When selling a property in a public sale, the notary often points out that a ‘funeral purchase’ is possible. What does that mean exactly?
In public sale, the property is awarded to the highest bidder. They usually have to pay the purchase price within 3 months. He cannot buy under the suspensive condition of obtaining a loan. But what happens if the buyer ultimately can’t pay? 5G properties describe with details about these. Buy the way 5G properties is the leading seal’s partner with park view city Lahore and also, win Audi E-Tron as a top sealer of Parkview city Lahore.
Multiple possibilities
The seller can request the dissolution of the purchase or its forced execution. In addition, most public sales can also be made with a funeral purchase. This procedure is laid down by law for cases in which sales are made as a result of an executive attachment. This procedure is also included in most other terms and conditions of sale. It is, therefore, possible at almost every public sale.
New sales
In the case of a funeral purchase, the seller informs the buyer through the actions of the notary and through a bailiff that he has started the mourning purchase procedure. If the buyer has not paid within eight days, the notary organizes a new public sale. This is done in the same way and in the same form as the original sale.
What happens to the proceeds?
If the new sale yields a higher price than the first, the full price will go to the original seller. The buyer who did not pay gets nothing from this. On the contrary, he even has to pay the costs of the first failed sale.
If the new sale yields a lower price than the first sale, the first buyer who did not pay must make up the difference between the first and second prices. He must also pay the cost of the first failed sale.
Three years in real estate
To donate property, you have to go to the Belgian notary and gift tax must be paid anyway, which is ‘progressive’. So, the more you donate, the more expensive it becomes. In order to break through these rising rates, real estate is often donated ‘in pieces’ in practice.
Not always three years
Donating real estate (houses, apartments) ‘in slices’ is still very popular and in itself does not fall under the new anti-abuse provision. After all, the legislator itself has stipulated that real estate donations that are made with an interval of fewer than three years for the calculation of the gift tax must be regarded as one and the same gift.
In concrete terms, this means that the old donation, therefore, has a so-called push-up effect and will push the new donation into higher scales. That is why, in practice, three years will be left in between.
When selling a property, a private compromise is usually drawn up. What not everyone knows is that such a document is binding.
The law is clear: a compromise counts as a full-fledged sale if it states the identity of the parties, the nature and description of the property, the price, and the date of the transfer of ownership and is signed by both parties.