Step 1: signing the preliminary purchase agreement
The first thing you’ll do is sign a preliminary agreement. It’s only ‘preliminary’ at this stage, as it’s subject to everything else (including your mortgage) going through as expected. The agreement becomes final at the last step, just before you get the keys.
The agreement will set out the agreed price, proposed completion date, what fixtures and fittings are included and the conditions of sale.
It will also set out any contingencies, which allow you to get out of the contract in certain circumstances.
Common contingencies include:
- A financing contingency. This allows you to pull out of the sale if you can’t secure finance.
- A structural inspection contingency. This allows you to pull out if the building inspection unearths significant problems.
- A modification contingency. If you plan to carry out renovations such as an extension or knocking down internal walls, then you’ll need permission from the local authorities. A modification contingency allows you to back out if your permission is refused.
Step 2: the 3-day cooling-off period
After signing the preliminary agreement, you legally have 3 days to cancel the purchase without a reason, or any financial penalty.
If you’re still in the thick of viewings and have spent months struggling to find a home, you might wonder why anyone would possibly want to do this.
But sometimes, it makes sense. You can easily rush into a purchase that’s not quite right, and once you’re faced with contracts and mortgage agreements, realise it’s just not going to work for you.
Step 3: booking your valuation report and finalising your mortgage
This is probably the most important part of the process.
If you have a financing contingency in your purchase agreement (and most first-time buyers do), then you are now under pressure to get your mortgage approved before the contingency expires.
Usually, you’ll have 4-6 weeks. If you can’t get the mortgage approved in that time, and it falls through after, then you could face a penalty of 10% of the purchase price.
This is why it’s so important to have a mortgage advisor before you put in a bid. If you do, then you’re in a great position to move quickly.
Your advisor or lender will tell you what you need to provide, but usually this will include:
- Proof of income (such as an employment contract, payslips and/or tax return).
- Recent bank statements
- Your signed purchase agreement
- The property valuation report.
You’ll need to book your valuation report with a certified valuer registered with the NRVT (Dutch Register of Real Estate Valuers).
They’ll produce a report for your lender that includes a full assessment of the property’s value, taking into account multiple factors such as the property’s condition, energy label and local area.
If the lender is happy with the valuation and your income, they should approve your mortgage (and you can breathe a huge sigh of relief).
Step 4: the building inspection
Even if you don’t have a structural inspection contingency included in your preliminary agreement, it’s always recommended to get a building inspection – especially if you’re buying an older property.
The inspection will tell you about potentially hidden problems such as:
- Structural issues
- Damp
- Problems with the roof or windows
- Electrical, plumbing or heating problems
Remember that even a beautifully renovated home can hide hidden issues that you just won’t know about unless you get a professional view.
If the inspection does throw up issues, you may be able to renegotiate the property price based on what it will cost you to rectify them.
Step 5: arranging insurance
Legally, you will need building insurance in place before you can finalise the purchase. If you’re buying an apartment, it might be included in the VvE (owner’s association) fees – if it’s not, you’ll need to buy it.
It’s also usually a good idea (though not legally required) to have:
- Home contents insurance.
- Life insurance (to protect your mortgage payments if you fall ill or die).
- Liability insurance (to protect you if you accidentally cause damage to neighbour's property, such as through a water leak).
Step 6: the practicalities
By this stage, moving day is getting close – and things are getting exciting!
If you’re renting, you’ll need to give notice to your landlord, if you haven’t already done so.
You’ll also need to book a removal firm or self-drive van (possibly depending on how much stuff you have to move!).
If you’ll need new furniture, you should start thinking about what to buy, as some items (especially sofas) can have long lead times.
And you’ll want to start looking at utilities and internet. If you work from home, the latter is especially important.
Step 7: completion day!
You and the seller will both go to the notary’s office together, where you’ll finalise the property transfer and mortgage.
You’ll sign the mortgage documents and deed of transfer, the payment will complete, and the notary will register the sale with the land registry.
Finally, you’ll get the keys in your hand. The place is yours.
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