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A deposit of 10% is usual but not necessary in Austria, returned if the sale falls through. Property sales are usually handled for both parties by a solicitor/lawyer. The purchase agreement and the documents can be signed before an official at an Austrian embassy abroad and translated if required. When the purchase contracts are signed the funds are deposited in a trustee (Escrow) account until completion takes place. The owner details will then be registered in the land registry and can take a few months. The taxes and fees are then paid by the solicitor/lawyer and the agreed purchase price paid to the vendor.

Estate agents

There are numerous estate agencies in Vienna. You can try the following:

• http://www.immototal.at/real-estate-vienna-austria/
• http://www.ezilon.com/austria-real-estate.html
• http://www.elitealps.com
• http://www.wohneninwien.com
• http://www.viaservis.com

Solicitor fees

An Austrian lawyer will normally be engaged in matters relating to buying and selling of property in the country. Your total fees should be around 8-9% of the buying price and will include property transfer tax of 3.5% and notary fees around 3-4%. The ownership registration should be 1% with stamp duty 0.5-1%, the land registry fees averaging a payment of around £300 / $450.

Tax

There will be a Property Tax of  0.4-0.9% of the properties assessed value and should be lower than the market sale value. Wealth tax of 1% of your net worth irrespective of your resident status is charged for Austrian property owners.

Capital gains made by residents are taxed as ordinary income at 34%. Your principal home will be exempt unless you sell within five years. All property is exempt after 10 years.

For more information on buying property in Austria, click here.