Bidding on and buying a property
When you’ve found the property you wish to buy, the bidding and buying process will start. In Amsterdam you will most likely purchase one of two types of property: an independent house or part of an apartment complex. There are some exceptions like house boats, which we can discuss with you in a free consultation.
NEGOTIATE PRICE AND CONDITIONS
As real estate agents we not only visit the property with you, we will also negotiate about the price and conditions on your behalf. Especially during these times when houses are only available on the market for days instead of weeks, it is important not to be led by the pressure of other potential buyers and keep a realistic bid in mind. If the seller agrees to your bid, you will sign a contract of purchase.
Note that this contract is temporary and will give you time to arrange a mortgage or, as explained below, cancel the purchase.
KOSTEN KOPER PROPERTIES
You’ll notice that properties in the Netherlands are always offered with a price followed by either KK or VON. KK (Kosten Koper) means that all of the costs related to buying the house will be paid for by the buyer. These costs include:
- Transfer tax (2%)
- The costs of registering the property in your name and having that information filed in the usual registers (civil-law notary).
- The costs of your real estate agent (if applicable)
- The costs of an interpreter (if applicable)
- The costs of your mortgage advisor (if applicable)
- The National Mortgage Guarantee costs (if applicable)
- The costs of registering the mortgage in the usual registers (civil-law notary).
- The costs of the valuation/appraisal provided by an independent surveyor
- The bank guarantee costs (if applicable)
- The costs of an structural survey (if applicable)
VRIJ OP NAAM PROPERTIES
If you buy a property with VON behind the price (Vrij Op Naam), it means that the seller will pay all of the costs related to buying the property (except for the price of the property itself of course). This is mostly reserved for newly build properties and include:
- The costs of your real estate agent (if applicable)
- The costs of your mortgage advisor (if applicable)
- The costs of an interpreter (if applicable)
- The National Mortgage Guarantee costs (if applicable)
- The costs of registering the mortgage in the usual registers (civil-law notary).
- The financing fee and referral interest of the builder
- The bank guarantee costs (if applicable)
- The costs of an acceptance inspection (if applicable)
As a rule of thumb, the buyer’s costs usually amount to around 6% of the purchase price for the property. Note that you can also combine certain services as explained in our package deal.
COOLING-OFF PERIOD
It is important for you to know that you have a statutory right in the Netherlands to cancel the purchase contract within three working days after signing it without giving any reason. This is called the ‘cooling off’- period. We’ll inform the seller as well as the seller’s real estate agent before the cooling-off period expires.
The purchase contract also contains a dissolving clause, which means that the agreement you sign is subject to succesfully arranging financing. Usually you have between four to six weeks (this will be specified in the contract) to arrange your mortgage. If you do not succeed in applying for a mortgage within this agreed period you can also teminate the contract.
However, if you’ve come this far in the process with us, chances of this happening are practically non-existent. If there is any risk, we will inform you beforehand.
FROM BIDDING TO GETTING YOUR MORTGAGE
Did you sign the purchase contract? Congratulations! Time to get the approval for your mortgage.