Notary Closing Day: What to Expect When Finalizing Your Home Purchase in the Netherlands

Closing Time- You’ve Come A Long Way

Because buying a home is one of the largest investments of your life, you deserve the best information to make the most informed decisions possible. As such, here are the last points you should be aware of as you go to close, beginning with your escrow account.

The notary receives the money from you a few days before the transfer and keeps it in the so-called escrow account. This is an account that contains money from others.

After receiving the funds, the notary checks what the seller still must pay. Often repaying the mortgage and paying the sales makelaar’s invoice are the most important items. The remainder of the purchase price is then transferred by the notary to the seller’s account after a few days.

Or the money must be immediately injected into a new mortgage because seller is buying a home. It is also possible that the proceeds are divided among several parties, as is the case with heirs.

The notary never pays out or transfers the funds on the same day as the transfer, but usually 1 or 2 days later. The reason for this is that the notary must do one final check in the land registry the day after the transfer before he can transfer the funds.

Closing Day Steps – What To Expect

Before both parties go to the notary, a final inspection of the home takes place. Usually, one or two hours before the parties report to the notary, you as buyer are given the opportunity to inspect the home. It is the seller’s responsibility to ensure that the home is completely empty and free of tenants or residents.

You also check whether all agreements regarding the so-called “movable property” have been fulfilled. For example, did you include in the purchase that the curtains will remain in the home? Then of course they must hang there. During the final inspection, all meter readings are also recorded (electricity, water, and gas) and handed over to the parties.

At The Notary’s Table

Now that the final inspection has been completed, all parties go to the notary.

The better makelaars accompany their clients to the notary. Their work is done after the final inspection, and brokers have no formal role in the transfer. Yet it is an important moment for their client and the final part of their collaboration when purchasing or selling. So, together until the end.

Before signing, the notary first discusses the final settlement with the seller. You as buyer are not included in this portion because it doesn’t have to do with you.

The Actual Transfer

The transfer itself usually takes a short time, approximately 15 minutes. The notary checks the details and identity of both parties and then proceeds with the transfer. This is usually the point at which the key also moves from one side of the table to the other side. Lastly, the notary will send a copy of the deed to both parties.

Nowadays this is usually done digitally, but feel free to ask for a paper version. The notary finds that no problem at all.

After the transfer, the notary usually sits with you as buyer for a while to discuss your finances (meaning the mortgage) and to register you in the public registers. The seller is not involved because they in turn have nothing to do with it. When you, as a buyer, walk outside the notary again, you know one thing for sure; you have one more home!

Translation Required

As noted earlier, during the transfer the notary must be certain that both parties understand what is being transferred. That is also the reason that an interpreter must always be present during transfers involving internationals. Usually this is translated into English, but if both parties speak a common language, it may be okay to translate it into another language.

Aftercare

Of course, sometimes there are still issues after the transfer. Sometimes there is unexpectedly something wrong with the home. Then feel free to contact your makelaar who will take over the contacting for you and will remind the seller of his responsibilities or mediate a solution in the event of a justifiable complaint.

Our Promise

Ready To Get Started?

At The Xpat Agent, we set and achieve ambitious goals. The quality of our products and services reflects our identity.

We are committed to providing you with the highest quality real estate experience. This e-book has been meticulously designed to support your learning journey, offering clear guidance, practical exercises, and valuable insights. Our promise is to empower you with the knowledge and skills you need to achieve your goals. We are dedicated to your success and are here to support you every step of the way.

We Are Cheering For You!

Thank you so much for your support of and trust in The Xpat Agent. We are here to help you with all of your buying and selling needs in the Eindhoven housing market and your success matters to us.

We are cheering you on in your housing journey and hope that you find yourself happily at home in The Netherlands.