Everything you need to know about a purchase contract for your home and MAES notaries

A purchase contract, also known as a preliminary purchase contract or purchase agreement, is a legally binding agreement between the buyer and seller. This document, for example, specifies the sale price, the delivery date, and any conditions that must be met by the parties.

Why a purchase contract?

The purchase contract provides certainty for both buyer and seller. It ensures that both parties have clarity about the agreements and prevents misunderstandings and conflicts.

The preliminary purchase contract

The preliminary purchase agreement is the first step in the purchasing process. Although the term "preliminary" suggests it's not binding, it is after the cooling-off period. The document contains all essential agreements, including resolutory clauses.

Dissolving conditions in the purchase contract

Resolutive clauses are provisions in the purchase contract that allow the buyer or seller to terminate the agreement if certain conditions are not met. A common resolutive clause is obtaining financing.

Ownership or leasehold

You might purchase the property. Alternatively, you might acquire a leasehold instead of ownership. Leasehold means you have the right to use the land but don't own it. In this case, you pay the landowner a periodic fee, known as the ground rent, in addition to the purchase price to the seller. Leasehold can affect financing and monthly costs. If the property is located on leasehold land, the relevant agreements must also be recorded in the purchase contract.

The role of the notary

The notary plays a crucial role in the purchase of a home. At MAES Notaries, we ensure that the purchase contract is legally sound. We handle the transfer of ownership and the mortgage to execute the purchase agreement. We also take care of the registration with the land registry and the financial settlement via our escrow account.

A bank guarantee is a security from the bank that provides the seller with assurance that the buyer can meet their payment obligations. This is often a percentage of the purchase price and is also included in the purchase contract. Instead of providing a bank guarantee, a buyer can also choose to deposit a security deposit.

Transfer tax when purchasing a home

Transfer tax is a tax payable when acquiring a home. The rate can vary from 0%, 2%, to 10.4% and is an important consideration when buying a home.

The notary's third-party account

The notary's escrow account is used for the financial settlement of the purchase. The purchase money is deposited into this account so that the notary can verify that all payments are made correctly.

The land registry

The Land Registry registers all real estate transactions in the Netherlands. At MAES civil-law notaries, we ensure that the deed of transfer and the mortgage deed are registered with the Land Registry, so that your ownership and mortgage are legally recorded publicly.

The buyer has several responsibilities throughout the purchase process. This includes arranging financing, providing a bank guarantee or deposit, and adhering to the agreements in the purchase contract. At MAES Notaries, we are happy to help you ensure this process runs smoothly.

The importance of a legally sound purchase contract

A legally sound purchase agreement prevents future problems and disputes. At MAES Notaries, we have the expertise to ensure your contract meets all legal requirements and that your rights as a buyer are well protected.

The transfer of the property

The deed of transfer, also known as the deed of transfer or deed of transport, and the mortgage deed are signed at the notary's office. This is the moment the property officially changes ownership. This is also the moment the buyer receives the keys. At MAES Notaries, we ensure this process runs smoothly and that everything is handled correctly and on time.

If you encounter any problems with the purchase contract, it's important to seek legal assistance immediately. At MAES Notaries, we're ready to advise and support you with any disputes or uncertainties.

Checking the purchase contract

Before signing the purchase contract, it's important to review it thoroughly. Pay attention to all the details and ask for clarification if anything is unclear. At MAES notaries, we take the time to review the contract with you and answer all your questions.

Tips for buyers

As a buyer, it's important to be well prepared. Make sure your finances are in order, that you choose a reputable notary and mortgage advisor, and that you understand all the details of the purchase contract. At MAES Notaries, we're happy to help you with expert advice and guidance.

MAES notaries: your partner in purchase contracts

At MAES Notaries, we're ready to assist you with drafting your purchase agreement. With our years of experience and expertise, we ensure your financial affairs are properly arranged, both during the purchase and upon the final transfer. Contact us today for a free consultation.

A purchase agreement, the deed of transfer, and the mortgage deeds are essential documents when purchasing a home. They provide certainty and clarity for both the buyer and the seller. At MAES civil-law notaries, we are happy to guide you through the entire process, from the preliminary purchase agreement to the final transfer. Contact us for more information and personalized advice.