When you are in the middle of a property sale, situations can arise where it becomes necessary to make changes to the purchase agreement (købsaftale). But what can actually be changed, and when is it possible to make these changes?
In this guide, we will dive into these questions and give you a better understanding of how to navigate the process of making changes.
When can you make changes to the purchase agreement? Generally speaking, changes to the purchase agreement can be made at any time, as long as both parties agree to the changes. However, there are some important points in time to be aware of:
- Before signing: This is the ideal time to make changes, as the agreement is not yet binding.
- During the cooling-off period: The buyer has a statutory right of withdrawal (fortrydelsesret) of 6 working days after signing. During this period, changes can still be made relatively easily.
- After the cooling-off period: Changes can still be made, but this requires agreement from both parties and can potentially lead to new negotiations.
- Before closing: Changes can be made right up until the date of possession, but the closer you get to this date, the more difficult and complicated it can be to carry out changes.
What can be changed in the purchase agreement? In principle, any part of the purchase agreement can be changed if both parties agree. Here are some of the most common changes:
- Date of possession: This is one of the most common changes. It can be due to delays in one party's move, financing issues, or other practical challenges.
- Purchase price: Although less common, the purchase price can be changed. This can happen if significant defects are discovered in the home, or if market conditions change drastically.
- Contingencies (forbehold): New contingencies can be added, or existing contingencies can be changed or removed. This could, for example, be a new financing contingency or a change to an existing building-survey contingency.
- Fixtures and fittings: Which items are included in the sale can also change. Perhaps the buyer no longer wants to take over the seller's appliances, or perhaps the seller wants to keep a particular piece of furniture.
- Distribution of responsibility for repairs: If defects are found in the home, the parties can agree on a new distribution of responsibility for remedying them.
- Payment terms: Changes to how and when different parts of the purchase price are to be paid can also occur.
How are changes made to the purchase agreement? When changes need to be made to a purchase agreement, there are typically two ways to do it:
- Addendum to the purchase agreement: A separate document is drawn up describing the changes. This document becomes part of the overall agreement.
- New purchase agreement: In some cases, especially if extensive changes are involved, it may be easier to draw up an entirely new purchase agreement.
Regardless of which method is chosen, it is important that the changes are clearly formulated and that both parties sign.
Considerations when making changes to the purchase agreement When you are considering making changes to a purchase agreement, there are some important things to keep in mind:
- Consult a professional: It is always a good idea to consult a legal advisor before making changes to a purchase agreement.
- Consider the consequences: Any change can have unforeseen consequences. Think carefully about how the change may affect other parts of the agreement.
- Be precise: Make sure the changes are clearly and precisely formulated to avoid misunderstandings later.
- Document everything: All changes should be in writing and signed by both parties.
- Be aware of deadlines: Some changes can affect important deadlines in the property sale, such as the date for depositing the purchase sum or the date of possession.
Changes to a purchase agreement can be a complex process, but they are often necessary to ensure the sale proceeds smoothly and to the satisfaction of both parties. By being aware of what can be changed, when it can be changed, and how to proceed, you can navigate the process more safely.
Get professional help with your property sale If you are facing the need to change your purchase agreement or have questions about the process, please feel free to contact Bomae. Our experienced team can guide you through the process of making changes and ensure your interests are looked after. Let us help you handle changes to your purchase agreement in a safe and professional way.
Fill in the contact form so we can have a chat about how we can help you with the purchase and financing of your home.
