Inherited Property in Brussels: 10 Key Decisions Before Selling

Inherited Property in Brussels: 10 Key Decisions Before Selling

Inheriting a house or apartment in Brussels raises many questions. Should you sell quickly? What taxes will you have to pay? What happens if the heirs disagree?

Before selling an inherited property, here are 10 essential decisions to help you avoid legal and financial mistakes.

1. Should You Accept or Renounce the Inheritance?

Inheriting means receiving assets, but potentially also debts.

There are three options:

• Accept the inheritance unconditionally, including any outstanding debts.
• Accept under benefit of inventory, protecting your personal assets from inheritance debts.
• Renounce the inheritance.

Important: Certain actions, such as selling inherited property, may constitute tacit acceptance of the inheritance.

2. Can You Sell Without the Other Heirs' Agreement?

When several heirs own a property together, this is known as joint ownership.

In principle, selling the entire property requires the agreement of everyone holding rights in it.

If one heir refuses, possible solutions include buying out their share, reaching an amicable settlement or initiating legal proceedings.

3. Should You Sell, Keep or Rent Out the Property?

Each option has its advantages.

Selling provides immediate funds and allows the estate to be divided. Renting generates income but involves responsibilities and expenses. Keeping the property offers potential future appreciation, although this is never guaranteed.

The best choice depends on the heirs' financial needs and long-term plans.

4. What Property Value Should Be Declared for Inheritance Tax?

Inheritance tax is generally calculated based on the property's value at the date of death.

Undervaluing the property may result in a tax adjustment, while overvaluing it could unnecessarily increase the inheritance tax payable.

An accurate property valuation is therefore essential.

5. Should You Sell Immediately or Wait?

In the Brussels-Capital Region, an inheritance tax return must generally be filed within four months if the deceased passed away in Belgium.

Meanwhile, building charges, insurance premiums and other property expenses continue to accumulate.

You do not necessarily need to wait until every inheritance formality has been completed before preparing the sale. However, the notary must verify that all legal requirements have been met.

6. Should You Renovate or Sell As Is?

A complete renovation is not always financially worthwhile.

Fresh paint, professional cleaning or minor repairs may be enough to make the property more attractive.

Before undertaking major renovations, compare their cost with the potential increase in selling price on the Brussels property market.

7. Which Documents Are Required Before Selling?

Several documents are necessary, including:

• The deed of inheritance for the property.
• The Energy Performance Certificate (EPC/PEB).
• Urban planning information.
• The soil certificate.
• The electrical inspection report.
• Co-ownership documents, where applicable.

Good to know: The deed of inheritance formally records the transfer of property to the heirs. Its registration in the mortgage records is free of charge if completed within six months of death.

8. What If the Property Is Occupied?

If the property is rented out, the inheritance does not automatically terminate the lease.

In Brussels, certain tenants also benefit from a right of first refusal when their rented home is sold.

Before putting the property on the market, check the lease agreement, the occupants' rights and any applicable notification requirements.

9. What Price Should You Ask for the Inherited Property?

The value declared for inheritance tax purposes does not necessarily reflect the price the property can achieve on the market.

The asking price depends on several factors, including location, condition, energy performance and current market conditions.

A professional property valuation helps establish a realistic asking price and protect the heirs' interests.

10. How Much Will You Actually Receive After the Sale?

The selling price is not the same as the net amount the heirs will receive.

Let's take a hypothetical example:

This amount must then be distributed according to each heir's legal entitlement, taking into account inheritance tax and any other outstanding debts.

Important: Inheritance tax depends on several factors, including the relationship to the deceased and the region with taxing authority, which is not necessarily the region where the property is located.

Sell Your Inherited Property in Brussels with PAVIMMO

Selling inherited property requires effective coordination between the heirs, the notary and the real estate agency.

At PAVIMMO, we support families throughout the property valuation, preparation and sale process in Brussels, taking into account the specific circumstances of each inheritance.

Have you inherited a house or apartment in Brussels?

Contact our team at www.pavimmo.be for a professional property valuation and personalised support.