The three-day statutory cooling-off period. Why does this term exist to renounce the purchase and what does it benefit you as a seller or buyer of a home? In this article you can read exactly how it works, so that you are not faced with surprises.
As soon as the purchase agreement has been signed and actually received, you as a buyer have the right according to the law to waive the house within three days of purchase. You can cancel the purchase without costs and reasons. The statutory cooling-off period is a mandatory right. Therefore, it cannot be deviated from. The same applies to the writing requirement. Sometimes a statutory cooling-off period may not be included in a purchase agreement or it may even be expressly agreed that there is no cooling-off period. However, the law is clear and always applicable. The statutory cooling-off period is included in article 2 paragraph 2 of the Civil Code Book 7.
If you buy a house as a profession or as a real estate investor, you cannot make use of this arrangement. The law is intended to protect consumers who want to buy a house for their own residence.
Why 3 days statutory cooling-off period?
The cooling-off period is mainly there to protect the private buyer. This is especially important in a seller’s market (with more demand for housing than supply). As a buyer you sometimes have to act quickly. There are more privateers on the coast. You run less risk because of the three-day cooling-off period. Within the reflection period you can further investigate the structural condition of the house (and hidden defects in the house may come to light) by carrying out a construction inspection or to the fair value of the purchase price by engaging an independent appraiser to prepare a valuation report.
Conversely, the cooling-off period does not automatically apply. The seller does not have a three-day cooling-off period, unless otherwise agreed in the purchase agreement. It is possible, but it is rare in practice.
Term of legal reflection period
The statutory cooling-off period lasts three days and starts at 00.00 on the day following the day on which the buyer has received a copy of the purchase agreement signed by both parties.
If the reflection period ends on a Saturday, Sunday or generally recognized public holiday (or a day equated thereto by Royal Decree in the General Time Limits Act), it will be extended to the next day that is not a Saturday, Sunday or generally recognized public holiday. is. If necessary, the reflection period is extended so much that it includes at least two days that are not a Saturday, Sunday or generally recognized public holiday.
The reflection period ends at twelve o’clock on the last day that is part of the reflection period.
Three days reflection period: when does it start?
This is a bit of a thinker. The reflection period starts at 0.00 hours after the day on which the buyer has received a copy of the purchase agreement signed by him and the seller. So even if the buyer is the first party to sign, he must first have received the purchase agreement signed by both parties. Only then does the reflection period start at 0.00 on that day.
At least two of the reflection period must not be a Saturday, Sunday or recognized public holiday. This is especially important around Christmas time.
To make it easy, you will find an overview of the statutory cooling-off period below:
| Purchase agreement (signed by both parties) received by buyer on: | Reflection time ends at 23:59 on |
|---|---|
| Monday | Thursday |
| Tuesday | Friday |
| Wednesday | Monday |
| Thursday | Monday |
| Friday | Tuesday |
| Saturday | Tuesday |
| Sunday | Wednesday |
Where would we be without exceptions to the rule. There are also exceptions to the statutory cooling-off period.
If you decide not to buy a house and decide within six months to buy the house after all, there is no new statutory cooling-off period in this situation. There are also exceptions due to holidays.
Receipt of purchase agreement
A statement from the buyer is included under the purchase agreement that he has received a copy of the purchase agreement. This is called an acknowledgment of receipt and is often the last page of the purchase agreement. A longer reflection period than three days may also be laid down. Therefore, take a good look at what is in the draft purchase agreement.
