Reporting to the owner is not an optional service: Article 1993 of the former Civil Code imposes it on every agent, and the IPI code of ethics requires clear and detailed statements at least once a year. No text, however, requires a monthly report: the frequency is set in the management mandate. Book 7, adopted by the Chamber on 16 July 2026, carries this duty over into the new service contract.

What does the law say about the duty to account?

An agency managing a property for an owner acts as an agent, and the Civil Code requires it to account for its management. Article 1993 of the former Civil Code reads: “Every agent is bound to account for their management, and to answer to the principal for everything they have received under their power of attorney…” (our translation). It contains two duties. The first is to explain what was done. The second is to hand over what was received on the owner’s behalf. The Court of Cassation drew a consequence for evidence in a judgment of 16 June 2014 (C.13.0527.F). An agent who relies on the principal’s discharge to justify having performed their obligations must prove it under the Civil Code’s rules of evidence. The case concerned a family power of attorney over bank accounts, not an agency. The rule nonetheless applies to every agent: it is for the agent to prove they have accounted, not for the owner to prove the opposite.

What does the IPI code of ethics require?

The code of ethics approved by the Royal Decree of 29 June 2018 devotes its Title III to real estate agents who administer property. Article 2, 10° places both the syndic and the property manager (régisseur) in this category. Article 69 therefore also applies to an agency managing let properties. Accounts, statements and asset reports must be clear and broken down by categories and types of costs, expenses and income. Statements and asset reports must follow the frequency agreed by contract or by statute, and be produced at least once a year. Article 30 targets the intermediary or property manager who receives funds of which they are not the final recipient. If requested, they must hand them over to the entitled parties without delay, after drawing up an account. Article 71 asks the administrator to give their advice and recommendations to the principal in good time. The IPI database of disciplinary decisions files two decisions, of 2 July 2020 and 18 May 2021, under the keyword “clear and detailed accounts”.

Which sources set the content and frequency?

Source What it requires Frequency
Former Civil Code, Art. 1993 Account for the management and hand over what was received Not set by the text
IPI code of ethics of 2018, Art. 69 Clear accounts, statements and reports, broken down by categories and types of costs, expenses and income Agreed frequency, at least once a year
IPI code of ethics of 2018, Art. 30 Hand over funds to the entitled parties, after drawing up an account, if requested Without delay
Book 7 adopted on 16 July 2026 (committee text, Art. 7.4.27) Inform the client of how the service was performed; account for the amounts managed and return the balance When the service is delivered

Does Book 7 of the Civil Code change things?

Not for current mandates. On 16 July 2026, the Chamber adopted Book 7 “Special contracts” of the Civil Code (file 56K0743). In the text adopted by the Justice Committee, the mandate becomes a service contract (Article 7.4.2). Article 7.4.27 provides that the service provider informs the client of how the service was performed. It adds that, where relevant, the provider accounts for the amounts managed and returns the balance to the client. According to Eubelius, the rules will enter into force on the first day of the twelfth month following publication in the Belgian Official Gazette. They will only apply to contracts concluded after that entry into force. The numbering quoted is that of the committee text; it may shift in the published version. For the agency, the message is unchanged: accounting remains the core of the mandate.

What should an owner statement contain?

The IPI code sets a requirement of clarity and detail, not a list of headings. In practice, a statement that meets Article 69 separates income from expenses, by category. On the income side, it lists rents due and received, with any arrears. On the expense side, it details the property’s charges, the repairs and their cost, and the agency’s fees. No text requires fees to appear as a separate item. Separating them from the property’s charges nonetheless avoids the owner’s most frequent question: what does management cost. The balance paid out goes through the client account, whose rules are covered in our article on IPI sanctions. At the end of a lease, the statement also tracks what happens to the rental deposit: see our article on the deposit at the end of the lease.

Repairs bring two further rules, which the statement helps document. To order works or services, the administrator asks the principal for a sufficient advance (Article 74). They may not place an order with a person to whom they have a family or legal link. The exception: authorisation or ratification by the principal, duly informed of that link (Article 75).

How often should the report be sent?

At the frequency agreed in the mandate, and at least once a year for the statements covered by Article 69 of the IPI code. No Belgian text requires a monthly or quarterly report, and we have found no federation recommendation on this point. The choice is therefore contractual. A monthly report follows the rhythm of rents and transfers to the owner, which makes reconciliation easier. A quarterly report is often enough for a property without incidents. What matters is to write the frequency into the mandate and to stick to it. An owner who lets several properties may also fall under other rules, discussed in our article on the professional landlord.

What does the agency gain by reporting without having to think about it?

  • Evidence: a report that has been sent and dated documents the accounting the agency will have to prove in a dispute.
  • Fewer questions: the figures that trigger calls, arrears and repairs, are given before the question is asked.
  • Mandate renewal: an owner who sees the work done has fewer reasons to change agency.

How does Seido help you account to owners?

Managing several properties? Seido builds the management report from the period’s figures. It shows each rent due and received with its status, the property’s charges, repairs and their cost, and your fees in a separate table. Nothing is sent until you click Send. The owner receives it as a PDF, in their language, at the monthly or quarterly frequency chosen for them. See owner reporting.

Frequently asked questions

Is a monthly report to the owner mandatory?

No. No Belgian text requires a monthly report. Article 1993 of the former Civil Code obliges the agent to account for their management, without setting a frequency. The IPI code of ethics of 2018 requires statements at the agreed frequency, and at least once a year. A monthly or quarterly rhythm is therefore a choice to write into the management mandate.

Does Article 69 of the IPI code cover the property manager or only the syndic?

Both. Article 69 sits in the chapter of provisions common to all real estate agents who administer property. Article 2, 10° of the code defines the property administrator as the agent who acts as syndic or as property manager. An agency managing let properties must therefore keep clear, detailed accounts and statements, at least annually.

Does Book 7 apply to current management mandates?

No, according to the text adopted on 16 July 2026 as presented by Eubelius. Book 7 will only apply to contracts concluded after its entry into force, set at the first day of the twelfth month following its publication in the Belgian Official Gazette. Current mandates remain governed by the former Civil Code, whose Article 1993 already requires the agent to account.

Who has to prove that the agency has accounted?

The agency. In its judgment of 16 June 2014 (C.13.0527.F), the Court of Cassation held that an agent relying on the principal’s discharge must prove it under the Civil Code’s rules of evidence. A written, dated report that has been sent is the simplest way to document this accounting.

Sources and references

Last updated: July 2026. This article is provided for information purposes only and does not constitute legal advice. For any specific situation, consult a real estate law professional.