5 questions and answers about the cooling-off period when buying a home
When buying a home, a buyer has up to three days to cancel the purchase. But why is this actually the case and what are the rules when you want to use this? In this article, Stad en Land will answer 5 frequently asked questions about the cooling-off period when buying a home.
1. What is a cooling-off period?
The statutory cooling-off period when buying a home is a mandatory right that must always be included in the purchase agreement. During this period, the buyer of a home can cancel the purchase up to 3 days after he or she has received a fully signed purchase agreement. At least 2 of these three days must be working days. Sundays and public holidays do not count. The buyer does not have to give a reason or pay a fine for cancelling the purchase agreement within this period.
2. Why does the cooling-off period exist?
Buying a house is a major financial decision that should not be taken lightly. The three-day cooling-off period exists to give the buyer time to make a well-considered decision. This is not an unnecessary luxury in a market where demand exceeds supply. This way, the buyer runs less risk of taking an irresponsible financial risk with a hasty decision. And he or she has more time to determine whether the house is worth the price. For example, how much will it cost to make the house more sustainable?
3. To whom does the cooling-off period apply?
The cooling-off period only applies to the buyer of the home, but not if he or she acts professionally or is employed by a company.
4. When does the cooling-off period of the purchase agreement commence?
The cooling-off period commences at midnight on the day that both parties have a fully signed purchase agreement in their possession.
5. Is a longer reflection period than three days possible?
If you as a buyer want a longer cooling-off period when buying a home, you can discuss this with the selling party. If they agree, this must be recorded in the purchase agreement. A shorter cooling-off period is not possible.
Need help buying a (first) home?
Would you like to be guided through a purchasing agent be guided in buying a house? Or do you have a question about the legal cooling-off period when buying a house? Then contact Stad & Land without obligation. You can call us on 010 452 66 66, email via info@stadenland.nl or leave a message via our contact form.
