What changes?
Are you a real estate agent? You must work with an automatic bidding logbook. This is meant to make the home buying process more transparent. An automatically generated bidding logbook offers prospective buyers and sellers the opportunity to verify the bidding process afterwards (ex-post controls).
In the bidding logbook you must record at least:
- the rules of the chosen bidding process
- a unique digital identity
- all bids (offers)
- the reservations (for instance 'subject to financing' or 'subject to construction appraisal')
- date and time of receipt
The selling real estate agent makes the logbook available to the seller. The seller can then make an informed choice to whom they award the property. Do prospective buyers who have made a bid, have any doubts on the sales process? They can request an anonymised version of the logbook.
For whom?
- real estate agents
- sellers of a property
- buyers of a property
Developments
The real estate sector has started work on implementing automatic bidding logbooks. Information in Dutch is available:
- NVM launches renewed online bidding platform
- All you need to know about the bidding logbook (VBO)
- The bidding logbook in the real estate sector (eerlijkbieden.nl)
Sector organisations have indicated that their members must use a bidding logbook from 1 January 2023.
When?
It is up to the industry to get to work on this. If this takes too long, there will be legislation to make this mandatory.
Please note: The effective date of this measure is not yet final. Entry into force is subject to its passing through the upper and lower houses of parliament or proclamation of the Order in Council (Algemene Maatregel van Bestuur, AMvB) or ministerial decree and publication in the Staatsblad or Staatscourant (Government Gazette, in Dutch).
