Safety on all sides
Trusteeships usually come about in financial transactions. This is often the case when a property is sold, for example. The trusteeship provides all parties involved – for example the buyer and the seller – with the best possible protection.
As a lawyer, we are also happy to take over the trusteeship for you. We hold the assets in safekeeping and ensure that the interests of all persons involved are protected. This also includes ensuring that the money deposited is only paid out if the defined framework conditions are met.
The contract as a secure foundation for companies
Estate agent law is full of legal peculiarities. The sale or rental of private or commercial properties regularly involves large sums of money. Buyers usually spend their entire savings to purchase a property.
On the other hand, the broker also has a legal interest in achieving the highest possible commission and securing his claim against his clients.
The property management company also has its own concerns. Legal problems can arise in the brokerage processes on either the buyer or seller side. In addition to potential liabilities, it is essential for property managers to thoroughly check the creditworthiness and reliability of tenants when letting properties in order to avoid the threat of rent defaults.
For these reasons, it makes sense to choose a lawyer who has the necessary experience and specialization in these areas.
Whether you are an entrepreneur, estate agent, property manager, buyer or seller: Our team and I as a lawyer are at your side for all questions and concerns regarding brokerage law and brokerage contracts.
We support and represent you in all matters relating to brokerage law, including
With us, you avoid legal difficulties and ensure the enforcement of your legal claims, whether in or out of court.
We provide these services
Trusteeship for:
- Buyer
- Vendor
Real estate transactions
- Processing of real estate transactions (house, apartment, business)
- Handling all matters relating to purchase price payments
Contracts
- Fiduciary handling of purchase agreements, transfer agreements & assignment agreements
- Checking the fulfillment of contractual conditions
Further services
- Warranty claims
- Communication (with authorities, banks, brokers)
- etc.
Consulting
- On all legal issues relating to trusteeship
- Legal opportunities & risks within the scope of the trusteeship
Trusteeship at a glance
In a trusteeship, the trustee (lawyer/notary) assumes the rights of a settlor (person/offices, banks, etc.). A contractual relationship is established between the two parties. A trust agreement is concluded between them, which regulates the rights and obligations of the trustee.
For example, the lawyer/notary takes over the administration of:
- Properties
- Assets
- Company shares
and has the legal status of the owner through the trusteeship. This enables him to fulfill his duties in the best possible way. The trustee receives a fee for this task and at the same time undertakes to act disinterestedly and in the interests of the trustor at all times.
If the trustee also takes over the management of financial resources, a trust account must be opened. The trustee must keep a record of all income and expenditure relating to the account.
A trustee supports you in this
Trustees ensure that all aspects of real estate transactions are handled smoothly, legally correct and secure.
This secures all natural and/or legal persons involved in the transaction:
- Buyers have the certainty that the purchase price will only be paid to the seller once the seller has fulfilled all the necessary conditions for the purchase.
- Sellers have the certainty that the money has actually been paid into the escrow account and that they will actually receive it in the end.
- Banks: e.g. when taking out a loan. Here, care is taken to ensure that a mortgage for the bank loan is entered in the land register as security for the bank.
Mag. Schaunig
Why you can trust our law firm
In-house support
You will be looked after directly and personally in our office in Vienna. Confidentiality is our top priority. You can rest assured that no information will be passed on to other parties.
Care & trust
As trustees, we work disinterestedly and act in your interests. We approach all matters carefully. We know that Trustworthiness and diligence are very important, especially in this area.
Deadlines at a glance
There are various deadlines and requirements for fiduciary settlements. When processing your requests, we make sure that we always keep an eye on both.
When you should rely on trusteeships
Trustee settlements are mainly found in real estate purchases and sales. The agreed purchase price is held in a trust account which is managed by your trustee lawyer.
However, the settlor’s desire for anonymity is also often a reason for a trusteeship. Another case in which trustees are often appointed is the administration of estates.
Advantages of a trusteeship
Trusteeships offer one thing above all: security for everyone involved. Banks, buyers and sellers can be confident that their interests will be protected and that the real estate transaction will proceed safely.
In addition, the fiduciary settlement ensures that the property is not sold twice.
A final advantage is anonymity. The settlor does not have to disclose his identity, but can have the trustee act on his behalf.
As a lawyer, we are also happy to take on trusteeships for you.
As part of this, we protect the interests of all parties involved and ensure that everyone gets their rights. At our law firm in Vienna, we are always at your side!
Worth knowing: What we would like to give you
Trustees undertake to act altruistically. To protect the interests of the settlor. The trust agreement also serves to record this duty. In the event of negligence or self-serving behavior – i.e. breach of contract – the trustee can therefore also be prosecuted under civil and criminal law.
Escrow amounts must be transferred immediately as soon as the conditions for this very transfer are met. This prerequisite is often that the buyer registers his ownership rights in the land register. Therefore, do not let yourself be held up in such cases.
Trusteeships can be ordered by a court. This is the case with private insolvencies, for example.
There are strict legal guidelines for a fiduciary account. Payments are clearly defined, trustors have special insurance cover and they can track all account movements.
Arnulf Schaunig
Your lawyer for trusts
I am Arnulf Schaunig, a lawyer from Vienna. As part of this activity, my team and I can also assist you as a trustee.
We know: The assumption of trusteeships is an area that requires particularly responsible action.
We provide you with reliable and professional support thanks to our in-depth knowledge and great care.
We check the fulfillment of the contractual conditions, manage the escrow account and ensure that all parties involved receive their due.
Arrange a free initial consultation at our law firm in Vienna!
