A lawyer’s reservation un the event of a purchase

There is a cooling-off right of 6 days when you buy a property.

Even though your signature to the purchase agreement is binding once the seller has signed, the Consumer Protection Act gives you 6 weekdays to regret your purchase of property. If you regret, you must pay 1% of the purchase sum to the seller, to be paid to the seller or the estate agent before expiry of the 6 days’ limit.

Contact your lawyer first or have a lawyer’s reservation inserted in the purchase agreement.

Even though you have the right to regret your purchase, it is always better to seek your lawyer’s advice before you buy. You can also safeguard your purchase by inserting a lawyer’s reservation into the purchase agreement, so that the deal is off, if your lawyer raises objections.

Martine L. Tox is our lawyer specialising in purchase of real property.