Selling a Property During a Separation

1. Consulting your notary

This is the first step to take when a property is involved between two divorcing spouses. Consulting a notary will help you explore all the possibilities available to you. As Thibault Cooremans, Director of Residential Sales at Trevi, emphasizes, your notary will establish a framework that will guide you during the future sale process of the property:

• What can you do or not do during the sale? Do you have the right to sell alone if you bought the property on your own? Be aware that it’s not that simple.
• Do you want to sell the house or apartment, rent it, or buy out your partner’s share?
• What percentage do you own?
• Is the property in co-ownership or not?
• Can you recover the VAT or registration fees if you recently purchased the property?

An agreement between both spouses will also be discussed. Regardless of the strategy adopted for the property, it is essential to reach an agreement to avoid complications and expedite the sale or rental process. The notary will address all these points with you and answer all your questions.

2. Choose what you do with the property

As mentioned earlier, several options are available to you regarding the future of your property, and it is essential that you know where you stand before proceeding with the sale:

• Rent the property to generate monthly rental income

  In this case, a contract must be drawn up between the spouses to determine how the rent will be divided and who will handle the administrative formalities. It is possible that one of the spouses may not want to be involved in finding a tenant, conducting the inventory, signing the lease, or handling all the rental obligations. Therefore, one spouse may demand a larger share of the rent if they take care of all these procedures. Alternatively, you can choose to use a real estate agency and subsequently a property manager. The property manager will be responsible for rent collection and monitoring the condition of the property during the rental period, providing you with valuable peace of mind.

• Buy out your partner's share

  Once an agreement is reached between the parties, and the divorce is officially pronounced, the spouse not wishing to keep the property must apply for a release from the mortgage to no longer be obligated to pay it. A property sharing agreement must then be drawn up with a notary, incurring costs. This will amount to approximately 2% of the property’s value to be paid, which can represent a significant cost. It is wise to consult with a notary beforehand to assess the costs before expressing your desire to buy out the property.

• Jointly sell the property

  This involves reaching an agreement to find a joint selling strategy. In this case, you will decide together how the property will be sold, either through a real estate agency or privately. Opting for a real estate agency is often the most sensible and straightforward solution as it allows you to delegate the sale to an expert. Moreover, Thibault Cooremans adds that joint selling is often the best solution as each spouse can benefit from the increased value acquired over the years.

3. Engaging a real estate agent

A real estate agent is trained in all types of sales and can support you throughout the sales process in this emotional and challenging situation, acting in conjunction with your notary:

• They will provide you with an objective property valuation that ensures a smooth sale.

  Overpricing your house or apartment could deter potential buyers and delay the sale. You may also wish to set a convenient price for the property, i.e., sell it at a lower price to your ex-partner as they will continue to reside there with your children. If your relationship is strained, and both of you want the best valuation, a real estate agent can direct you to a neutral expert solely responsible for valuations.

• If you have signed a sales agreement, the real estate agent will ensure that everything is legally in order to prevent your sale from being annulled.

  For instance, it is essential to verify if the house is a family home where children reside. If this is the case, you will need your partner’s agreement to sell, even if they did not contribute to the property’s purchase. If you are married, both spouses must sign the sales agreement; otherwise, your partner could take legal action against you and claim damages. Trevi protects you from unpleasant surprises and stays updated on all the legal specifics related to the sale.

• A real estate agent understands that you prefer a swift sale to move on with your life.

  You may also need funds to buy another property. Thanks to their extensive network, a Trevi real estate agent will do everything to accelerate the sale and assist you during this challenging time.