The Written Requirement when Buying a Property: Why it is Crucial for Buyers

Buying a house is a milestone that comes with a complex legal process. An essential part of this process is The written requirement. This requirement, which is legally binding, means that the purchase agreement of a home must be in writing. In this blog, we elaborate on the importance of the written requirement and why it is so crucial for buyers.

1. Clarity and certainty

The written requirement ensures clarity and certainty in the real estate transaction. Putting all agreements and conditions in writing prevents misunderstandings. As a result, buyers have a clear document that serves as a guide throughout the purchase process.

2. Preventing disputes

A written agreement minimises the risk of disputes between buyers and sellers. When all details, such as the purchase price, completion date and resolutive conditions, are in black and white, there is less room for differences in interpretation. This contributes to a smoother transaction without unnecessary legal complications.

3. Protection of Interests

The written requirement protects the interests of both the buyer and the seller. It allows both parties to formally record their expectations and requirements. For buyers, this is invaluable as it helps them protect their investment and ensure they get what they pay for.

4. Recording of dissolution clauses

A written contract offers the possibility of including dissolution clauses. Under these clauses a sale can be dissolved without the buyer or seller having to pay damages. For example, obtaining financing or an architectural inspection can be dissolution clauses that are recorded in writing.

5. Legal Validity

The written requirement is not just a formality; it has legal validity. Verbal agreements are not legally valid in many cases, and a written agreement is necessary to make the transaction legally binding. Without written confirmation, a deal can be considered invalid.

6. Reflection period

After signing the deed of sale, a buyer has 3 days statutory reflection period. This is mandatory law and cannot be deviated from. The reflection period starts at 00.00 hours after the day on which the buyer has received a copy of the purchase agreement signed by all parties. The reflection period lasts at least 3 days and must include at least 2 working days and may not end on a Saturday, Sunday or public holiday.

Conclusion

In the complex world of real estate, the written requirement is an indispensable tool to protect buyers' interests. It not only provides clarity and certainty, but also prevents potential disputes and provides legal validity to the transaction. It is very important for buyers to take this aspect seriously and work with professionals to ensure a watertight written agreement. The written requirement is not just a legal formality; it is a valuable tool that helps buyers secure their dream home.