What is in the purchase contract and how is it signed?
The contract governs the price, the property, payment and handover. It is usually drawn up and legally secured by a contract draftsman.
The purchase contract is the central document in a property purchase. It sets out bindingly what is being sold, at what price and on what terms. Because a great deal of money is involved, it is usually drawn up and legally secured by a contract draftsman. The details depend on the individual case.
What the contract governs
Property and price
The contract describes the property precisely and records the purchase price and the payment arrangements. The handover date and any fittings included in the sale are also governed.
Security
Settlement through an escrow agent is usual; they secure the payment until everything is entered in the land register. That protects both buyer and seller.
A good purchase contract protects both sides, because it leaves nothing open to interpretation.
Why you should not rush the contract
The purchase contract is binding, so it should be checked calmly before signing. It matters that every agreement is actually in the contract, because verbal assurances count for little in case of doubt. Check that the description of the property, the price, the payment arrangements, the handover date and any fittings included are correctly recorded. Anything unclear should be settled before signing, not afterwards. Because a great deal of money is involved, support from a contract draftsman is standard and sensible. We make sure the process around the contract is orderly, all parties are coordinated and no points remain open before it comes to signature. That way buyer and seller are on safe ground.
How signing works
The contract is prepared by the draftsman, checked by both sides and then signed. Entry in the land register and settlement of the payment follow. How the contract fits into the overall process is shown in How does a property sale work?. The legal detail should always have professional support.
How we support you
We accompany the sale through to completion, coordinate those involved and make sure the process around the contract runs smoothly. The legal drafting is handled by the contract draftsman; we keep the overview. We have been rooted in Graz and the surrounding area since 1988. Arrange a conversation.