LiviosIf you work with a real estate agent to sell or rent out your real estate, you must take new rules into account from February 1, 2024. What will change then? Bouwsite Livios asked lawyer Jan Roodhooft.
In collaboration with Livios 17-01-24, 19:29 Last update: 17-01-24, 19:50 Source: Livios.be
14 days reflection period
If you enter into a contract with a real estate agent, you will have a 14-day cooling-off period from February 1, 2024, regardless of where the contract is concluded. There is an exception to this rule: if you want the real estate agent to start executing the mediation agreement during the withdrawal period, you must explicitly request this. You must then acknowledge that you will lose your right of withdrawal if the mediation agreement is fully executed before you have exercised your right of withdrawal.
Reading tip: How much does a real estate agent cost? And what are the benefits and points of interest if you sell or rent your home with such a professional? An overview of what you definitely need to know.
New rules regarding cancellation
If you work with an estate agent, the agreement will often be entered into for a specific period. As before, this duration may be a maximum of six months if the broker is granted exclusivity. If the contract contains a tacit extension or renewal clause, you must be given the opportunity to object to this no later than one month before the end of the mediation agreement.
If the mediation agreement is extended, you can cancel it at any time. In that case, the notice period is a maximum of one month for agreements with an original duration of a maximum of three months, and a maximum of two months for agreements with an original duration of more than three months.
The broker could also conclude an agreement with you for an indefinite period. In that case, the new regulation stipulates that the notice period may be a maximum of two months.
What should you pay attention to if you don’t want your home to still be for sale in six months’ time? We give you nine top tips for a smooth sale.
Contract with mandatory information
The broker must conclude a contract with you, just like before. This must be concluded on a durable medium – which is broader than the previous requirement of a written contract. The contract must contain a number of mandatory statements.
A novelty is that the contract must state the publicity channels that the estate agent will use for the sale or rental. Furthermore, a list must be added to the agreement with the necessary certificates regarding the sale or rental, and it must be stated that you can provide or purchase these certificates yourself.
If you want the broker to provide the certificates, your explicit permission per certificate is required. The broker must then clarify whether the price of these certificates is included in the order or will be charged separately. The requested cost must correspond to the actual cost for the certificate.
Selling your home? You need these ten documents.
Termination clause
You can also terminate the mediation agreement under the new Royal Decree at any time without any motivation being required. Previously, a termination payment of 50 percent of the honorary or commission salary was provided. The new Royal Decree now stipulates that the amount may not exceed 50 percent of the agreed commission if the agreement is canceled during the first 3 months and a maximum of 25 percent if the agreement is canceled after these first 3 months. In both cases, this is on the condition that the property is not sold or rented within 6 months after the cancellation.
Another thing: the Royal Decree does not only apply to contracts with real estate agents, but to every company that is professionally involved in real estate mediation (e.g. surveyors, architects, project developers, etc.), with the exception of notaries.
Read more on Livios.be:
Buying a house or apartment: this is how you keep it affordable
What is the difference between a compromise and a mutual purchase promise?
At the start of each rental agreement, draw up a good description of your house or flat
This article was written by our partner Livios.be. Livios.be is an expert site that focuses on construction and renovation.
Free unlimited access to Showbytes? Which can!
Log in or create an account and never miss anything from the stars.
Yes, I want free unlimited access
2024-01-17 18:29:00
#coolingoff #period #cancellation #rules #sell #rent #home #estate #agent
