Real property dictionary
Real property know how from A to Z – our dictionary provides all the answers you need.
Costs that arise through the continual operation of a building and must be paid in addition to the net rent. If rental contracts are subject to the Act on Tenancy Law (MRG), operating costs, which may be passed on to the building’s tenants, are regulated in Section 21ff of the MRG. In regards to rental objects that are not or only partially subject to the MRG, operating costs must be agreed in the contract. If no contractual regulation exists, Section 1099 of the General Civil Code (ABGB) basically comes into effect and all charges must be borne by the landlord.
Ownership is the controlling right of a person against anyone over an object. The owner has the sole right to do what they wish with the object and to expel any third parties from the owned object.
All flat owners form an owners‘ community for the administration of the property. This is a judicial body with legal capacity, which is limited to the matters of the property administration. The owners‘ community can conclude contracts, acquire rights, sue, and be sued. The owners‘ community is represented by a majority of flat owners or through an administrator, respectively.
The Residential Property Law of 2002 (WEG 2002) regulates both the time period for summons and the contents of an owners’ meeting. Unless otherwise agreed, the administrator must call an owners’ meeting every two years. The summons must include the matters pending decision and be announced through the notice board and sent in writing at least two weeks before the meeting. The administrator must write the minutes of the meeting and convey them to the owners.
A one-room flat denotes homes with contemporary fittings, which are primarily suited for one-person households because of their size.
Legal succession of entire assets (e.g. in inheritance law) entails the complete transfer of rights and obligations from one legal subject to another. In tax law, this leads to the transfer of claims and debts from the legal predecessor’s tax obligations to the legal successor. A succession, where a legal successor, however, only enters into a certain part of all assets and liabilities, is called a special legal succession or partial overall succession.
The option is a temporary offer by which the offer-maker undertakes to conclude a certain contract in the future. A property owner can, for example, grant an interested buyer the right to purchase the property under the conditions mentioned in the option at a specific point in time. The option entitles, but does not obligate, the interested party to purchase the property.