Once the purchase offer has been accepted, you generally have to wait between 2 and 6 weeks before the sales agreement (compromis) is signed. This period is not set by law and depends on the notaries. After that, in Belgium, the law is simple: no more than 4 months may pass between the signing of the sales agreement and the signing of the deed of sale. BIV Immobilier tells you more in this article!
Why is there a delay between the sales agreement and the deed of sale?
In Belgium, the property sale process is governed by regulations. In particular, Belgian law requires the authentic deed to be signed within 4 months at most of the signing of the sales agreement.
In practice, this period can sometimes be reduced to 2 or 3 months. Note, however, that this period is not merely a formality: the notary needs time to carry out the checks that are essential to securing the transaction. These administrative searches include, for example, checking for any mortgages on the property, verifying planning compliance and identifying easements.
This period also allows the buyer to finalise the financing of the property. Banks and financial institutions need time to assess the buyer’s loan application. The purchaser may be asked to prove their financial capacity and to provide various supporting documents.
What are the steps between the sales agreement and the authentic deed?
- Carrying out the searches
Following the signing of the sales agreement, the notary carries out checks on the property being sold: easements, the existence of creditors, documents relating to the property, planning compliance... - Drafting the deed
Once the searches have been completed, the notary drafts the authentic deed of sale, which must be reviewed and, where appropriate, approved by the parties. - Signing the deed
The seller(s) and buyer(s) meet to sign the notarial deed. This is also when the sale price must be paid in full.
What are the differences between the sales agreement and the deed?
- The sales agreement (compromis) legally commits the seller and the buyer on the basis of information such as the identity of the parties, the description of the property, the price and the payment terms. It binds the parties, and compensation may be claimed in the event of non-compliance.
- The deed of sale, as its name suggests, officially records the sale: it confers legal ownership of the property on the buyer, is enforceable against third parties and constitutes an enforceable title that allows the buyer to assert their rights without going to court.
For more information on the steps between the purchase offer and the signing of the deed of sale for a property, contact the BIV Immobilier agency in Liège !
Also read: Selling a property: which documents are mandatory?
