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GLOSSARY
The world of real estate is a world with its own terms. This page lists the most common terms with a brief explanation.
Bank guarantee
Een garantie van een Nederlandse bank dat de koper zijn verplichtingen uit de overeenkomst zal nakomen voor het bedrag dat overeengekomen is. Dit is meestal 10 % van de koopsom. (zie ook Waarborgsom)
Reflection period
After concluding the purchase agreement, the consumer buyer has a legal cooling-off period of three days. This starts after the buyer and seller have signed the deed and the buyer has received (a copy of) the deed.
Professional liability insurance
An insurance policy purchased by MVA brokers on behalf of liability for property damage to third parties resulting directly from errors committed in the practice of their profession.
Zoning
A zoning program adopted by the City Council for a given area. It states, among other things, what zoning a particular parcel of land is to be used for, and possibly how certain land and the structures on it are to be used. The zoning plan consists of three parts:
Verbeelding (vroeger plankaart)
The imagination and rules are the legally binding part of the zoning plan.
The zoning plan consists of a zoning map, building regulations, explanatory notes and an exploitation plan. On the zoning map, a buyer can see what zoning a plot has. The building regulations indicate and further describe building possibilities and destinations in that area, for example, gutter heights, contents of structures, building lines, building intensity, etc.
Bid
The amount bid by a party on a property. This may be linked to a completion date, any movable property to be taken over and other conditions, such as a financing condition and/or an architectural inspection.
Certification
Anyone can call themselves a broker, but only if certain professional competence requirements are met can a broker be officially certified by HobéonSKO. Only VastgoedCert certified brokers can become members of the NVM.
Home equity
The amount you, as a property owner, must add to your income in your tax return (a fixed percentage of the WOZ value).
Easement
An example of an easement is a right-of-way.
The right (easement) that the owner of a piece of land has to cross another's land. The other person has a duty to allow this and maintain the path. This right is attached to a piece of real estate and remains in place when it is sold. An example of an easement is a right of way.
Leasehold
The right to use someone else's (for example, the municipality's) real estate in return for payment of a canon.
Funda
Eén van de internetsites (www.funda.nl) waarop de woningen staan die door MVA-makelaars worden aangeboden. Je kunt voor het volledige aanbod ook terecht op www.mva.nl
Fee
The fee for services provided to you by an MVA broker. You agree the amount of the fee with your MVA broker when you give the assignment. If you as a private client (consumer) give an assignment to your broker, the agreed fee and the additional costs are inclusive of statutory sales tax (VAT), unless explicitly agreed otherwise. If you issue an assignment to your broker as a professional client, the agreed fee and additional costs are exclusive of statutory sales tax (VAT).
Mortgage deed
This document contains all the agreements on the mortgage between the buyer and the financing institution. It is finally presented by the notary to the land registry and it is entered in a special register.
In onderhandeling zijn
A serious buyer has come forward to the selling party and made an offer. If the seller has made a counter-offer, it is said to be 'under negotiation'. Viewings by other interested parties remain possible in principle.
Land Registry
A body that manages public records. Among other things, it provides information on: land area, whether there is an order for soil remediation, whether a property is listed, who owns it and what cadastral designation the property has.
Bill of sale
This document records the agreements that the seller and buyer made about the sale.
Cost of buyer (k.k.)
This includes the following costs:
Transfer tax
Notary fees for the deed of transfer
Land registry fees for registering the deed of transfer
Brokerage and mortgage fees are not included.
Delivery
Delivery is divided into two parts. In the legal delivery, the real estate is transferred to the buyer's name (by signing the deed at the notary's office). The actual delivery takes place when the keys are handed over.
National Mortgage Guarantee (NHG)
A guarantee fund that stands surety when the borrower fails to pay the interest and repayment of their mortgage loan. Depending on the amount of the purchase price, you can take out a mortgage loan with National Mortgage Guarantee. This will save you in the interest rate and the amount of the mortgage. You can also take out a loan with NHG for a new home construction, home improvement, remodeling and renovation.
NVM affidavit
To become a member of the NVM, after their professional competence has been established, MVA brokers must take an oath (pledge) with the NVM. In taking this oath, they promise to practice their profession honestly, reliably and independently.
Terminating condition
Conditions that may be included in the purchase agreement. If a condition is fulfilled, the agreement can be dissolved (usually free of charge). A resolutive condition can include financing, obtaining a residence permit, obtaining the National Mortgage Guarantee or the outcome of an architectural opinion.
Option
An option in the legal sense gives a party the choice to enter into a purchase agreement with another party by a unilateral declaration. The parties then agree on the terms of the sale, but the buyer is given another week of reflection, for example. When buying a new home, such an option is still common. When buying an existing home, it is not.
Under consideration are
If the real estate agent indicates that he is 'under offer', it means that he has a serious candidate for the house. Viewings can still be scheduled, but the real estate agent must clearly indicate that the home is "under offer.
Transfer tax
A tax levied at the expense of the purchaser of a property . For a residential property, it is currently 2% of the purchase price of the property sold.
Movable property
These are items that are not attached to the property and that the buyer may be able to take over from the seller, with or without compensation. The seller usually prepares a List of Items.
Transport
The legal transfer of ownership at the notary.
Owners association (Vve).
The association of all co-owners of an apartment building. Of this, by law, you are automatically a member if you are an owner of a CoE in the building. The VvE looks after the common interests in and around the apartment building. The subdivision regulations specify what share you as an owner have in the entire building.
Freehold (v.o.n.)
This means that the seller pays the cost of transferring the property. However, any mortgage fees and broker's fees remain the responsibility of the buyer.
Security deposit
Een bedrag dat gestort wordt door de koper (meestal bij de notaris) als zekerheid dat hij aan zijn betalingsverplichtingen zal voldoen. Dit is meestal 10 % van de koopsom. (zie ook bankgarantie)
Search
An assignment to assist in the search and purchase of a home. Which services are included in this assignment depends on what the broker and the client agree upon.