Financing approved by the bank. Better house on offer.

you have a cancellation period if necessary

but it is not the proper English way and whether cooperation will happen again afterwards is the other side of the coin

is not the proper English way, and whether cooperation will happen again afterward is the other side of the coin

of course not, but it is contractually compliant. Better than a change of object shortly after conclusion. There are dozens of other banks

Thank you very much for the help. I spoke with the bank yesterday and explained the situation to them. They were understanding and said that the documents could also arrive one week later.

As already mentioned, there is the right of withdrawal if necessary. This way I secure the current condition – which is important in the currently rising interest rate market – but I do not necessarily have to make the contract effective.

However, you should be careful, the worst-case scenario – which can arise quickly at the moment since there are usually several interested parties on a property and not always reliable real estate agents – can occur if you like the new property, then the financing has to be rechecked and at the end of the chain the approval for the new property goes to someone else, while possibly the promised loan has been withdrawn and the old property may also have been reassigned.

Of course, this is purely a matter of timing and tactics and certainly manageable, but you should be careful. The market is currently going crazy, secure the approval for the new property from the seller/real estate agent, should the old loan have to be withdrawn.

very very good advice

What actually happens if the deadline expires and one cancels afterwards? Does the bank demand compensation? Or are the documents only to secure the interest rates?