What is a cooling-off period in the Netherlands?
There are so many property options in the Dutch housing market to choose from, and it’s always hard to make the right decision. A cooling-off period in the Netherlands means the period when the buyer or seller can back out of the deal. In other words, the buyer or seller can change the mind and cancel the agreement to buy or sell a property.
Besides that, you must be aware of mortgage rules and buyer or seller rights. One of the rules is the cooling-off period and termination clauses. A cooling-off period starts after the purchase agreement is signed. After you sign the purchase agreement in the Netherlands, you have 3 days to change your mind and opt-out.
What is a purchase agreement in the Netherlands?
A purchase agreement in the Netherlands is an agreement between the buyer and seller. You sign a purchase agreement if your bid on the property is accepted. The purchase agreement states:
- The purchase price of the property.
- The date of delivery of the property.
- Termination clauses, such as the delivery being subject to financing or a technical inspection.
We advise you to contact realtor or notary in the Netherlands to assist you with drafting a purchase agreement
When can I cancel my property purchase agreement in the Netherlands?
After signing the purchase agreement, you have 3 days to change your mind. The cooling-off period starts on the day after receiving the purchase agreement. During this period, the buyer can still cancel the purchase of the property in the Netherlands. The buyer doesn’t have to give a reason and doesn’t have to pay a fee to the seller.
Please note the cancellation period can be longer if it’s on the weekend or a public holiday. If the cancellation happened on the weekend or a public holiday, then the cooling-off period lasts until the next working day.
Can I extend the cooling-off period?
The buyer could agree to a longer cooling-off period with the seller. This doesn’t happen too often though. A shorter period than the statutory period of 3 days is not allowed.
Contact us to receive a pre-approval on your financial possibilities to buy a home. See what you know and where you can improve your mortgage approach so you make an informed decision about the terms of your mortgage.