It is not against the law for Indians to purchase real estate or a property or take out a mortgage in Belgium. In contrast to non-resident purchases, there are significant tax ramifications for Belgian citizens. You may read up on the rules for Belgian visas for visitors as well as any relevant Belgian taxes.
Belgian real estate
The majority of real estate listings feature a sign outdoors or on the balcony. Usually orange in color, these signs have the words “on sale,” written on them in either Dutch or French. Additionally, you may browse for houses online. Real estate sales and rents are covered on several websites. Century 21, Immoweb, Logic-Immo, and Zimmo are a few of them. Through internet organizations and forums, particularly those for expats, you could even be able to locate houses for sale. Rental companies also assist, however, keep in mind that this service is not free.
Agency costs to get a property might range from €250 to €1,000 or even more. Go to the Professional Institute of Real Estate (IPI) website to ensure that the agent you choose has a license. Use property hunters to narrow your search results. They provide a more individualized service yet are comparable to estate agents. Higher fees are the result. Auctions are used to sell certain properties. Newspapers publish public advertisements for them together with selling information.
Formalities involved in purchasing a home in Belgium
In order to buy a property, there are three steps: the bid, the sales agreement, and the act.
The bid
The bid is referred to as a “koopintenties” in Dutch and ‘’offre d’achat” in French. When using this contract to sell the property, sellers retain the right to revoke their offer at any time. A small, nonrefundable deposit is expected from the buyer in such cases. Obtaining this document is not a mandatory requirement. However, having one is preferred by many real estate agents. Your bid should be between 5 and 15 percent less than the asking price. If you’re getting a mortgage in Belgium, the lender could want you to do a property appraisal study. It’s still an excellent idea even if they don’t since it will highlight any flaws you may have overlooked. If so, you may make a lesser offer. Typically, valuation surveys cost roughly €200 + VAT. Either search the Royal Institute of Chartered Surveyors (RICS) or an estate agency to locate a surveyor.
The sales contract
Additionally known as compromis de vente in French and verkooncompromis in Dutch. The whole sales contract is included in this document. Your real estate agent or notary may interpret the paperwork for you if you don’t speak the language it is written in. If not, you are allowed to bring and pay an interpreter. This arrangement is enforceable after it has been endorsed by the purchaser and the seller. The vendor is unable to accept one offer and reject another in the same transaction. At this stage, purchasers must pay a trust or a notary close to 10% of the entire sum (for those with a mortgage, the lender will handle this). Neither the seller nor the real estate brokerage may receive this sum. After that, the buyer has four months to pay the remaining balance and complete the transaction.
The deed
The legal document attesting to the transfer of ownership is known as a deed or, in Dutch, a notarile akte. It must be submitted by a notary within four months after the sales agreement. The property must be examined by an architect or a surveyor throughout these four months. Additionally, the transaction is recorded at this time.
Fees associated with purchasing a home in Belgium
The various fees associated with the sale will cost purchasers a total of 11–15% of the price of the property (for new construction, this rises to around 22%). The following are those charges:
Registration of the sale
For homes older than two years, the tax is 10% in other areas and 6% in Flanders. There are certain exceptions.
VAT
This is 21% of the buying price. This is only for homes constructed less than two years ago.
Notary fees
Typically averaging 1.6%, can vary from 0.2% to 4% of the purchase price. The percentage is determined by legislation and varies based on the transaction’s size.
Mortgages
The associated administration expenses will vary depending on your lender and the type of mortgage you choose.
Agency costs
These range from €200 to €1,000.
Insurance
Those who get a mortgage must submit a building insurance application. You may get contents insurance as well.
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