The suspensive condition (opschortende voorwaarde) for obtaining a mortgage is one of the most common conditions in a sales agreement. If you are unable to get a loan, this condition allows you as a prospective buyer to “suspend” the sale (in other words, cancel it), usually at no extra cost.
The condition should state, among other things:
- the maximum amount you want to borrow
- the period within which the bank must approve your financing (and therefore the maximum duration of the condition)
- how the prospective buyer must inform the seller that the financing has been approved or refused
Tip 1: make it clear when you submit your offer whether you want a suspensive condition for obtaining financing.
Tip 2: at the start of your search, visit your bank or a mortgage broker first to work out how much you can borrow.
Please note: many sellers prefer to sell without this condition.
A well-prepared buyer (who does not need a suspensive condition for financing) therefore has a better chance of having their offer accepted.
