Cooling-off period

Cooling-off period

598 398 Mister Mortgage

Is there a cooling-off period when I buy a home?

Is there a cooling-off period when buying a home?

After signing the purchase agreement you have 3 days to change your mind and opt-out using the cooling-off period.

It’s hard to make the right decision for your home with so many different properties. Besides all mortgage rules, you also need to know about your rights as a buyer, for example, the cooling-off period and any termination clauses.

If you buy a home, you sign a purchase agreement. After signing the purchase agreement you have 3 days to change your mind and opt-out.

Purchase agreement

You sign a purchase agreement if your bid on the property is accepted. The purchase agreement states:

  • The purchase price of the property.
  • The date of delivery of the property.
  • Termination clauses, such as the delivery being subject to financing or a technical inspection.

Ask for an expert (realtor or notary) to assist you when drafting the purchase agreement.

Opting-out

After signing the purchase agreement, you have 3 days to change your mind. The cooling-off period starts on the day after receiving the purchase agreement. During this period, the buyer can still cancel the purchase of the property. The buyer doesn’t have to give a reason and doesn’t have to pay a fee to the seller.

The cooling-off period can be longer if it’s in the weekend or a public holiday. If the cooling-off period ends in the weekend or a public holiday, then the cooling-off period lasts until the next working day.

Longer period

The buyer could agree to a longer cooling-off period with the seller. This doesn’t happen too often though. A shorter period than the statutory period of 3 days is not allowed.

 

Contact us to receive a pre-approval on your financial possibilities to buy a home.


See what you know and where you can improve your mortgage approach so you make an informed decision about the terms of your mortgage.

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Cooling-off period
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Cooling-off period
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If you buy a home, you sign a purchase agreement. After signing the purchase agreement you have 3 days to change your mind and opt-out.
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Mister Mortgage
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