Deposit in Purchase Agreements Rotterdam

In Rotterdam, the vibrant port city where the housing market is under pressure due to the popularity of neighbourhoods such as Kralingen, Hillegersberg and the Kop van Zuid, the deposit functions as a crucial down payment to guarantee the purchase (art. 7:28 DCC). Standardly, this amounts to 10% of the purchase price, which must be deposited with a Rotterdam notary within 14 days after signing. The purpose is to provide coverage in case of dissolution due to financing problems – often an issue due to rising mortgage rates – or hidden defects in older properties from the port neighbourhood. If the buyer fails to perform, the sum is forfeited to the seller, provided there is no default on the buyer's side. The notarial deposit arrangement, widely used by notaries in Rotterdam Centre, optimally protects both parties. Under suspensive conditions such as financing or building survey – essential for iconic Rotterdam architecture – the sum is refunded. Specific to Rotterdam: pay attention to the municipality's strict requirements for permits in protected cityscapes. Advice: thoroughly check the suspensive conditions, have an appraisal carried out by a local expert and in case of disputes consult the Rotterdam Legal Aid Board or the district court in the Maasstad.