Property purchase process Curacao
Property purchase process Curacao
Since January 1, 2012, new legislation on the sale of real estate force. The new legislation is intended to protect the buyer against hasty and ill-advised purchase of a home.
Written agreement, the sale of land, leasehold, house and apartment must always be made in writing. An oral closed sale is voidable and not afdwingbaar.Ook an authorization to buy a property or sell it must be given in writing.
The seller must guarantee the absence of encumbrances and restrictions that could be registered in the Land Registry (easements, personal obligations, restrictions under the Monument Ordinance or Island Corpse Development), even though that does not yet ingeschreven.Deze duty of the seller not if those burdens and restrictions specified in the purchase agreement and the purchaser that has aanvaard.Het is therefore very important that the broker if he accepts a sales contract, inspection takes at the Land Registry on the property and on arrival title of the seller by taking.
If there are charges or restrictions, he must report it and let accept expressly by the buyer (and retain proof thereof).
Property and reflection period for a private
Is a house or an apartment was sold to a private individual, whether an original or a copy be handed over to the purchaser (if required) upon presentation of a receipt dated and signed by the buyer.
That receipt with date is important because the buyer for three full days, the right to rescind the sale. without giving any reason.
If the term of the grace period ends on a Saturday, Sunday or national holiday then the period is extended until the first working day one in terms of three or more days to sit for at least two days.
Thus, if the sale is concluded on Saturday, December 24th, ends the grace period on December 28 at 24.00.
If the buyer exercises his right to cancel the sale, it would be wise to leave signs or to send its dissolution by fax / email / letter with a receipt the seller a dated receipt.
If the purchaser had undertaken in connection with the sale to someone to borrow a sum of money for the payment of the property, lapses that obligation by relying on dissolution within the grace period. Cooling off period when you buy timeshare.
When buying timeshare apartments ( “time sharing”) is the cooling-5 full days, including Saturdays, Sundays and feestdagen.De demands written agreement and the reflection of mandatory law and it can not be deviated from to the detriment of the buyer .
Deposit
It is customary that a deposit is required of the buyer to ensure the fulfillment of the obligations of the buyer. This deposit may not exceed 10% of the total purchase price of the property and must be paid at the notary. If the sale in the reflection disbanded the deposit must be refunded to the buyer.
Also as a condition subsequent state in the contract (for example, failure to obtain the necessary financing) and that condition is fulfilled, the purchase is canceled and the deposit must be refunded to the buyer.
If someone built a house or apartment, the deposit must, which is deposited at the notary, not exceed 10% of the total contract price. In addition, the schedule of payments to the contractor must match the progress in the construction of the house or apartment.
When selling timeshare apartments to the seller in case of dissolution within the waiting period of five days, a fee of up to 3% of the purchase terms.
From the moment of delivery (= actual delivery, handing over the key) is the property for the buyer’s risk, even if the deed is not passed. He does well then already close fire insurance.
Could between the time of delivery and the passing of the deed of the purchased house is destroyed by fire, the purchaser must pay the purchase price so the seller and the seller must deliver the burned house.
however, the buyer validly invoke the termination (eg. in the reflection or as a condition precedent is fulfilled), the buyer need not pay the purchase price.
hidden defects
Not new, but important is the regulation regarding the hidden defects.
The property must comply or the grounds to the agreement. When the property sold defective, making it unsuitable for habitation, the buyer may claim damages. It must then go to defects that can not see a regular buyer at seeing the house. Even if the sale has been concluded with the clause “as is, where is”, the buyer may claim damages from the seller if the buyer can prove that the seller knew the hidden defect. There is a practical example that the pool was still empty at the sold home due to a large leak. Every time the buyer came to see the house, the seller made sure the pool was filled and he said nothing about the leak.
The buyer was only after the delivery behind this lack and spoke to the seller for damages. The procedure went to the Supreme Court and the end was that the seller can not rely on the clause “as is, where is” entitled to rely and the seller had to pay damages. The seller has the obligation to inform the buyer about the defects that you can not see with the naked eye.
Would the example just cited have told the seller to the buyer that the pool has a large leak, the buyer did not successfully can claim compensation.
The mention of the defects thus protects the seller.
Sale and transfer of property and establishment mortgages
Transfers of property is 4% transfer tax on (in principle) the purchase price. Mortgage deeds and deeds of transfer of immovable property must be registered with the Land Registry. On that owe registration fees. Take the notary public inspection at the Land Registry needs to check certain things. Cadastre therefor also brings charges. (August 2015)
Source: www.eenhuisinhetbuitenland.nl/Aankoopproces property Curacao / consulted in 2015.
