Succession in Austria
15-02-2023

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Can I retain some rights associated with the assets I give away? Can I reserve a right of reclaim?

Given that this is a contract transferring property, the parties agree on a consideration, which is different from a gift where nothing is received in return. This consideration can take different forms, for example, the grant of a strictly personal right to live in the property for free, a so-called right of usufruct (i.e. a right to use the property, which goes beyond the right to live in it) or the obligation to provide for the needs of the transferor etc.  In principle, any contract can, of course, be subject to conditions and limitations in time. Furthermore, it is possible to place certain restrictions on the right of disposal (prohibition on granting any charge or on selling the property), which, depending on the degree of kinship, can be recorded at the land registry. After the parties have each performed their part and thus fulfilled their contractual obligations, the contract can only be unilaterally terminated on certain strict conditions (vitiated consent, revocation). The parties can provide for the possibility of retrocession under certain conditions (for example, if the other party to the contract dies first without leaving any children; retrocession upon death).

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Österreichische Notariatskammer

Landesgerichtsstrasse 20

A -1010 Wien , Österreich

Tel.: +43 - 1 - 402 45 09

Fax: +43 - 1 - 406 34 75

kammer notar or at

www.notar.at

Information for non-EU European countries is available on the International Union of Notaries (UINL) website at the following link.