How to buy a house in the Netherlands (3): After the verbal agreement

Are you an expat trying to buy a house in the Netherlands? Not sure about the whole process and which steps to take? Here is some information especially for you!
And do you want more information phone Willem den Hartog Jager of HJ Makelaardij. He has experience in helping expats and expat starters in particular buying a house in Utrecht. Telephone 06 – 14 88 88 33 or email him:

You can download a PDF version here.

After a verbal agreement is reached…

©HJ Makelaardij

What happens after the verbal agreement is agreed upon?

Signing a purchasing contract
When you reached a verbal agreement you need to sign the purchasing contract as soon as possible. This is because Dutch law states that there are no legal consequences with only a verbal agreement. Only with the signing of the purchasing contract both parties are legally bound to the terms of the contract.

Usually it takes 2 to 3 days to receive a concept contract. When both parties agree it takes another 1 or 2 days to get everybody to sign the contract.

3-days reflection time
The buyer gets 3 days of reflection time after signing the purchasing contract. During this time the buyer can cancel the purchase without any consequences or having to give a specific reason why. The 3 days period will start on 24:00 h the day the contract has been signed by all parties and does not include weekends or holidays.

After a verbal agreement is reached…

Taxation & structural survey
It is wise to have the appraising and structural survey of the house done as soon as possible after signing the contract. If the market value will not be high enough to get the house financed or the strucutural integrity isn’t what was expected it can lead to all kind of problems.

Financing clause & receiving a mortgage
It is normal to get a term of 6 weeks after signing the purchase contract to arrange a mortgage. This is usually more than enough for the banks to make the proper arrangements. If buyers and sellers in mutual consultation, want to deviate from this six weeks period they are allowed.

10% deposit
To guarantee that the buyers will continue with the buying process of the house they have to make a deposit of 10% of the purchasing price. The money will be stored at the notary and can be seen as a down payment for the total sum that needs to be payed. It is possible to ask the bank to pay the deposit as part of mortgage. The term for this 10% deposit is usually 8 weeks after singing the purchasing contract but can vary just like the financing clause.

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