A purchase offer isn't a reservation. Whoever signs it commits. For you as a seller, that means: once you accept, the sale is usually final. Here's exactly how it works – and what to check first.
Buyer bound
By signing, the buyer is bound for the period stated in the offer.
You decide
Until you accept, you're free to accept or decline.
Acceptance = contract
If you accept in time, the purchase contract usually already exists.
Special case: viewing day
Offer signed on the day of the first viewing: a private buyer may be able to withdraw.
How binding is a purchase offer?
Legally, a purchase offer (Kaufanbot) is a one-sided declaration by the buyer. It names the property, the purchase price and a deadline. Within that period, the buyer can't simply take the offer back.
Until acceptance, only the buyer is bound. If you accept within the period, the contract is concluded (§§ 861, 862 Civil Code). From then on, both sides are bound by the terms of the offer. The buyer only becomes the owner, however, once registered in the land register.
Important: whatever is in the accepted offer can later only be changed by mutual agreement. If the buyer backs out without a reason, you're generally entitled to damages. According to the sources, this also applies if the bank refuses a loan and no financing condition was agreed.
Withdrawal on the day of the first viewing
This is the biggest trap for sellers. Under § 30a of the Consumer Protection Act, a buyer can withdraw if:
- they're a consumer, buying privately,
- it's an apartment, a single-family home or a suitable building plot,
- they signed the offer on the same day they first viewed the property.
Withdrawal is possible within one week. But the week only starts once the buyer has received a copy of their offer and written notice of the right to withdraw. At the latest one month after the first viewing, the right expires.
According to Austria's Supreme Court, “the same day” means the calendar day. If the buyer only signs the next day, the right to withdraw generally doesn't apply. According to the Vienna Higher Regional Court, only an interior viewing counts as the first viewing. A deposit or forfeit money can't be validly agreed during the withdrawal period.
What does this mean for you as a seller?
Until you sign, you're free and can compare offers. After that, you're bound – even if a better offer comes along later. So only sign when you really want to sell.
Because the offer is already your contract, everything important should be in it:
- Purchase price and how it will be paid
- Handover date
- Release of encumbrances: which charges in the land register will be deleted
- Warranty – what you're liable for
- Conditions, such as a financing condition with a short, clear deadline
Try not to collect offers on the day of the first interior viewing – the next day at the earliest. And have a notary or lawyer check the offer before you sign. We're also happy to go through the offer with you.
General information, not legal advice for individual cases.
