Condominium Ownership
The right in rem to use a condominium unit exclusively and to dispose of it alone; it is tied to a co-ownership share in the property.
Condominium ownership (Wohnungseigentum) under the WEG 2002 combines co-ownership of the property with the exclusive right to use a flat, a business premises or a parking space. The minimum share is determined by the utility value.
When buying a condominium one acquires this co-ownership share linked to condominium ownership. The condominium agreement, the utility value determination and any lease agreements should be examined.
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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Utility Value (Nutzwert)
The ratio figure fixed in an expert report expressing the share of a condominium unit in the total value of the property.
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Land Register
The public register of land and the rights attached to it, kept by the district courts; it enjoys public faith, so a good-faith buyer may rely on its contents.
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Lease Agreement (on Purchase)
A tenancy or lease over the property; on a purchase the rule "sale does not break lease" applies, so the buyer steps into the existing lease relationship.
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.
A direct line to the firm.
Address
BRANDAUER Rechtsanwälte GmbH Giselakai 51 5020 Salzburg
Phone
+43 662 6280000