According to Dutch civil law the
A natural person who does act in the course of a profession or business.
» Meer over consumer consumer-buyer of a property has the right to annul the sale agreement up to 3 days after receiving the contract of sale. This is called the statutory cooling-off period.
The cooling-off period commences on the first dat after the sale contract, signed by all parties, is received by the buyer. Within this periode the buyer can back out of the sale of the property without giving any reason and without having to compensate any costs, apart from possibly the costs of the civil notary or estate agent.
After this period, however, the buyer is bound the sale (as is the seller). If the contract is terminated after the cooling-off period, the buyer is liable for the damages and/or a contractual fine (usually 10% of the purchase price). Only in exceptional circumstances (provided for by law) the buyer can terminate without (severe) financial consequences.