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property in Belgium is always gonna be a great investment. Whether you used it as your main residence, a vacation home, or you had it rented out for profit, you can't deny that you benefited a lot from this place! And now, it's probably time to sell. No matter the reason, there's always gonna be a big chance that you'll have to sell your real estate in Belgium one day. And if that day has come, you ought to follow a few tips so that you can do it wisely! They include preparing a huge budget, going to the Land Registry, and meeting the buyer in person, among many others!
Prepare a Budget
You might not know this yet but selling your property in Belgium comes with a few costs. You'd do well to prepare a huge budget beforehand. They may not be a lot, but they're still important. And depending on your current situation, some of them might be pretty high. There's the capital gains tax, for instance, which is imposed on the profit you earn from this transaction. If you
hired a real estate agent to help you sell the property, you'll need to pay their commission too. It's commonly around 4% to 6% of the property value. And the notary fees too! They're important in preparing your required documents.
Handle The Repairs and Renovations Yourself
Typically, all the repairs and renovations that your property needs will also be part of the many costs of this process. However, if you can deal with them yourself, the better. Although this may also cost you a pretty penny, it's still different from having others do it for you. Sure, professionals may spruce it up in ways that you can't, but that's not really necessary here. All you really need is a clean and working home to sell. If you can handle the needed repairs and renovations yourself, do it! In the end, you'll also be more aware of the state of your property than before!
Get The Legal Documents Ready Beforehand
The process of selling real estate in Belgium doesn't have to take more than a couple of months. More often than not, it will only take around two to three months, and that's if things went smoothly. So to ensure that it does, it's best if you prepare all the legal documents beforehand. This is the most time-consuming part of the process since you'll need many documents to sell your property in Belgium. They include the title of ownership, land use information, the Building Energy Performance (PEB) certificate, the Electricity inspection certificate, and the Post Intervention Dossier (PID), among many others. Take note that every single one of them needs to be notarized too!
Hire a Trustworthy Notary
Hiring a notary is one of the most important steps in selling your property in Belgium. If they can serve as your solicitor too, even better! The notary is essentially the legal authority throughout this transaction. They're the ones who will notarize all the important documents, deal with legal issues, and even serve as your legal representative when dealing with the buyer. With so many vital roles to play, it's important that you hire a trustworthy lawyer for the job.
Real estate scams relating to this are more common than you think! You can easily avoid them if you hired a capable, accomplished, and honest notary.
Deal with The Land Registry ASAP
Another of your notary's many important responsibilities is to deal with the land registry. As mentioned regarding the documents you need to sell real estate in Belgium, the title of ownership is one of them. It might even be the most important of them all. The moment you thought of selling your property, you need to let your notary check with the land registry if you are, in fact, the listed homeowner. If not, then you have no right to sell the place. But if you can prove that you should be listed as the owner, then have it changed before putting your property in Belgium for sale.
Draw Up a Purchase Commitment Contract
Though it's not a requirement, drawing up a purchase commitment contract will be to your benefit. Why? Because this will legally bind you and the buyer to the transaction. Once signed and notarized, you will have no choice but to sell your property in Belgium to the listed buyer. You'll also have to take it off the market. On the buyer's end, they'll be legally obliged to purchase your property. They'll have to see the transaction to the very end lest they want to get into legal—and likely financial—trouble.
Meet The Buyer in Person
Above all else, you have to meet the buyer in person. It's better that you get to know them, their current situation, and more. First, it's to see if they're trustworthy enough to stay in the transaction. This is also why it's better to draw up a purchase commitment contract even when it's not required. Second, it's also to make sure that you're leaving your property in Belgium in the right hands. After all, you still spend some time in the place yourself. Wouldn't you want to make sure that the property will still be well taken care of?
If you're planning to sell your property in Belgium, there's no doubt these tips will help you out! Who knows? You might even get out of a tricky situation because you chose to follow them! These tips can benefit more than you realize.
