How exactly does that work with the legal cooling off period when buying a home? We explain.
When does the reflection period begin?
First of all, it is important to know when the reflection period starts. From what point should you start counting?
Here’s the thing: You verbally agreed with the real estate agent on the price and conditions for the purchase of your home. After this, the real estate agent will start drafting the bill of sale (the contract of sale). The deed of sale is signed by you, the buyer, and of course it must also be signed by the seller.
The cooling-off period starts the day after the signed sales contract is handed over to you. This means: that you have received the deed of sale signed by the seller/selling agent in return. Just an example:
You will sign the bill of sale on Wednesday, October 10. The seller is not present at the signing and does not sign the bill of sale until Thursday, October 11. On Friday, October 12, you will receive the bill of sale in return. The reflection period will then begin on October 13. So 1 day after the deed of sale is ‘handed over’ to you.
NVM purchase deeds are provided with an acknowledgement of receipt on which the buyer writes the date of receipt with his signature underneath.
When does the reflection period end?
This is where a lot of people go wrong. In fact, many people think that the reflection period is 3 days. Error! The reflection period lasts a minimum of 3 days.
The cooling-off period is governed by the General Deadlines Act, which basically says the following:
- If the cooling-off period ends on a Saturday, Sunday or generally recognized holiday, it will be extended up to and including the next working day.
- The reflection period must include at least 2 working days.
By a working day we mean here any day that is not a Saturday, Sunday or generally recognized holiday.
What does that legal reflection period look like now? We’ve worked it out for you below. We put in a normal week and the week of Christmas (December 25 and 26). Good luck with math!
| Deed of sale provided: | Grace period ends | Duration of consideration: |
| Monday, December 17, 2018 | Thursday | 3 days |
| Tuesday, December 18, 2018 | Friday | 3 days |
| Wednesday, December 19, 2018 | Monday | 5 days |
| Thursday, December 20, 2018 | Monday | 4 days |
| Friday, December 21, 2018 | Thursday | 6 days |
| Saturday, December 22, 2018 | Thursday | 5 days |
| Sunday, December 23, 2018 | Thursday | 4 days |
| Monday, December 24, 2018 | Friday | 4 days |
| Tuesday, December 25, 2018 | Friday | 3 days |
| Wednesday, December 26, 2018 | Monday | 5 days |
| Explanation: | ||
| Monday, December 17, 2018 | Contains neatly at least 2 working days and ends on a working day. | |
| Tuesday, December 18, 2018 | Contains neatly at least 2 working days and ends on a working day. | |
| Wednesday, December 19, 2018 | Ends on a Saturday and that’s not allowed. So ends on a next working day and that’s Monday. | |
| Thursday, December 20, 2018 | Ends on a Sunday and that’s not allowed. So ends on a next working day and that’s Monday. | |
| Friday, December 21, 2018 | Must include at least 2 business days and must not end on Christmas Day or Boxing Day. So the ends on the next working day thereafter. | |
| Saturday, December 22, 2018 | Must include at least 2 business days and must not end on Christmas Day or Boxing Day. So the ends on the next working day thereafter. | |
| Sunday, December 23, 2018 | Must include at least 2 business days and must not end on Christmas Day or Boxing Day. So the ends on the next working day thereafter. | |
| Monday, December 24, 2018 | Must include a minimum of 2 business days. The 1st working day is Thursday and the 2nd working day is Friday. So it ends on that Friday. | |
| Tuesday, December 25, 2018 | Contains neatly at least 2 working days and ends on a working day. | |
| Wednesday, December 26, 2018 | Ends on a Saturday and that’s not allowed. So ends on a next working day and that’s Monday. | |