Payment to the escrow account by the buyer:
The buyer transfers the total purchase price including ancillary costs to the escrow account within 14 days after signing the purchase contract. Alternatively, the buyer can deposit 10% of the purchase price including ancillary costs into the escrow account within 14 days and secure the remaining 90% of the total purchase price by providing a bank guarantee from a major Austrian bank to the trustee.
Payment to the developer according to the Developer Contract Act – Payment Plan B:
The total purchase price is paid by the trustee to the developer strictly according to the Developer Contract Act as follows:
10% at the start of construction based on a legally binding building permit
30% after completion of the shell and roof
20% after completion of the rough installation
12% after completion of the facade and windows, including glazing of the building
17% upon readiness for occupancy of the actual contractual object (or upon agreed early handover of the actual contractual object)
9% after completion of the entire complex
2% before handover of the actual contractual object (step by step against securing the buyer by a bank guarantee)
Trustee and contract drafter:
Dr. Christian Girardi LL.M, Ing. Dr. Stefan Schwärzler, and Mag. Daniel Pichler, attorneys, Maximilianstr. 29/P, 6020 Innsbruck