Housing market Rik Feijen 28 april 2021

What does sold with reservation mean?

A house can be sold in many different ways. However, this does not mean that the property will disappear from the market. There are always circumstances that can prevent the sale from taking place. You will therefore also find homes 'sold under reservation'. Although for the seller this means that almost everything has been finalized, for potential buyers it can also be a sign that there is still a chance to get their hands on their dream home. It is therefore good to see what it really means and what it will mean for each party. Read on quickly.

Selling with reservation is waiting

Sold under reservation. It is often listed on the website of an estate agent, which makes you look for another property. However, this is not always necessary. It can mean many different things and in some cases it is therefore wise not to give up yet. A sale with a reservation can mean that the seller is still awaiting certain matters that need to be arranged by the buyer. For example, the financing must be arranged. The mortgage must be granted and the buyer's financial details must be approved.

The mortgage must be granted

The buyer must submit the rejection from the lender if a dissolution must take place. This is because conditional sales cannot simply be dissolved, but there must be evidence. In some cases it can also be agreed that two rejections are submitted. For this, 6 to 8 weeks are given. The agreed duration is also always written down in the purchase contract. As a seller this is a nerve-racking time. You can only wait and hope that the mortgage is approved by the buyer. Only then can you open a bottle of champagne.

The technical inspection as a decisive factor

There are also other resolutive conditions included in the sales contract. For example, it can be included that the buyer only agrees if the results of the technical inspection. If the costs of the immediately necessary repairs to the house, due to defects and overdue maintenance for example, are high, then the buyer can decide not to go through with the purchase. For this purpose, however, an amount of the defects must be written down in advance. If you do not do this, then the buyer is even better off. For both parties, however, it is a foothold and the inspection helps to bring everything properly to the surface for the sale.

The buyer's cooling-off period

Even before the resolutive conditions are looked at, the purchase contract can be signed. The buyer and seller put their signatures below and a delivery can take place. Despite the fact that both parties have signed, the buyer still has three days for reflection. The buyer can use this time to think things over and make sure that the wrong choice is not made. The buyer may then abandon the purchase without giving any reason. Once the cooling-off period has expired, the buyer is bound by the contract. From here the resolutive conditions are added and things can still get exciting.

Additional wishes drawn up for a reservation

Selling under reservation can therefore involve many different things and the factors are endless. Because there is more to the sale than just the mortgage and the technical inspection, you also need to take into account the wishes of both parties. As a seller you can also have wishes. However, it is mainly the buyer who can pass on some wishes of the house. For example, when there are many defects to be found, the buyer can ask for certain things to be fixed already. This is not about small things, but mainly about the biggest repairs. Even as a seller, you sometimes have to comply with these wishes in order to get your house sold.

An exciting time ahead

Selling under reservation can be an exciting time and for the seller patience is also tested. After all, once the contract of sale has been signed, you'll want to open a bottle of champagne and celebrate. However, you can only really celebrate when the resolutive conditions have been completed. Because this can take up to two months, you will have to be very patient. However, when the redeeming phone call comes, it is a reason to throw a party and decide what you want to do with your new home. After all, you undoubtedly have many different ideas about this as well.

Maintaining contact with the estate agent

You can always ask an estate agent about selling with a reservation. The broker can always give you advice to realize a quick sale. They can also help you with many legal issues. Ultimately, it can help you to sell after the sale.

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