News item | 12-07-2022 | 09:40
The government wants buyers and sellers to have more control over the purchase and sale of their home. To make the buying process more transparent, the cabinet is working on a new ‘fair buying process’ law. By legally establishing transparency in the buying chain, a level playing field will apply for all parties involved in the buying process. For example, there must be one standard for the use of the bidding log and one independent counter for buyers and sellers where all complaints are handled. This ties in with the steps that parties in the buying sector are already taking to make the buying process more transparent.
Minister De Jonge for Housing and Spatial Planning: ‘Buying or selling your home is an exciting process that involves a lot. The process is often fast and it is not always clear what exactly is happening. That is why, together with the sector, I signed the ‘confidence in the buying process’ improvement plan in the spring to give buyers and sellers more control over the process. We are now building on this by working on the elaboration of a new ‘fair purchasing process’ law. For example, we will look at how we can adjust the bidding process so that buyers have an equal chance when they want to make an offer on a home.’
Industry Improvements
This spring, the minister signed the Confidence in the buying process improvement plan together with NVM, VBO, Vastgoedpro and Vereniging Eigen Huis (VEH). In it, the brokerage organizations undertook to clarify their codes of conduct on specific points as of 1 July 2022. They also voluntarily enter a bidding log. The sector organizations have indicated that they will make this mandatory for their members as of 1 January 2023. No later than September 1, 2022, there will be an independent reporting point from the sector associations of brokers. The minister has also asked the sector organizations to arrive at a single standard for the bidding log and disciplinary law in preparation for the new law.
Act ‘fair buying process’
The aim of the bill is that sector organizations and brokers will mutually use the same standard for a fair buying process. That is why legal certification of the buying process and the use of the bidding log is being looked at. The owner-occupied sector and the government will also jointly examine whether it is possible to lay down rules of conduct for brokers in law. This includes clarity about who can act in the event of violations or inappropriate behaviour. This gives real estate agents clarity about which rules apply to everyone and buyers and sellers get a better grip on the purchase and sale of their home.
Equal Opportunity for Buyers
In order to give buyers equal opportunities, the government is also investigating, together with the owner-occupied sector and the Home Owners’ Association, whether it is possible to set requirements in the certification of the bidding process for the information that is made available in advance to the bidders and seller. For example, information about the structural condition of the house could be placed in a “safe” accessible to all bidders in advance. It should also be possible for prospective buyers to add a document or (mortgage) statement to their offer stating that they can actually pay for the house. This removes a lot of uncertainty from the start of the buying process and prevents many problems afterwards.