Trustee
In the property developer contract the independent person who supervises compliance with the security obligations and releases the purchaser's payments only when due (BTVG).
The BTVG regularly requires the involvement of a trustee, usually a lawyer or notary. The trustee checks the security of the purchaser's payments and releases payments only when the conditions, for instance the respective construction progress under the instalment plan, are met.
The trustee is obliged towards the purchaser to give information about the chosen security model. The trustee's involvement is a central protective mechanism of the property developer contract.
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Legal basis
Statutory texts for orientation; the version in force at the relevant time prevails.
This explanation gives a general overview of Austrian law and does not replace advice in an individual case. The specific circumstances of your construction project are always decisive.
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Property developer contract
A contract for the acquisition of property still to be built or substantially renovated, involving advance payments; governed by the Developer Contract Act (BTVG).
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Instalment plan
A security model under the BTVG in which the purchaser makes payments only according to construction progress, in instalments fixed by law (section 10 BTVG).
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