Property law is an overarching description for landlord and tenant law, residential property law, property tax law and procedural dispute law. It therefore covers various different areas of law such as the rental law statute called MRG, but also tax law and civil litigation or the General Austrian Civil Code (ABGB). Primarily, property law is significant in the context of landlord and tenant law.
Property law encompasses all rights and obligations which a landlord and tenant determine in a tenancy agreement. Especially significant are:
- notice periods
- dates of termination
- reasons for termination
Life interest in property
The 2015 tax reform has prompted many owners to give or transfer their property to their offspring at an early period. Owners are strongly recommended retaining a life interest in the property. This not only protects the owner’s own home, but the life interest retains a certain say in matters, for example the property cannot simply sell or the life interest in the property survives a sale. Even if it may seem unlikely at the moment that their children would throw their parents out of the home, it often happens and is the cause of many years of legal disputes.
Transfer of property
Even if no transfers to the heirs are planned in the owner’s lifetime, a right of residence in the land registry should be registered for any dependents/relatives of the owner. Often heirs try to persuade the deceased owner’s partners to persuade them in to a smaller property, in order to get to their inheritance quicker, although many older people especially need a familiar environment and wish to live as long as possible in their home.
In Austria there are nine different construction regulations. The construction industry is subject to the state legislation. Expert advice is therefore imperative in any specific case.