Buying a house is one of the most significant purchases you will ever make. An excellent way to ensure you make the right decision is to have plenty of reflection time.
What is reflection time?
Reflection time is the period before someone commits to buying a house. This period allows you to thoroughly research your purchase before embarking on it. As a buyer, you can still withdraw and cancel the purchase free of charge.
How long is the statutory reflection period?
The reflection period for a house lasts three days after signing the buying agreement. This is stated in the law. Of these three days, at least two must be working days. Weekends and public holidays are not considered reflection time. Therefore, sometimes this period exceeds three days.
Our Walter Buying Service experts pay close attention to the timeline; if necessary, we use the opportunity to schedule a building inspection during the statutory three-day reflection period after signing the purchase agreement. We ensure that everything is scheduled and executed on time. You can still cancel the sale in the reflection period if anything critical is detected (costing a lot of money).
What happens if you want to cancel the sale after the statutory reflection period?
After the reflection period expires, you no longer have the right to cancel the deal. The selling party may have plans to move already. If you want to cancel the buying contract after the reflection period, you will pay a penalty of 10% of the purchase price. So it is essential to consider whether you want to buy a house.
Why should you use the reflection period?
The reflection period is essential because it allows you to obtain information about the house. For example, you can concentrate on getting information about the location, home condition, and surroundings. By properly taking the time to check over everything, you can ensure that you make the right decision.
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