Buying real estate in Belgium

Agreement

Once seller and buyer have signed an agreement they can't break it anymore.

Involvement of a notary

A notary should be involved to make the transaction solid. It will take him a few months to get all the paperwork done. Before the deed passed before the notary an agreement is made between the buyer and the seller. This agreement is definitive between them and triggers a period of 4 months within which the tax on the transaction whould be payed.

Taxation of the transaction

The tax on the sale of real estate is 10% of the value. There is an exemption for new constructions as long as you pay the 21 % VAT on your sale. The VAT is only on the sale of the constructions. When you buy a new appartment you also buy a part of the land on which the constructions are rected. On the value of the land you buy there is always the tax on sale of real estate.

But to the standard 10% tax rule, there are some expeptions:

-  If you have sold a property in Belgium which has served as your main residence.

- If you are buying a house for the first time.

- If you are buying a very small house.

The tax has to be payed with 4 months after the agreement between buyer and seller.

 

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