The bars maintain control systems on the trusteeship assumed by lawyers under a contract.
What does trusteeship mean?
Trusteeship is a service of the Austrian lawyers which plays a key role in legal transactions, in particular for real estate purchase contracts. They serve the purpose of securing contractually agreed payments vis-à-vis the other party, e.g. of securing the purchase price for a property until title is registered in the Land Register.
Electronic Lawyers' Escrow Book
In order to standardise the processing of trusteeships and to be able to offer more insurance protection to persons who deposit funds in escrow with a lawyer, the Electronic Lawyers' Escrow Book was introduced in October 1995.
According to the Austrian Lawyers' Code (Section 10a Rechtsanwaltsordnung), every lawyer must perform a trusteeship assumed by him on his own responsibility and, as a matter of principle, to handle escrow funds of more than EUR 40,000 or, if the law provides that the amount has to be secured by an escrow facility, via an escrow facility that has to be maintained by a regional bar. Your lawyer will inform you about your insurance coverage.
Where can I get more detailed information?
If you would like to get more detailed information, please contact the bar where the lawyer you want to retain is registered.