BASIC BOOK - what is it and what is it needed for?

OWNERSHIP STRUCTURE

The land register is a public register in which real estate, rights equivalent to real estate, the existing ownership structure and the associated encumbrances are recorded. In Austria, the land register is administered by the district courts. (Definition according to Google entry). This means that all freehold flats, houses and plots of land can be called up in the land register.

For various professional groups, such as estate agents, lawyers and notaries, it is possible to request an extract from the land register online for a fee. The land register is a public book and everyone in Austria has the right to inspect it. It contains important information that should definitely be consulted before buying a property.

An extract from the land register may not be comprehensible to everyone at first glance, as a certain amount of training is required. Many prospective buyers who buy privately do not even look at an extract from the land register in advance and could therefore experience unpleasant surprises afterwards.

Basically, a land register extract consists of the A, B and C sheets. The A-sheet contains information about the property, the B-sheet shows all relevant information about the owner and the C-sheet contains the encumbrances, which is particularly important.

LOANS AND CHARGES

This allows you to check in the C-sheet whether the sale price covers all registered encumbrances or whether the outstanding loans are higher than the seller is demanding for his property. But beware, there may also be loans on the property that are not entered in the land register.

CONDOMINIUM OWNERSHIP ESTABLISHED

In the case of condominiums or several houses on a property, for example, it is important to know whether "condominium ownership" has already been established. This should always be the case for existing properties (exception: the creation of new buildings, where condominium ownership is first established)!

A real estate agent can read an extract from the land register correctly and checks before the sale whether everything relevant has been entered correctly or is happy to "translate" the extract from the land register for the prospective buyer.