Tightening rules on sales:
In recent years, the rules for selling and renting real estate have been tightening again and again.
For example, more and more information must be given to the buyer at the time of sale, e.g., the obligations regarding EPC scores, the new legislation on asbestos, et cetera.
Brokers and notaries are usually aware of these new tightened regulations.
For owners who sell their property themselves, however, it is watchful.
Duty to inform about flood susceptibility of property:
Since Jan. 1, 2023, a flood report must be attached to every private and authentic deed of sale and lease for more than 9 years.
This report should include a score for the flood source and flood probability of a parcel and building.
So there will be a separate so-called P score (plot) and G score (building).
The purpose of this legislation is to correctly inform the potential buyer or tenant of the potential flooding sensitivity of a property.
Listing information:
Crucially, this information must obviously be included in the notarized deed of sale or lease of more than 9 years but also in the private deed preceding it (compromise).
It goes even further, even the sales ad must include this information.
Not only should the P and G scores be listed, but a corresponding pictogram should also be included.
What Are You Risking:
If this mandatory information is not included, you risk that the buyer would invoke this lack of information to possibly cancel the sale or seek damages.
Indeed, the buyer could suggest that there is a hidden defect in the good or that the seller’s pre-contractual liability is involved.
Taken from life:
The issues are anything but theoretical.
For example, there was a client who was urgently looking for a lawyer in Antwerp.
This client had bid on a property.
At some point, it became clear that the property was in flood-prone areas.
The prospective buyer subsequently withdrew the bid.
The broker acting for the seller indicated that the seller would seek damages for cancellation of the sale.
The prospective buyer engaged our office.
Relying on this new legislation, we challenged the broker/seller’s claim and made it clear that there was gross negligence and lack of accurate information.
After our intervention, the seller waived its claim against the prospective buyer.
Therefore, given the ever-changing legislation, it is of the utmost importance that YOU be particularly vigilant both as a buyer and especially as a seller.
Do not hesitate to seek information from a real estate agent, a notary public or a lawyer construction law – property law.
Do you have any questions?
Please do not hesitate to contact us.
