Terms of Service

General

a) The company Real Estate Knapp TM, a brand of the company Virtual Real Estate Knapp GmbH (hereinafter referred to as “Virtual Real Estate Knapp GmbH”) operates exclusively on the basis of the following general terms and conditions, unless these are waived in a written agreement. In the event of a conflict, the terms and conditions set forth in this document by Virtual Real Estate Knapp GmbH” shall take precedence over those of the Client. Virtual Real Estate Knapp GmbHs exposés, information material and documents must under no circumstances be passed on or disclosed to third parties, and shall further only be used in court with their prior written consent.

Commission

a) A commission entitlement for Virtual Real Estate Knapp GmbH shall arise, if by virtue of their appointed actions a legal transaction (e.g. purchase, rent, lease, swap) is executed.

b) A commission entitlement shall also arise if a contract is concluded which deviates from the original offer (e.g. rent or lease instead of purchase) or if a different transaction with an equivalent purpose is executed.

c) Entitlement to full commission also arises when an initial contract is expanded or amended in economical or temporal proximity (within 3 years) by one or more contracts. The commission is also due for payment if a legal transaction is concluded in which one of Virtual Real Estate Knapp GmbH´s contract partners acted as a broker.

d) The commission is payable within 7 days after issue date to the bank account of Virtual Real Estate Knapp GmbH.

e) The commission agreed between Virtual Real Estate Knapp GmbH and the Buyer(s) and/or Seller(s) is already due for payment upon signature of the preliminary purchase/sale contract, rental agreement or lease by both parties. In the event that the commission payment is not transferred to the bank account of Virtual Real Estate Knapp GmbH within 7 days of its due date, any existing special agreements regarding the commission shall be rendered invalid and Virtual Real Estate Knapp GmbH shall be entitled to charge full commission in accordance with the Austrian Real Estate Brokers Ordinance (IMV). If the commission invoice is issued at the time of signature of the final contract, upon request of Virtual Real Estate Knapp GmbH, both parties undertake to ensure payment via the set-up escrow account.

f) Several Buyers and/or Sellers are severally and jointly liable for the payment of the commission. In the event that the legal transaction is not executed due to the fault of one of the Buyers or Sellers, the damaged party shall directly claim reimbursement for the commission paid from the party in breach.

g) If the Client impedes the execution of the contract by not complying with his or her obligation to cooperate, or in the case of the Client’s unjustified withdrawal or desistance from the contract, Virtual Real Estate Knapp GmbH shall be entitled to charge full commission in accordance with the Austrian Real Estate Brokers Ordinance (IMV).

h) Disclosure of information about, albeit only indirect, property offers from Virtual Real Estate Knapp GmbH´s portfolio to third parties is inadmissible. If the disclosure of such information results in the conclusion of a legal transaction, the agreed commission must be paid. The same also applies if the third party exercises a legal or contractual right of preemption, right of repurchase or right of entry. The Client is liable for the commission if the third party refuses payment thereof.

i) Buyer and Seller are also obliged to pay the agreed commission if, in lieu of a regular property sale/purchase, a company acquisition is effected. (E.g. in the commercial sector, the acquisition of limited liability companies)

Rates

a) The agreed amount of commission shall be recorded in writing. Base of assessment is always the actual purchase/sale, rental or lease price that has been achieved.

b) Virtual Real Estate Knapp GmbH is entitled to negotiate commission agreements with both contracting parties of a legal transaction. Due to existing business practices for real estate agents Virtual Real Estate Knapp GmbH may operate as a double agent.

c) In the absence of a contrary agreement, the maximum commission provided for by the Austrian Brokers Act (MaklerG) and the Real Estate Brokers Ordinance (IMV) shall be deemed as agreed. This shall also apply to legal transactions not explicitly listed in the brokerage agreement.

d) All rates listed by Virtual Real Estate Knapp GmbH are net prices.

e) The Client is not entitled to offset Virtual Real Estate Knapp GmbH´s claim for payment with claims of his/her own, unless those claims have been recognised in writing by Virtual Real Estate Knapp GmbH or legally established by a court.

f) In the event of payment default, the Client is agreed to pay 8% in default interest, unless mandatory regulations dictate otherwise.

g) Furthermore, in the event of payment default, Virtual Real Estate Knapp GmbH is entitled to instruct a law firm to issue a payment reminder. Expenses arising from such legal intervention shall be borne by the Client.

Client’s obligations

a) The Client is obliged to ensure his/her cooperation in achieving the purpose of the contract to the extent required, and further, to ensure the availability of the property for viewings at short notice, appointments for which need to be made at least 24h in advance.

b) If a property offered by Virtual Real Estate Knapp GmbH to the Client is already known to the Client to be available for sale, rent or lease, this must be communicated to Virtual Real Estate Knapp GmbH immediately, verifiably and in writing and with disclosure of the source of information. Otherwise agency by Virtual Real Estate Knapp GmbH with regard to the particular offer shall be considered to be recognised.

c) The Client is obliged to notify Virtual Real Estate Knapp GmbH immediately if, for whatever reason, their services are no longer needed, otherwise frustrated costs arising to Virtual Real Estate Knapp GmbH due to late notification – irrespective of the commission payable – will be borne by the Client himself/herself.

d) Virtual Real Estate Knapp GmbH specialises in the brokerage of commercial real estate and thus assumes their assistance is enlisted for commercial purposes. A Client to whom this does not apply is obliged to inform Virtual Real Estate Knapp GmbH about this circumstance in written form at the first opportunity.

e) The company Virtual Real Estate Knapp GmbH is specialized in the brokerage of holiday real estate and therefore assumes that the use as such is legally permitted and possible. A customer, to which this does not apply, is obliged to inform the company Virtual Real Estate Knapp GmbH in writing at the first opportunity.

f) The company Virtual Real Estate Knapp GmbH specializes in the brokerage of investment real estate and therefore assumes that it will be used for commercial purposes. A customer, to which this does not apply, is obliged to inform the company Virtual Real Estate Knapp GmbH in writing at the first opportunity

Rights of withdrawal

a) The Client declares to have been informed by Virtual Real Estate Knapp GmbH about his or her statutory rights of withdrawal under § 3, 3a and 30a of the Austrian Consumer Protection Act (KSchG) and further to have received the legislative text regarding these standards in printed form.

b) Furthermore, it must be noted that only Clients who are consumers within the meaning of § 1 of the Austrian Consumer Protection Act (KSchG) are entitled to these rights of withdrawal.

Liabilities

a) The details of a property listed in the information material supplied by Virtual Real Estate Knapp GmbH are given with due care and to the best of their knowledge. Virtual Real Estate Knapp GmbH accepts no liability for the correctness and completeness of such details which are generally based on information provided by property owners or holders of the right of disposal.

b) Virtual Real Estate Knapp GmbH ´sliability is limited to events, where damages have been caused by malicious intent or exceptional gross negligence on their part.

c) Any liability on the part of Virtual Real Estate Knapp GmbH for indirect damages and loss of profits is firmly excluded.

Final provisions

a) Insofar as these terms and conditions contain no explicit provision for individual cases, the provisions of the Austrian Brokers Act (MaklerG) and the Real Estate Brokers Ordinance (IMV) shall apply.

b) Should one or more provisions of these terms be partially or wholly invalid, this shall not affect the validity of the remaining provisions. In such a case the invalid provision shall be replaced with a valid provision that most closely approximates the business intention of the invalid one.

c) The place of performance and the place of jurisdiction shall be Zell am See.

d) The law of the Republic of Austria is agreed to apply.

e) The above provisions apply to legal transactions with Clients who are consumers within the meaning of the Austrian Consumer Protection Act (KschG) only insofar as the Austrian Consumer Protection Act does not prescribe any other mandatory regulations.

f) Modifications and amendments shall be made in writing in order to be effective. This shall also apply to modifications of or amendments to this provision.

Please note that Virtual Real Estate Knapp GmbH´s General Terms and Conditions have been made available to you in English purely for purposes of information and that only the German-language version is legally valid.