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General meeting reports

-The law also provided a number of additional obligations for the purchase and sale of apartments. These obligations are primarily intended by the legislator to provide better protection for a potential buyer. The buyer must be in possession of the reports of the last three general meetings.

Duty to provide information to the potential buyer
It happened in the past that a purchaser came upon unpleasant surprises when buying an apartment. The apartment itself could be free of hidden defects, but the snag was often in trouble with the co-ownership, which the buyer did not or did not have sufficient insight into. People bought a nice apartment in a co-ownership that was virtually bankrupt or where an unfavorable court ruling was pending. Or in a "good" co-ownership, where at the general meeting, very important investments had already been voted, which the buyer had not foreseen in his budget.

Pre-contractual information for the buyer:
In order to prevent such problems, you as owner / seller are obliged to ask the building's administrator for the necessary information and provide it to the potential buyer. This must be done before the buyer makes a commitment to purchase. Requesting this information can be done on simple request, a registered letter is therefore not necessary but can be advisable if the administrator fails to provide the necessary information.

This concerns the following data:
  • the amount of working capital and reserve capital
  • the amount of the seller's arrears
  • the state of the calls for capital contribution in respect of the reserve capital
  • pending legal proceedings
  • the minutes of the general meetings of the last three years (including the extraordinary General Meeting)
  • the periodic settlement of the costs of the last two years
  • a copy of the most recent balance sheet as approved by the GTC

In this way the buyer is fully informed and future disputes and personal tragedies are avoided. The syndic is obliged to deliver this file within 15 days after request to the seller or the real estate agent who requests it. If the syndic does not deliver this within 15 days, the applicant will notify all parties.

Information on transfer or designation of the ownership of a lot among living persons, or on death:
This is therefore at the time of the transfer itself. A similar arrangement applies here, where the administrator has 30 days from the request to reply and to provide the necessary information. (details in the law, article 577-11 §2).

What information is needed here:
  • amount of the expenses for maintenance, repairs, etc. that have been decided for the transfer of ownership, but for which the payment will be made after the transfer;
  • state of the calls for capital injections and costs of urgent activities decided upon for the transfer, but of which the payment will be made after the transfer;
  • information about the costs associated with obtaining the general parts
  • information on the amounts due for disputes;
  • the missing information from the pre-contractual obligation

This information mainly serves to clarify the distribution of the charges between buyer and seller. In contrast to the previous point, the application must in this case be required by registered letter.
The costs for obtaining this information are in the two cases at the expense of the seller.

Need help in applying for a double of the reports?
Stijn Voet Immobiliën will gladly help you with your request.

Questions? Contact us.

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