Almost all transactions related to the purchase of real estate in Belgium take place with the participation of real estate agencies.
The purchase process
In Belgium an orange sign with the inscription “vendre” or “te koop” hangs on the objects for sale, but the most popular way to search is the Internet.
After selecting an object and completing price negotiations between the seller and the buyer, in some cases a contract is signed-a commitment to purchase (offre d'achat or koopintenties). Such a document is signed between the buyer and the real estate agency, but it is not necessary to conclude this contract. At the same time, a small deposit is made, if the buyer refuses the transaction, then he loses it.
Then there is a discussion of the preliminary contract of sale of real estate (compromis de vente or verkoopcompromis), which is signed by a notary. This agreement contains all the necessary information to conclude a transaction: a description of the object, its value, terms of the transaction, the date of transfer of ownership rights to the new owner, data about the owner and buyer, etc. At this stage, amendments and additions can be made.
All contracts in Belgium are concluded in French or Dutch, so a foreigner can invite an interpreter, or a real estate agency can do the translation if it is involved in the transaction.
When signing a preliminary contract, it is necessary to make an advance payment, which, as a rule, does not exceed 10% of the purchase price. The amount of the advance, which after signing the main contract will be transferred to the seller's account, is transferred to the notary's settlement account. In case of termination of the contract by one of the parties, a fine is paid.
Confirmation of income from a potential buyer will be required only if the transaction is made with the involvement of a mortgage.
Then the notary checks the object for legal purity, and also prepares all the necessary documents. Verification and preparation of a package of documents may take a notary one and a half to two months. If there are any problems preventing the transaction, the amount of the advance is refunded to the buyer.
The main contract (act of sale) (acte notarié or notariële akte) specifies the same conditions as in the preliminary contract. At this stage, the buyer pays the remaining amount of the purchase and pays the associated costs. The money is credited to the seller's account only after signing the main contract. The signed deed of sale transfers ownership to the new owner, and the seller gives the keys to the new owner.
Within four months from the moment of signing the main contract, the act of sale must be officially registered, and registration fees are also paid during this period.
Taxes and expenses
In addition to the cost of the object, the buyer will need to pay additional costs.
In Belgium, the costs of transfer of ownership and registration are among the highest in Western Europe and, depending on the region, amount to 10-12.5% of the purchase price. In Flanders – 10%, in other regions – 12.5%.
When buying a second home, VAT is not charged, if a new object is purchased, a 12.5% tax is levied on the value of the land and the transaction is subject to VAT of 21%. New housing in Belgium refers to a real estate object that has been used for less than two years. Buying a new home will cost more, as additional costs will increase to about 22% of the cost of the object. At the same time, the registration tax on new housing is not paid.
Notary expenses are also paid by the buyer – 0.4-4% of the purchase price.
The cost of a lawyer's services in Belgium when buying real estate is negotiated separately, usually they cost about 1-1.5% of the transaction value. In the case of buying a home through a real estate agency, the commission amount will be about 3% (plus VAT).
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