create more informative content to assist you in your property-buying journey. Thank you for watching! — ⏱️ Chapter Markers — 0:00 - Introduction 0:25 - EU entitlement 0:52 - My journey to high end real estate in Austria 1:40 - Chalech 4 - property details 2:14 - 4 step process to purchasing property 3:34 - The costs of purchasing property in Austria 4:04 - Always speak to a financial advisor 4:33 - More highlights from my recent visit to Austria 5:21 - We have professional advisors available to help you 5:38 - Remember to like & subscribe! —— CONNECT WITH ME ONLINE — Connect with me on LinkedIn (  / globalfinance-loans  ) Subscribe to my channel on YouTube (   / @paulwelchthewealthexpert  ) Follow me on Instagram (  / paul_welch12  ) Visit my MillionPoundPlus website (https://millionplus.com)