Powered by xpats.com
Weather
12 °C

Not registered yet?

  • Daily & weekly newsletters
  • Buy & download The Bulletin
  • Comment our articles
Register now

You are here

From offer to acceptance and compromise

Question

We are planning to give an offer for a house. If they accept our offer, can we sign the last deal 3 weeks later as we will be on holiday or does the deal need to be signed right away? How does it work? We liked the house but the timing is rather bad. Thanks for your replies.

Answer
becasse Jul 2, 2017 20:31

The timetable works like this:

1. Make sure that you have a notaire/notaris.

2. Make an offer (subject to being able to obtain a suitable mortgage if that is necessary), making sure that the wording is agreed by your notaire.

3. Offer is accepted - both sides are now committed to the sale (although the acceptance is only provisional if your offer included a condition).

4. Obtain the mortgage if necessary.

5. Both sides sign the compromise de vente at the offices of the seller's notaire, you having paid a 10% deposit to your notaire beforehand.

6. Your notaire carries out all the legal checks.

7. Both sides sign the acte de vente at the offices of your notaire, you (or your mortgage company) having paid the balance including all fees and taxes due to your notaire beforehand. The property is yours.

Your physical presence is required for steps 5 and 7 but obviously the dates are set by mutual agreement. Note though that step 7 must take place within 4 months.

Note also that YOU must be satisfied with the condition of the property before you make an offer.

Answer
J Jul 2, 2017 21:14

If you're 100% certain, make offer NOW.

In 3 weeks, it will have sold (at least if it's any good)

You have 4 months to complete once an offer has been accepted.

Personally, for the sake of one of the biggest financial decisions of your life, I'd delay the holiday for a week and sort it out first. Otherwise, you'll never relax with the stress.

Answer
becasse Jul 2, 2017 22:54

J is right, good property at a fair price sells in days if not hours.

Get a notaire first thing in the morning, most notaires (notaris) that can speak Dutch speak English as well if that is a problem. Then, if you need a mortgage, and you haven't already done so, find out how much you can borrow, your bank is a good starting point because they know you. They may well be prepared to lend less than you think because that is how it works in Belgium, lenders are required to be cautious by law. Finally, don't forget that taxes and fees can easily add 20% or more to the agreed price, your notaire will explain but at least the fees and taxes are fixed (and linked to the price). Meet the agent and see the property again and then a get a written offer in. You could do all that tomorrow if you try. But remember, once that offer is accepted you are committed, in less than 4 months it will be yours.

Answer
becasse Jul 2, 2017 22:54

J is right, good property at a fair price sells in days if not hours.

Get a notaire first thing in the morning, most notaires (notaris) that can speak Dutch speak English as well if that is a problem. Then, if you need a mortgage, and you haven't already done so, find out how much you can borrow, your bank is a good starting point because they know you. They may well be prepared to lend less than you think because that is how it works in Belgium, lenders are required to be cautious by law. Finally, don't forget that taxes and fees can easily add 20% or more to the agreed price, your notaire will explain but at least the fees and taxes are fixed (and linked to the price). Meet the agent and see the property again and then a get a written offer in. You could do all that tomorrow if you try. But remember, once that offer is accepted you are committed, in less than 4 months it will be yours.

Answer
becasse Jul 2, 2017 22:54

J is right, good property at a fair price sells in days if not hours.

Get a notaire first thing in the morning, most notaires (notaris) that can speak Dutch speak English as well if that is a problem. Then, if you need a mortgage, and you haven't already done so, find out how much you can borrow, your bank is a good starting point because they know you. They may well be prepared to lend less than you think because that is how it works in Belgium, lenders are required to be cautious by law. Finally, don't forget that taxes and fees can easily add 20% or more to the agreed price, your notaire will explain but at least the fees and taxes are fixed (and linked to the price). Meet the agent and see the property again and then a get a written offer in. You could do all that tomorrow if you try. But remember, once that offer is accepted you are committed, in less than 4 months it will be yours.

Answer
anon Jul 3, 2017 10:05

Q - "How does it work?"
A - Get a notaire NOW!

Just go through this Q&A looking at the questions about buying and selling houses, and you will see a lot of pain and trauma from people who haven't taken proper legal advice. As J notes above, buying a house is "one of the biggest financial decisions of your life".

As it is, you don't even know what the process is, let alone all the potential pitfalls along the way - so you need to see a notaire. They are very easy to get, just look up a local one in the phone book, or online at www.notaire.be. They don't charge you anything until the actual transaction occurs, you will have to have one anyway eventually to write up your acte de vente, and their fees are fixed by law. But it makes A LOT of sense to get one before you do anything (including making your initial offer) so that they can advise you correctly. i.e. the wording of your initial offer (even before the compromis de vente) should include such things as a time limit, and various conditions that the offer depends on your getting finance etc. etc.

Questions & Answers

Help and get help

blue

Hi
To apply for Belgian nationality, I need a translated copy of my British birth...

socrate

In the front of the garage in the front garden there is a manhole 40x40 cm that is over...

Borealis

Does anyone know a dermatologist who is a specialist in vitiligo? Thank you.

Jobs

Get in touch with your internal...

Quality holiday accomodation for your cat...

Events & Social

Upcoming

24 Jan
24.01.2018 to 25.02.2018
Brussels
by Galerie Verhaeren
24 Jan
24.01.2018
Brussels
by Brussels Darkness Into Light
25 Jan
25.01.2018
Brussels
by Access MBA

Popular

7 Feb
07.02.2018
Brussels
by Expat Club
8 Jun
08.06.2018 to 10.06.2018
by Expat Club
23 Feb
23.02.2018
Bruxelles
by Café Floréo

Twitter