It has worked, Eerlijk Bieden has become the first party in the Netherlands to automate and digitize the purchase agreement for existing homes. The digital purchase agreement is now officially a fact. In this blog we would like to explain why this is important and what this means for you as a consumer!
Manual work and unnecessary errors
If you are designated as a buyer today, you will probably be told, "we are going to start drawing up the purchase agreement right away." This usually takes some time, in some cases even several days, after which you receive the draft version by email from the real estate agent. The process is then further delayed if you find that mistakes have been made in your personal details, or the terms of the offer. The result: unnecessary delay and frustration in the sales process.
At Eerlijk Bieden , we felt that this process needed to be faster and more accurate. Using our own online tools and source data, we can therefore create a complete and accurate purchase agreement in just one click. Through smart automation, this reduces errors to the absolute minimum.
Understanding through technology
Because the sales contract can now be set up completely digitally, it is also possible to apply new technologies to it. In the past, for example, it could sometimes happen that a typographical error was made in the cadastral designation with all its consequences. In the digital purchase agreement, the plots are automatically converted to a link that points to an online map reader. This way you always know in advance exactly what you are buying!
Then, because the purchase agreement will be shared with different parties such as banks and notaries, it is important that everyone speaks the same "language. For example, does the real estate agent mean the same with the word "collateral" as the notary and the appraiser? To avoid problems now and in the future, the purchase agreement is always linked to the comprehensive taxonomy of the Zorgeloos Vastgoed foundation. This ensures, together with all chain partners, that the digital purchase agreement can be uniformly distributed to external parties.
Apart from the 'technical language' it would of course also be convenient for expats to be able to read the purchase agreement in another language. We have therefore ensured that the entire agreement in our web-viewer can be translated directly from Dutch into English at the touch of a button. This eliminates the need to use error-prone online translation tools.
Should any changes be made to the digital purchase agreement by the broker, they are also automatically saved in the version management. This way there is always a log present in case of a dispute.
The digital sales contract and the requirement of written form
Thanks to the speed of generating the purchase agreement, other problems in the housing market are also being solved. In recent months, the writing requirement has been widely discussed. In short, it means that real estate agents still have to pass on bids to the seller even when there is already a verbal agreement. This has been possible until today because in some cases there could be several days between the verbal agreement and a double-signed purchase agreement. Because a digital purchase agreement can now be generated in as little as one second, this problem is a thing of the past.
This also offers advantages in today's market. For example, a seller can complete a sale much more quickly with an interested candidate when they are no longer dependent on the broker's business hours. With a deadline on Friday afternoon, both parties no longer have to wait a weekend for a written commitment.
