Effect of default on the disbursement of escrow funds

It is common practice for transactions relating to the purchase of real estate to be conducted by an escrow agent. In the case of multilateral trusts, one escrow agent administers the trust established by several trustors who may have opposing interests.

First decision of a Vienna District Court on Section 1104 of the Civil Code in connection with COVID-19

The District Court of Meidling in Vienna has become the first court to rule on the obligation of a commercial tenant to pay rent during the lockdown in the spring of 2020.

Hotel lease agreements in Hungary

Due to the serious financial losses, various hotel lessees are currently approaching their lessors with a request for the deferral or abatement of rent payments.

COVID Rent Programme

The Czech government will help businesses affected by the COVID-19 measures cover their rent payments.

Legal protection for residential tenants during the Corona crisis

To protect residential tenants during the Corona Crises from negative effects the legislator has provisioned special legal amendments.

Planned amendment of the Viennese Building Code

The planned amendment of the Viennese Building Code (under assessment since April 27th 2020), sets forth that in case of the construction of new residential buildings, solar energy sources are mandatory. In case of newly constructed commercial buildings this obligation already exists since 2014.

Austria: Potential consequences of COVID-19 on Lease Agreements

Whether you are a landlord or a tenant, you may be affected by the current directive of the Federal Ministry of Health and Social Affairs that certain businesses, mostly retail shops, may not be entered by customers for shopping purposes. This restriction is in force until 22 March 2020, but it may be assumed that this measure will be prolonged.

Effects of Brexit on the acquisition of real estate by British citizens in Austria

Austrian real estate transfer laws – which are enacted and adopted by each of the nine provincial legislators due to its constitutional classification as a federal competence – provides for individual restrictions in the form of approval or notification requirements for the acquisition or transfer of rights to real estate by nationals or third country nationals. While British nationals have to date been treated equally to Austrian nationals given their status as citizens of the European Union, their equal treatment under the laws could end after Brexit.