Frequently asked questions
The cooling-off period starts the day after the agreement is signed by both parties, and lasts three days. During the cooling-off period, the buyer may still legally withdraw from the agreement. This gives the buyer time to consider terms and fees, or consult experts.
Should you choose to make use of the cooling-off period, it is advisable to do so in writing as the burden of proof can be difficult if done verbally.
The buyer assumes all fees for transfer of property, about 6% of the purchase price. Buyer’s fees include the following:
- 2% transfer tax
- Notary fees (for drawing up the transfer deed)
- Land Registry fees (for registration of the deed of transfer)
In addition to these costs, the buyer must also take into account:
- Notary fees for drawing up the mortgage deed
- Land Registry fees for mortgage registration.
Agents are obliged to advise potential buyers if a property is under offer.
What are these rules and how much can you borrow?
Besides the income requirement, lenders will also calculate and take into account the exact ‘market value’ of the property. This can include:
- The purchase price of the property
- The purchase/contract price, eventual land prices and construction costs, additional work, construction interest and utility connections
- The appraised value, after rebuilding where applicable
In 2018, the maximum value of a loan may not exceed the market value of the property. The maximum mortgage amount has been reduced by 1% six times since 2013, meaning additional costs will apply in the future.
The seller is obligated to sell, but the buyer has the option to buy.
Involved parties may also negotiate over smaller matters, such as movable property, after agreeing on the principal matters. If an agreement cannot be reached regarding these smaller matters, a court may rule that negotiations must continue until a decision has been reached that is satisfactory to both parties.
If the selling agent states they will discuss an offer with the seller, this does not mean negotiation has begun.
In most cases (when there is more than one potential buyer for one house) the broker will ask the kandidates to discus one final offer. This offer has to include the price, but also secondary clauses like the date of delivery and arrangement about movable goods.
We advice you to bring your own broker when buying a home!