Purchase contract Curacao

19 september 2019
goedkope notaris curacao

What does a purchase contract say and how do you draw it up?

Are you out with the seller of your dream home on Curacao? Then it is time to put the agreements on paper, because an oral agreement between private individuals on Curacao is unfortunately not legally valid. And then you need a purchase contract.
But what exactly does it contain?
The purchase contract states, very precisely, everything that you have agreed with the selling party with regard to the sale of the house. Of course, these are the selling price and the delivery date, the day on which you can usually also enter the house. However, resolutive conditions such as the financing reservation and possibly a structural inspection are generally noted, as are the agreements on movable property. Those are the things that you would like to take over, but that are not real. Consider, for example, curtains or the refrigerator and gas stove. If you have made agreements with the seller about who pays what repair costs for the house, you also put that in the purchase contract. It is smart to always have the purchase contract checked by an expert, such as your own purchase broker.

Time for reflection

After signing the purchase contract, as a buyer of a house on Curacao, just like in the Netherlands, you still have 3 days to cancel the purchase free of charge and without giving any reason. Usually you also include a longer period in the resolutive conditions to, for example, arrange the financing and / or have the building inspected. This is often 6 weeks for the financing reservation and shorter for the structural inspection. Only when the agreed period has passed and you have not invoked the resolutive conditions, the purchase contract is unconditional and you must also purchase the house.

With signatures to the notary

The moment your signatures are under the purchase agreement, it will be sent to the chosen notary, whose details are also included in the purchase contract. The notary is often chosen by the buyer, but this can also be done by the seller or by both. Once the contract has become unconditional, the civil-law notary will draw up a so-called deed of transfer: the legal elaboration of the purchase contract. Only when you have signed the deed of transfer are you officially the owner of the house.

I still want to get out of it

If you still want to cancel the purchase within the specified period, you should do so by (registered) letter to the selling broker and preferably also in writing via the so-called “usual means of communication”, such as an e-mail message. If you appeal to the reflection period or if you cannot arrange the financing because the bank does not want to give you the desired mortgage, for example.

Pay a fine

If the purchase contract is unconditional, but you have not (yet) managed to arrange the mortgage, then the purchase contract will state what will happen. If you are unable to pay for the house on the agreed delivery date, the seller must give you notice of default and allow you a period of often 8 days to still purchase the house. Can you still not purchase the house within this period? The seller then has the option to terminate the purchase agreement and can usually demand a fine of 10% of the purchase price.

Beware of the old age clause

Note: some purchase contracts also contain an old-age clause. This warns you as a buyer that an old house may have defects and protects the seller from liability. In itself quite logical, but sellers increasingly want to include an old-age clause in the purchase contract of newer houses, in order to cover themselves against possible repair costs. So pay attention to this and talk and negotiate with the selling party.

Do-it-yourself contract

A purchase contract is ingeniously put together. Fortunately, you don’t have to set it up yourself. The broker will help you. If you still want to do it yourself, online model contracts are available. Drawing up a purchase contract yourself is not recommended. It requires care and expertise. A small mistake is easily made and can have major consequences. Therefore, always engage an expert to draw up or check the purchase agreement.
 

This article was written by Adriaan Smit. For more information on this subject, please contact us via email adriaan@sunlife.realty or whatsAppen to +59996862994

aan & verkoopmakelaar Curacao

Adriaan Smit – Sunlife real estate CEO & broker


 

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