| Good to know|
In addition to the price of your residence, you must also put additional sums aside to pay, among other things, the registration fees etc.
Registration fees are a tax paid when the transfer of property is recorded. It is added to the purchase price of the property.
In the case of a private contract, the amount varies according to the region:
- Brussels-Capital region:
- 12.5% of the sale price. However,under certain conditions the first 60,000 euros are exempt. In some areas the exemption even applies to the first 75,000 euros.
- Flemish region:
- 10% of the sale price. The first 15,000 euros are exempt.
- For small properties the rate is 5%.
- Walloon region:
- 12.5% of the sale price
- For small properties the rate is 6%.
Small properties are those for which the cadastral income does not exceed 745 euros. This may be revised upwards depending on how many dependent children the purchaser has.
Please note that reduced registration charges are only granted if the purchaser only owns one property (the one being purchased) and is occupying it as their principal residence.
For an open sale, the total fees come to approximately 20% of the value of the transaction. For a turnkey purchase, the purchaser will pay the VAT on the value of the building and the registration fees on the price of the land.
Interest portability of registration duties for property owners
From now on buyers of a property are also entitled in addition to the portability of registration duties to the sums of interest that the amount generates, responded the Minister of Finance on 16 June 2008 to a parliamentary session.
The claimant that is claiming for both the amount outstanding and the interest must send a registered letter eight months after submitting the request for a rebate declaring the recipient to be in default and reminding him to fulfil his obligations.
A buyer of a property can under certain conditions deduct the registration duties that he paid for his old property from the registration duties to be paid for his new property. It currently takes two years for property owners to effectively obtain the rebate of the registration duty, because there is a backlog of more than 10,000 case files awaiting review at the Federal Government Treasury Department.