The deed of sale: what does it say and what are my rights as a seller?

Until you have signed, you may still withdraw

During the negotiations, you and the buyer agree on the purchase price and the dissolving conditions. These agreements are laid down in the deed of sale drawn up by your estate agent. What else does a deed of sale contain and what can you expect in the period after the negotiations? Read it here.

We said it before: as long as no deed of sale has been signed, both you and the buyer can withdraw and cancel the sale or purchase of your home. Without having to explain why, or owe the other anything. But once you have signed, there is no turning back for you. The buyer, on the other hand, has slightly more options to be able to withdraw from the sale.

Reflection period seller house and buyer
Once the buyer receives a deed of sale signed by both parties, he still has three days of reflection time. During this period, he can abandon the purchase free of charge and without giving reasons. So for you as a seller, these are a few exciting days.

However, there are a few rules attached to the buyer's cooling-off period. For instance, the last day of the reflection period may not end on a weekend day or bank holidays, and only one weekend day is counted. For example, if the buyer receives the signed deed on Friday, the reflection period ends on Tuesday at 11.59pm. So this legal reflection period does not apply to you as a seller.

The dissolving conditions in a deed of sale
It is possible for the buyer to renounce the property by calling on one of the dissolving conditions. The best known is the one for financing. In most sales deeds, it is stated that a buyer may cancel the purchase free of charge if, before a date agreed in the deed of sale, he is told that the bank cannot provide him with a mortgage. As proof, he must be able to produce a rejection letter from the bank before the agreed date.

If the buyer does not have a definite answer before the agreed date, a postponement of the dissolving condition can be requested. This is usually one week. Incidentally, this does not mean that things necessarily look bad for the buyer. The bank has simply not had enough time to fully assess the file. Whether or not to agree to a postponement can be discussed with your estate agent.

The purchase contract may also contain dissolving conditions for the seller. A dissolving condition for the seller could be that the sale will not go through if you have not bought a new house by a certain date.

Security deposit: what is it and how does it work?
The security deposit is a piece of security for you as a seller. The buyer deposits this amount - usually 10% of the purchase price - with the notary. If the sale of the house goes through, the buyer gets the deposit back during the transfer.

As the seller, you can claim the deposit if the buyer does not fulfil his agreements in the sales contract. In the worst case, it could mean that the sale of the property cannot go ahead. This can happen if the dissolving conditions for financing have expired, no extension has been requested and the buyer has been told that the bank cannot provide a mortgage. Without financing, he cannot buy the property from you. You as the seller can now claim the 10% deposit. To do so, you must first give the buyer notice of default and allow him a period of time to fulfil his obligations.

In the unlikely event that this situation arises, you can discuss how this works with your estate agent. Instead of a deposit, a so-called bank guarantee can also be issued. In that case, the buyer does not deposit 10% of the purchase price himself, but the bank guarantees this amount. For you as a seller, there is no difference between a deposit home or bank guarantee.