What is an option?14 January 2019
The term ‘option’ is used in two ways:
2) In legal sense, an option gives a party (in this case the buyer) the choice to conclude a purchase agreement with another party (the seller) by means of a unilateral declaration. Both parties agree on the conditions of the purchase, but the buyer gets one week’s reflection time, for example. When purchasing a new house, such an option is customary. When purchasing an existing house, it is not.
b) When purchasing existing houses, the term ‘option’ is actually used incorrectly. In that case, ‘option’ has the meaning of certain agreements that a selling NVM broker makes with an interested buyer during the negotiation process. For example, the promise that the buyer will receive a few days of reflection time before making a bid. the buyer can use this time to gain better insight into his financing or the possibilities for using the property.
In this period, the NVM broker will inform other interested parties that an option is available on the house. You can not demand an option. The seller decides, in consultation with the NVM broker, whether such options are given.