The key point of the Building Contracts Act (BTVG) is that a purchaser of a property who has to pay more than €150/m2 before the completion of a new property to be built or before the completion of a comprehensively refurbished property must be adequately secured. In the event of the developer’s bankruptcy during the construction phase, the purchaser should not lose his payments or have paid more than he has already received in consideration with the collateral referred to in the BTVG.

The notary acts as an independent trustee, who not only takes care of the creation of the deeds, but also checks the payments according to the instalment plan and ensures legal certainty.