How difficult is the property purchase process in Luxembourg?
Foreigners can freely buy property in Luxembourg.
The first step to purchasing property in Luxembourg is to make an offer. Once the seller has accepted, a sales agreement is drawn up to make the terms of the transaction binding to both parties.
Contracts do not need to be in written form; oral contracts are acceptable. However, real estate transfers need to be registered in order to be legally enforceable and to protect the property from third parties. Since only certified deeds will be registered, the sale must be recorded in a notarial deed. The notary public bears the responsibility of presenting the deed at the mortgage registry. You will then be liable to pay registration taxes and other necessary government duties.
What are the buying and selling costs like in Luxembourg?
|Real Estate Agent´s Fee||3% (+ 17% VAT)||seller|
|Costs paid by buyer||8.5%|
|Costs paid by seller||3.57%|
|ROUNDTRIP TRANSACTION COSTS||12.07%|
| See Footnotes
Source: Global Property Guide
Footnotes to Transaction Costs Table
The round trip transaction costs include all costs of buying and then re-selling a property - lawyers´ fees, notaries´ fees, registration fees, taxes, agents´ fees, etc.