7. Purchase contract

Congratulations! The seller has accepted your (final) offer. Now, the next step is to formalize the sale through a purchase agreement (also known as the preliminary purchase contract). This document sets out the terms and conditions of the property sale, officially binding both the buyer and the seller.

Although the term “preliminary” is used, this agreement is legally binding. It is called "preliminary" because certain conditions can still allow either party to withdraw. Once both parties sign the purchase agreement, it is sent to the notary to prepare the deed of transfer (akte van levering).

Key Features of the Purchase Agreement

Legally Binding: Once signed, both parties are committed to the sale, except for certain contingencies.
3-Day Cooling-Off Period: As the buyer, you have the legal right to withdraw from the agreement within three days of signing, without needing to provide a reason. This cooling-off period includes weekends and public holidays, which may extend the time frame.

Contingencies (Ontbindende Voorwaarden)

The purchase agreement can include specific conditions, often discussed during the offer stage. Common contingencies are:

Financing Clause: If the buyer is unable to secure financing (e.g., a mortgage), the sale can be canceled without penalties.
Inspection Contingency: If a structural survey reveals significant defects or if repair costs exceed a pre-agreed amount, the buyer may withdraw from the contract.

Drafting the Purchase Agreement

Typically, the seller's agent drafts the agreement. However, in cities like Amsterdam, a notary may prepare the document. Make sure to review the terms carefully, as they outline critical aspects like the purchase price, property condition, and timelines for payment and transfer.

There is an example of a provisional purchase contract from the NVM, Vereniging Eigen Huis and the Consumers' Association:

Once signed and submitted to the notary, the process continues towards the final property transfer.