Whether it's a luxury apartment in Vienna or a humble cottage, owning a property in Austria
is a good investment. You'll benefit a lot from having your own place here. However, after some time has passed, you may need to sell it. Once you reach that point, it's important that you do it properly. You never know how much trouble you might get into if you don't do it the right way. It's even possible that you can get into legal trouble too. So to ensure that doesn't happen, let this guide show you what you need to know.
What Are The Costs of Selling Your Property in Austria?
Before anything else, know that you, as the seller, will have to spend money on this endeavor. Don't think that because you're the one selling that you don't have to pay anything. On the contrary, selling your property in Austria comes with a few costs. Many of which will be paid via what property value that the buyer will pay you. But for others, you'll have to pay it yourself. Overall, these important costs include your capital gains tax
, notary fees, administration fees, valuation costs, and your real estate agent
's commission if you hired one. You'd do well to stay on top of these during the process.
Should You Sell Your Property Privately in Austria?
Truth be told, you can benefit a lot from it comes to selling your property on your own
. Without hiring any outside help, you can save more profit for yourself since you lessen your costs, specifically the commission for your real estate agent. You'll also stay on top of the process since you don't have to rely on anyone else. With that said, however, if it's your first time selling real estate in Austria and you're a foreign owner who's not fluent in German, you'd do well to sell through real estate
How Do You Make a Property Valuation in Austria?
Conducting a property valuation is an important and one of the first steps of selling your property in Austria. It's a sort of survey that determines the property's worth. For you as the seller, this is where you can get a good and fair figure to set as the initial price. But do note that it's the buyer's right to negotiate a lower or higher final price. Ultimately, it's both your and the buyer's rights to conduct valuations. You can hire a third-party company to do it, while for buyers, valuations are often included in the process of getting a mortgage
How Do You Survey Your Property for Selling?
Speaking of surveys, you'd do well to conduct a structural survey before putting your property in Austria for sale. Though this is also part of the buyer's 'due diligence' in purchasing real estate, you'll also benefit from conducting one on your own. Why? Because there are certain things
that buyers are looking for. Among the most important is the overall layout as well as if there's any need for repairs or renovation. If you can figure out the current state of the property before putting it on the market, you'll have an easier time sprucing it up to attract buyers.
How Do You Market Your Property in Austria?
One of the main things you need to stay on top of when selling real estate in Austria is marketing your property. And in this day and age, your best bet is to have it listed on a property listing website
. Since practically everything is on the internet nowadays, more and more buyers are going online when searching for available real estate. You need to maximize these portals since buyers from outside of the country and the EU can discover your property as well. Especially if you went for popular websites like ImmobilienScout24
What is The Process of Notarizing Your Property in Austria?
It's vital that you hire a trustworthy notary when for this process. Their role is among the most important for the sale. Throughout the process, you will need to handle legal documents, draw up contracts, and the like. Only then will the sale be legal and legitimate. All of this is your notary's responsibility. And if you hired them to work as your solicitor too, they'll also have to serve as your representative at times. Particularly when you're not in the country yourself. So it's only natural that you hire someone you can trust to work as the notary for the sale.
What Documents Do You Need To Sell Your Property?
As with any other process, you will need to submit a few documents to sell your property in Austria. Firstly, there's the title deed, which should list you as the legal owner of the property. If it does not, then you won't have the right to sell it in the first place. If you are, in fact, the legal owner but it doesn't say on the title deed, you need to fix this in the Land Registry with the help of the notary. Furthermore, you'll also have to provide an Energy Performance Certificate, info on the property, and proof of identification.
How Do You Set Up the Sale & Purchase Contract?
In the process of selling real estate in Austria, the Kaufanbot is a very important document. This is the 'offer to purchase
' contract which is signed when the buyer intends to reserve your property for purchase. And while this isn't the deed of sale (Kaufvertrag
) yet, it still holds as much legal weight. Upon signing, the buyer will pay you a deposit of around 10% to 30% of the final property price. On your end, you'll be required to take the property off the market and only sell it to the listed buyer. Failure to adhere to this leads to a financial penalty—you'll have to pay the buyer double the amount of the deposit they paid you.
What are The Legal Issues in Selling Your Property in Austria?
The important documents are just one of the many legal issues
surrounding the real estate process in Austria. Signing both contracts means you've agreed to push through with the sale. And if you decide to back out afterward, it can lead to various penalties and even legal trouble on your end. Moreover, some of the liabilities that may appear on the property after the transfer of ownership may come back to you if the buyer can prove that they weren't aware of them during the purchasing process. This can also lead to a number of financial and legal problems.
How Long is The Process of Selling Your Property?
If you're wondering how long it'd take for you to sell your property in Austria, the answer is around one to three months. But only if you were 100% prepared at the start of the process. More often than not, it's the seller who prolongs the process. Why? Because gathering up all the important documents can take a lot of time. And if you haven't dealt with all that yet before you talk with the buyer, there's a good chance that this process can take as long as six months, possibly even more!
What are The Best Tips for Selling Property in Austria?
Now, for some final tips
for selling your property in Austria. Firstly, remember to host viewing sessions. Whether you already have a buyer in mind or not, people ought to see and look at the place in person. You can even dress it up on these occasions to further convince them that it's a good investment. Secondly, if the buyer is a local, it'll really help if you brushed up on your German. They'll feel more confident about the sale if they can understand you easily. And third, set a moving date. Nothing is more awkward than getting thrown out of what was once your own property!
When it's time to sell your property in Austria, will you know what to do? Do you know the steps you need to take? The costs that you need to pay? If not, learn all the basics of the process with the help of this real estate guide!