Key facts about
Apartments
An apartment is the perfect solution for many house hunters, and the market for apartments in Nuenen and Eindhoven (where our offices are located) is a buoyant one. There’s a lot to deal with when you purchase an apartment, particularly if you’re a first-time buyer. Schäfer Notarissen provides advice and assistance: we’re here for you.
The purchase agreement
Found your dream apartment? And had your bid accepted? Congratulations! You’re almost the proud owner of your own living space.
The verbal agreement made, however, is not legally valid. That’s why the arrangements need to be set out in writing in a purchase agreement. If no estate agent is involved in the transaction to draw up the purchase agreement for you, Schäfer Notarissen can be of service.
What does buying an apartment involve?
A lot of apartments have been built in the Eindhoven region over recent years. They are the ideal solution for a growing population in this high-tech region. When you buy an apartment, you basically buy a part of the whole building. Dutch law talks about ‘apartment rights’ (appartementsrecht). In legal terms, you buy two things: joint ownership of the entire building and the right for you to use the apartment (your home) by yourself.
This is legally arranged through the title deed which makes you the owner of your apartment and the ‘deed of division’ (Dutch ‘splitsingsakte’) in which the individual apartment rights have been created and the applicable regulations are laid down. The title deed is your proof of ownership. It states who the buyer and seller are. The deed of division will usually have been drawn up and signed at an earlier stage, before you became involved, so this is no longer required when you buy. This deed indicates which parts of the building are common areas and also contains the property division regulations, along with a code of conduct and rules relating to the Owners’ Association (Vereniging van Eigenaren, commonly abbreviated to VvE).
The Owners’ Association
Every owner of an owner-occupied apartment automatically becomes a member of the Owners’ Association. This is required by Dutch law because you then own an undivided share in the building. The Owners’ Association takes care of the maintenance of the building complex and saves money for this. Each owner pays a service charge towards maintenance. The property division regulations state how and how often the Owners’ Association meets, and by how many votes a resolution can be approved.
When do you officially own your apartment?
Purchase agreement signed and mortgage arranged? Great! But your apartment doesn’t belong to you yet. To complete the purchase, you will need to go to a civil-law notary. When the purchasing costs are payable by the buyer (in Dutch: ‘kosten koper’), the buyer decides which notary will do the conveyancing. Many buyers in the Eindhoven region make their way to Schäfer Notarissen.
In the presence of the chosen notary, the buyer, seller and notary sign the deed of transfer, which sets out the individual agreements made in the purchase agreement, among other things. The notary then enters the deed in the land registry and you become the official owner of your apartment.
Buying an apartment with a partner
Are you and your partner buying an apartment together? Make proper arrangements with each other. You could use a cohabitation contract and a will for this, for instance. A cohabitation contract contains the agreements you make about living together. A will sets out arrangements in the event of death. A good will often ensures that your partner will not have to pay inheritance tax if you die.
Finally found your dream apartment? Get things sorted. Schäfer Notarissen – we’re here for you.
