Purchase agreement / Preliminary purchase contract

The key points in short

The koopakte (purchase agreement) is also known as a 'voorlopig koopcontract' (preliminary purchase contract), although it's less preliminary than many people think. It is also referred to as a koopovereenkomst or aanneemovereenkomst (purchase or construction agreement).

1. Preliminary purchase contract

Once you sign the purchase agreement, you are obliged to buy the property. Of course, there are a few days of cooling-off period and possible resolutive conditions, such as arranging the financing. There are still some ways out, but it's wise to only sign the purchase agreement when you genuinely intend to buy the property and no longer have other options available. In the past, there was no way back once you signed, but these days it works differently. There is now a cooling-off period of 3 days. This applies only to the buyer, however.

2. What is included in the purchase agreement?

• Details of the buyer
• Details of the seller
• The purchase price of the property
• The deposit (or bank guarantee) for the property
• Resolutive conditions

3. Cooling-off period for the purchase agreement

You now have 3 days of cooling-off period after signing the purchase agreement for a property. During this time, you can withdraw from the purchase by cancelling the agreement. There are no costs involved and no reason needs to be given. The cooling-off period after signing the purchase agreement applies only to the buyer; the selling party cannot make use of it.

The cooling-off period starts on the day after the buyer receives the signed agreement. At least 2 of the 3 days must be working days, meaning a weekend can add an extra day. For example, if you sign the purchase agreement on a Thursday, the cooling-off period begins on Friday at midnight. Friday is then the first day, Saturday the second, and Monday the third. Sunday doesn't count in this case, as it would be the second non-working day out of three. That means the buyer's cooling-off period would end on Monday at midnight.

4. Having a receipt of delivery signed

If you're selling a property and want to document exactly when the buyer's cooling-off period starts, it's a good idea to have the buyer sign a receipt of the signed purchase agreement. This allows you to record precisely when the cooling-off period begins, avoiding any dispute about it later. It is not compulsory, however, to sign or have a receipt signed.

If both parties wish, the buyer and seller can agree on a longer cooling-off period than 3 days after signing the purchase agreement. The 3 days are the legal minimum, but it is permitted to extend this. The extension is then recorded in the resolutive conditions.

5. Resolutive conditions

The purchase agreement generally includes a number of resolutive conditions. This is because there are still various matters to arrange after signing the purchase or construction agreement. From that point, you need to ensure your financing is in place, for example in the form of a mortgage. Calculate in advance how much mortgage you can get, so you know whether you can finance the property before you sign. You can apply for a mortgage through multiple mortgage providers via an independent mortgage adviser. If you fail to arrange the mortgage with at least 3 banks or providers, you can dissolve the purchase agreement on those grounds. If you do succeed in arranging the financing, you can proceed with the purchase.

6. Deed of transfer

To finalise the purchase and transfer ownership of the property, the notary will draw up a deed of transfer. In doing so, the notary checks, among other things, the seller's authority to transfer, as well as the purchase contract and the rights and obligations that the buyer and seller take on. In practice, this means you pay the purchase price to the seller, and the seller delivers what was agreed in the purchase contract. Once everything is in order, you can sign the deed of transfer and become the owner of the property or apartment right, though there are usually a few weeks between signing and completion.

Frequently asked questions

What is a purchase agreement?

The purchase agreement is signed to formalise the sale of a property. After signing, you have 3 days to change your mind at no cost.

Is there a difference between koopakte, koopcontract and koop-/aanneemovereenkomst?

No, these terms are all used for the document that makes the purchase of a property official.

How does the cooling-off period work after signing the purchase agreement?

It is legally established that you have a minimum of three days cooling-off period after signing the purchase agreement.

Do I need to sign a receipt of delivery?

You are not required to sign or have a receipt of delivery signed. However, it is a good idea to avoid any ambiguity about when the cooling-off period starts, as the receipt records exactly when the purchase agreement was signed and received.

What are resolutive conditions?

Resolutive conditions can be included in the purchase agreement. If you meet one of these conditions, you can still decide not to go through with the purchase without incurring any costs.

What happens after the purchase agreement?

Once the cooling-off period after signing has passed and you don't invoke any resolutive conditions, the deed of transfer is drawn up. Once the purchase price has been paid and the property has been delivered as agreed, the deed of transfer is signed and the transfer is final.