When a house is definitively sold or bought, you naturally want to know if it is truly final. Below is described when your property is definitively sold in five steps.
Step 1: Accepted offer – Is your house truly sold?
When the seller has chosen the winning offer, the buyer will receive confirmation by phone and email. It’s important to know that this is not yet binding. The selling party can still sell the property to someone else until the provisional purchase agreement is signed. So, be aware that the sale is not final yet!
Step 2: Provisional purchase agreement – When is the sale final?
When both the buyer and seller have signed the provisional purchase agreement, all details of the purchase are documented in writing. It’s important to know that this agreement is still provisional because a statutory cooling-off period of three days takes effect, and there are applicable conditions for dissolution.
Step 3: Three-day cooling-off period – Know where you stand
After signing the provisional purchase agreement, a statutory cooling-off period of three days begins for both the buyer and seller. This is a legal right. If you have doubts about the purchase or sale of the property, you can withdraw from the deal without giving a reason.
|Purchase agreement signed by the buyer or handed over on||The cooling-off period ends on||Cooling-off period lasts|
|Monday||Thursday||Three calendar days|
|Tuesday||Friday||Three calendar days|
|Wednesday||Monday||Five calendar days|
|Thursday||Monday||Four calendar days|
|Friday||Tuesday||Four calendar days|
|Saturday||Tuesday||Three calendar days|
|Sunday||Wednesday||Three calendar days|
Step 4: Dissolution conditions – Important considerations
Provisional purchase agreements often include various dissolution conditions. These can be diverse. A common condition is arranging timely (mortgage) financing. Additionally, the discovery of unexpected defects in the property can be a reason for dissolution. Keep in mind that if you want to dissolve the purchase after the three-day cooling-off period, a penalty of 10% of the purchase price is often payable.
Step 5: Deed of delivery, transfer, or passing at the notary – The final sale
Good news! This is the day when the property is definitively sold or bought. Before everything is signed by the notary, an inspection is conducted to verify if everything is still in the same condition, such as ensuring the availability of hot water.
After the inspection, the signing takes place at the notary’s office. The transfer of the property is formalized during the deed of delivery. The notary verifies that all parties have fulfilled their obligations and also prepares the mortgage deed (only applicable for a mortgage loan). Once everything is signed, the final transfer of the property takes place, and the keys are handed over.