Condition Precedent
A contractual provision under which the effects of the purchase contract arise only once a future uncertain event occurs.
Under a condition precedent (suspensive condition) the contract becomes effective only upon fulfilment of the condition. In a property purchase, typical conditions are the consent of the land transfer authority, the granting of a financing commitment or the release from liens.
Until the condition is fulfilled there is a state of suspense; if the condition definitively fails, the obligation to perform lapses. This is to be distinguished from a condition subsequent, where an already effective contract ceases to apply.
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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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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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.
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Address
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Phone
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