The cooling-off period purchase agreement: When you buy a house, it is easily one of the biggest purchases of your life. Therefore, it is not very strange that you sometimes doubt whether you have made the right choice. To protect buyers, there is therefore the legal cooling-off period when buying a home. In this blog, we explain what this cooling-off period purchase agreement entails and what you, as a buyer, should pay attention to.
What is the legal cooling-off period purchase agreement?
The legal cooling-off period means that as a buyer of a home, you still have three days of reflection time after signing the purchase agreement. During these days you can still waive the purchase. In contrast to reservations, for example, you can abandon the purchase during the cooling-off period without giving reasons or burden of proof.
When does the reflection period end?
The cooling-off period starts the day after the purchase agreement is signed by both parties. More specifically, on the following day at 0:00 am. The period ends on the third day at 24:00.
The legal cooling-off period here is three calendar days, so weekend days and holidays are also counted. If the cooling-off period ends, for example, on a Saturday, Sunday or a public holiday, the cooling-off period lasts until the next working day.
Is a longer reflection period possible?
Yes, if the parties reach an agreement, it is possible to extend the cooling-off period. Please note that 3 days is the legal minimum, for this reason it is not allowed to shorten the cooling-off period.
How can I waive the purchase?
If you want to use the cooling-off period, you must always do so in writing. This can be done by letter, but also by e-mail. It is important that you do this within the three-day period, otherwise the cooling-off period expires. Also note that the seller must refund the deposit if you use the cooling-off period. If you have already incurred costs yourself, for example for the mortgage application or architectural inspection, you cannot reclaim them.
When am I entitled to time for reflection?
As a private buyer, you are entitled to the cooling-off period when you buy a home or vacation home. No cooling-off period applies to the purchase of: land, houseboats, caravans, installment plan, or a notarized public auction.
If you are buying a home as a non-natural person such as a limited liability company or holding company or you are trading for a business or profession, this is considered the purchase by a professional party. In this situation, you are not entitled to the three-day cooling-off period.
The legal cooling-off period when buying a home gives buyers three days to think about the purchase after signing the purchase contract. It is important to know when the cooling-off period applies and what you, as a buyer, should be aware of. By making use of the cooling-off period, as a buyer you can avoid making hasty decisions and you can reconsider whether the purchase really suits you.
If you want more information about buying a home, be sure to check out one of our other blogs!