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The Cooling-Off Period When Buying a Home: What You Need to Know

Have you just signed a purchase agreement for your dream home? It’s an exciting milestone, but it can also feel overwhelming. Fortunately, the law provides a three-day statutory cooling-off period, giving you time to reconsider your decision and address any uncertainties before finalizing the purchase.

What Is the Cooling-Off Period?

After signing the purchase agreement, the statutory cooling-off period begins at midnight the following day. It ends exactly three days later at 11:59 PM. Importantly, if the final day of the cooling-off period falls on a Saturday, Sunday, or public holiday, it is automatically extended to the next working day. This ensures that you are never rushed into making decisions.

How Can You Use the Cooling-Off Period?

During this period, you have the right to terminate the purchase agreement without giving any reason. All that’s required is a written statement sent to the seller or their agent. This can be done via email or post, as long as the statement is sent within the specified time frame. This makes the termination legally valid and prevents complications.

What Happens If You Miss the Cooling-Off Period?

If you forget to act within the three-day window, it becomes significantly more difficult to terminate the agreement. In such cases, you are bound by the terms of the purchase agreement, which could lead to legal consequences. Therefore, it is essential to track the deadline and act promptly if needed.

For Which Properties Does the Cooling-Off Period Apply?

The cooling-off period applies to most types of homes, including apartments, terraced houses, and detached properties. However, there are exceptions, such as:

  • Unbuilt plots of land

  • Houseboats or mobile homes

  • Properties purchased at a public auction in the presence of a notary

For these specific purchases, the statutory cooling-off period does not apply.

Why Is the Cooling-Off Period Important?

This period allows you to carefully review your purchase and reassess any financial, legal, or personal considerations. It’s a vital protection that ensures you can make informed decisions without undue pressure.

At KIJCK. Makelaars, we understand how important this period is for you. We are here to support you at every step of the buying process. Whether you need advice about the purchase agreement or assistance in finding your dream home, our team provides personal and professional guidance.

Schedule a Consultation Today

Would you like to know how to make the most of the cooling-off period or have other questions about buying a home? Contact us today! At KIJCK. Makelaars, we’re happy to help. Together, we’ll make sure you purchase your home with peace of mind.

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Team Komma