Real estate purchase process on Curacao
The process of purchasing real estate in Curaçao involves several steps and procedures, including:
Search for a suitable property:
Your relations can start looking for a suitable property in Curaçao by searching online, consulting local real estate agents or contacting the seller directly.
View of the property:
It is important that your relations view the property they want to buy before making a decision. They can make an appointment for this with the broker or the selling party.
Negotiations:
After the viewing, your relations can negotiate the price and other conditions of the purchase with the selling party.
Purchase contract:
If agreement has been reached on the price and other conditions, the notary in Curaçao will draw up a purchase contract. This document contains the agreements between the buyer and seller and serves as the basis for the notarial deed.
Notarial deed:
The notary in Curaçao will draw up the notarial deed, which contains the transfer of ownership of the property. Both parties must sign this deed in the presence of the notary.
Payment:
After signing the notarial deed, the buyer will pay the amount of the purchase. This amount is usually deposited into the notary’s third-party account.
Registration:
The notary will register the notarial deed and other documents with the Land Registry of Curaçao. This ensures that the transfer of ownership is officially registered and that the buyer is the rightful owner of the property.
The purchasing process of real estate in Curaçao can be complex and it is therefore advisable to engage an experienced notary and real estate agent to guide your relations during the process.
Follow-up Purchasing process real estate on Curacao:
Since January 1, 2012, new legislation on the purchase of real estate has been in force. The new legislation is intended to protect the buyer against a hasty and reckless purchase of a home.
Written agreement The purchase of a site, ground lease, house and apartment must always be entered into in writing. An oral sale is voidable and unenforceable. A power of attorney to buy or sell real estate must also be granted in writing.
The seller must guarantee the absence of charges and restrictions that could be registered in the Land Registry (easements, personal obligations, restrictions based on the Monuments National Ordinance or Island Development Plan), even if they have not yet been registered. This obligation of the the seller does not apply if those charges and restrictions are stated in the purchase agreement and the buyer has accepted them. It is therefore very important that the broker, when accepting a sales order, inspects the property and the relevant arrival title at the Land Registry. the seller carries out.
If there are burdens or restrictions, he must report these and have them accepted in so many words by the buyer (and keep proof of this).
Home and cooling-off period for a private individual
If a house or an apartment is sold to a private individual, an original copy or a copy must be handed over to the buyer (if desired) against a dated receipt signed by the buyer.
That receipt with date is important, because the buyer has the right to dissolve the purchase for three full days. without giving any reason.
If the term of the cooling-off period ends on a Saturday, Sunday or national holiday, this term will be extended to the first working day and, in the case of periods of three or more working days, there must be at least two working days.
So if the sale is closed on Saturday 24 December, the cooling-off period ends on 28 December at midnight.
If the buyer makes use of his right to dissolve the purchase, he would be wise to have the seller sign a dated receipt or to send his dissolution by fax/email/letter with a receipt.
If, in connection with the purchase, the buyer had committed himself to borrow a sum of money from someone for the payment of the home, then that obligation also lapses by invoking dissolution within the cooling-off period. Reflection time when purchasing time-sharing.
When buying part-time apartments (“time sharing”), the cooling-off period is 5 full days, including Saturdays, Sundays and public holidays. The requirements of a written agreement and the cooling-off period are mandatory law and cannot be deviated from to the detriment of the buyer. .
Deposit
It is customary for the purchaser to be required to pay a deposit to ensure the full filment of the purchaser’s obligations. This deposit may not exceed 10% of the total purchase price of the house and must be paid at the notary. If the purchase is dissolved during the cooling-off period, the deposit must be paid back to the buyer.
Even if the purchase agreement contains a resolutive condition (for example, not obtaining the necessary financing) and that condition is fulfilled, the purchase is dissolved and the deposit must be repaid to the buyer.
When someone has a house or apartment built, the deposit, which is paid to the civil-law notary, may not exceed 10% of the total contract sum. In addition, the schedule of payments to the contractor must correspond to the progress in the construction of the house or apartment.
When selling part-time apartments, the seller can stipulate compensation of a maximum of 3% of the purchase price in the event of dissolution within the cooling-off period of five days.
Transfer of risk
From the moment of delivery (= actual delivery; handing over of the key), the house is at the buyer’s risk, even if the deed of delivery has not been executed. He would do well to take out the fire insurance policy.
Should the purchased house be destroyed by fire between the time of delivery and the execution of the deed of transfer, the buyer must still pay the purchase price to the seller and the seller must deliver the burnt-down house.
However, should the buyer invoke the dissolution on good grounds (eg during the cooling-off period or because a resolutive condition is fulfilled), the buyer does not have to pay the purchase price.
Hidden flaws
Not new, but important is the regulation regarding hidden defects.
The house or site must comply with the agreement. If the sold property shows defects, making it unsuitable for habitation, the buyer can claim compensation. It must then concern defects that a normal buyer would consider
