Real property dictionary
Real property know how from A to Z – our dictionary provides all the answers you need.
A substitutive measure denotes the means of enforcing acceptable actions. Of particular note here is that implementing the action incumbent to the obliged parties is made through a third-party at the cost of the obliged parties. A substitutive measure must be announced in writing and can be carried out on public order from, or on behalf of, the authorities without any specific authorisation.
The share of co-ownership for a property is denoted as a minimum proportion in flat ownership and is found in the land register. This is required to acquire flat ownership of an object and is expressed as a fraction. It corresponds to the value in use of the object to the sum of all values in use of the property.
Unlike with an exclusive brokerage contract, which binds the client to one real estate agent, with a simple brokerage contract, several real estate agents can be tasked with processing real estate. In this case, the real estate agent is not obligated to actively seek out interested parties.
If the costs for preservation or improvement measures cannot be covered by the reserve fund, these can be levied by the flat owners through a one-off prescription.
Sub-standard housing denotes a category D flat that has no toilet and/or no water supply in the housing association. Flats of this type formerly shaped the so-called “Gründerzeit” quarter in Vienna, but have since been largely upgraded with sanitation or the consolidation of homes respectively.
The superaedificate is a building that (according to Section 435 of the General Civil Code (ABGB)) is constructed on third-party land with the intention that it will not remain there permanently. In contrast to the building right, the superaedificate is a movable object. The acquisition of ownership does not take place through registration as with the building right, but rather through the lodgement of a deed with the court. In addition to being registered in the “Building Card Index”, a superaedifcate is merely noted in the A2 page. The initial owner of a superaedificate acquires ownership through site management without the necessity to file a deed. For this reason, the existence of a superaedificate cannot always be seen in the land register.
Subtenants are people who use a flat or parts of a flat that have been rented by another person, that is, the so-called main tenant. Those who live as subtenants, therefore, have no rental contract with the flat owner. For this reason, the contractual parties are referred to as subletters and subtenants. If the right of use (main tenancy) of the subletter is dissolved, the subletter must inform the subtenant of this immediately. The right of use of the subtenant expires with the end of the main tenancy agreement, although this is not clearly regulated by law. Under the coverage of the Act on Tenancy Law (MRG), bans on subletting are only legally effective in the main tenancy agreement if there is an important reason against subletting (e.g. total subletting or subletting for a disproportionately high return). If the subletting fee exceeds the main rent by more than 50%, the subtenant may claim back the excess amount.