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There are no restrictions on EU citizens buying property in Austria and the purchase procedure is straightforward.

Once a property has been found and a price has been agreed between the buyer and seller it is typical for the seller to pay a 10% deposit. This is not mandatory and the deposit will be returned if the sale falls through.

The sale contract will then be prepared by your solicitor or estate agent detailing the property, type, price, etc and this should be prepared in your native language as well as German if you are not familiar with the language. Once both buyer and seller in the presence of a notary sign the contracts, the remainder of the purchase price of the property will be placed in an escrow account until completion has been formalised. The details of the new owner of the property will then be registered at the land registry, which can take a about a month, and the remainder of the taxes and house price will be released to the selling party.

The approximate fees related to he purchase of Austrian property are broken down as follows -

Property transfer tax - 3%
Notary fees - 1%
Property registration fees - 1%
Stamp duty - 1%
Land registry fees - €525

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