The steps of buying real estate in Belgium

1. Negotiation

Before starting any negotiations, it is essential to know the local real estate market well. Analyze the prices charged for similar properties in the neighborhood or region, and identify market trends (supply and demand, average selling time, etc.).

The negotiation phase is often the first serious interaction between the buyer and the seller. Careful preparation is key to maximizing its chances of obtaining a favourable agreement.

2. The offer to purchase

Once negotiations have been undertaken, the buyer must formalize his intention to purchase by a written offer to purchase.

2.1 Presentation of the offer

• Once the property has been found, the buyer can present a written offer to purchase to the seller.
• This offer specifies: 
  • The proposed price.
  • The conditions precedent: obtaining a mortgage loan, no hidden easements, compliance of the inspection certificates.
  • The validity period of the offer (usually 7 to 10 days).

2.2 Acceptance of the offer

• Once the offer is accepted, it becomes legally binding on both parties.
• The seller can no longer accept another offer without legal consequences.

Astuteness An accepted offer commits you, so make sure you have solid financing before you start, or don't forget to have conditions precedent.

3. The preliminary sales  agreement (or promise of sale)

3.1 Signing the Preliminary Agreement

• The sales agreement is a legal contract binding both parties.
• It is usually signed within 2 to 4 weeks of accepting the offer.
• Key elements include: 
  • Identity of the parties.
  • Precise description of the property.
  • Purchase price.
  • Conditions precedent (obtaining a mortgage loan, planning permission).

3.2 Withdrawal period

• Unlike in France, there is no legal withdrawal period in Belgium once the agreement has been signed.
• Once signed, the preliminary agreement is final, unless a clearly mentioned suspensive clause is specified.

3.3 Warranty or Downtime Indemnity

• The buyer generally pays a guarantee representing 10% of the sale price.
• This guarantee is blocked in a third-party account (real estate agency or notary). Every real estate agent in Belgium is required to have a third-party account. Third-party money passing through this account is protected by law (unseizable) and by professional liability insurance. This obligation is monitored by the IPI.

Astuteness Have the offer and the preliminary sale agreement reviewed and checked by your notary before signing it.

4. The authentic deed

4.1 Signing at the notary

• The authentic deed must generally be signed no later than 4 months after the signing of the sales agreement.
• The notary verifies: 
  • The conformity of the property.
  • The absence of debts encumbering the property.
  • Compliance with the clauses of the compromise.

Astuteness Have the draft deed read by your real estate agent before signing the deed.

4.2 Payment and handover of keys

• The buyer pays the balance of the purchase price and the ancillary costs (notary fees, registration fees).
• Once the formalities have been completed, the keys are handed over and the transfer of ownership is official.

Astuteness Some real estate agents will help you with the transfer formalities of energy meters and in the handing over of the keys to the authentic deed.