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Real property dictionary

Real property know how from A to Z – our dictionary provides all the answers you need.

E

Exclusive brokerage contract

Through the exclusive brokerage contract, a real estate agent is contracted by the client in writing to provide real estate services for a specific period of time. In doing so, the client is bound to a certain real estate agent. Unlike with a simple brokerage contract, the real estate agent is obligated to actively seek out interested parties and endeavour to sign a contract to the best of their efforts. If a transaction occurs through their services, the real estate agent is paid the agreed commission. If, in spite of the agent’s appropriate efforts, the brokerage cannot be successful because the client revokes the exclusive brokerage agreement within the agreed notice period, or the real estate transaction is made with the help of another agent, or by the client themselves respectively, the client’s obligation to pay the commission can be agreed (“contractual penalty”).

Entitlement contract

An entitlement contract grants the right to acquire a specific flat from the developer.

Easement (Encumbrance)

Easements are limited (non-transferable) rights in rem to a third-party object, which can be enforced against anyone. Through this, the owner is obligated to condone or refrain from something to another’s advantage. This is characterised by the object owner’s obligation not of active behaviour, but rather only of tolerance or refraining. It is, however, important that easements are exercised so carefully that they cause as little difficulty as possible to the owner. In addition, an easement may not be extended without authorisation. Examples of easements include basic easements (real easement), usufruct, or the right to a home.

Energy Performance Certificate

The energy performance certificate evaluates the energy performance of a building and in principle, contains all parameters of a house that are relevant to its energy. The most important figure on the energy performance certificate is the energy figure for a building, specifying its specific heat need. The overall energy efficiency factor (fGEE) quoted in all energy performance certificates is a comparative value with a reference building. In Austria, the issuing, use, guidelines, and basis for energy performance certificates are regulated through the respective regional law and in the Act on Presentation of Energy Performance Certificates (EAVG).

Encumbrance (Easement)

Encumbrances are limited (non-transferable) rights in rem to a third-party object that can be enforced against anyone. Through this, the owner is obligated to condone or refrain from something to another’s advantage. This is characterised by the object owner’s obligation not of active behaviour, but rather only of tolerance or refraining. It is, however, important that encumbrances are exercised very carefully so that they cause as little difficulty as possible to the owner. In addition, an encumbrance may not be extended without authorisation. Examples of encumbrances include basic easements (real easement), usufruct, or the right to a home.