No Risk Clause
The NVM No Risk clause
Do you not want to sell your home immediately before you have found that nice new home? Very logical, we think ECHT Makelaars & Taxateurs. Don't run any risks and make use of the NVM No Risk clause. In short: as a buyer you can cancel the purchase of the new home if it is not possible to sell the old home. Do you want to know more? Then read on in this blog.
The current housing market
In this overheated housing market, in which sellers have not easily found a new home, it is nice that the NVM is thinking along. The NVM No Risk clause was created from the classic ''Sale subject to purchase'' clause. As a seller, you can easily find a new home with this clause, with the luck that your old home has already been sold and you will not have double monthly costs. Very nice, isn't it?
The NVM No Risk clause in practice
How does the clause work in practice? Very simple: as a seller of your old home, you are not obliged to buy a new home as long as your old home has not been sold within the specified period. You can cancel the purchase via the NVM No Risk clause.
Just an example: you have a nice new home in mind and want to make an offer; You do this subject to the sale of your old home. Are the negotiations about the purchase price, etc. going well and do you reach an agreement? Then you include the No Risk clause in the purchase agreement, which states that you can cancel the purchase of the home within the agreed period (for example 5 months) if you do not find a buyer for your old home.
Did you know that you can add a condition in addition to this clause?
A ''better'' buyer
Are you in a situation where your old home has not yet been sold and the seller of the new home gets a ''better'' buyer? The question is then asked whether you as a buyer want to continue with the transaction or terminate the purchase agreement. Are you going for the new home? Then you must make the purchase agreement unconditional within two (working) days. You can then no longer cancel the purchase. Are you going to buy the house? Then this means for you as a buyer that you waive the resolutive conditions, such as the financing reservation and the NVM No Risk clause.
Would you like advice or more information about the NVM No Risk clause? Sven and Laurens van ECHT Makelaars & Taxateurs are ready for you! They can be reached via: 072-202 131 20 | info@echtmakelaar.nl
