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Reflection period and resolutive conditions on Curacao

Reflection period and resolutive conditions on Curacao

When the purchase agreement for an existing home on Curacao has been signed by both the buyer and the seller, the purchase is a fact. Nevertheless, the buyer can still cancel the purchase after signing the contract: thanks to the legal reflection period and resolutive conditions.

Under the law, a buyer of a home on Curacao has a reflection period of three days. During these three days, the buyer can dissolve the purchase agreement without giving reasons.

When does the reflection period start?

The reflection period starts at 0.00 am of the day after the buyer has received a copy of the purchase agreement signed by him and the seller. Of these three days, two days must be working days. If the reflection period ends on a Saturday, Sunday or public holiday, the period will be extended up to and including the next day that is not.

If the buyer wishes to invoke the reflection period, he must ensure that the statement of dissolution has reached the seller before the expiry of the three-day period. The legal reflection period does not apply on Curacao, just as in the Netherlands, for a buyer who acts in the exercise of a business or profession, nor for the seller.

Resolutive condition financing

In addition to the reflection period, one or more resolutive conditions are often included in the purchase contract. The most common resolutive condition is that of not obtaining the funding; if the loan is refused by the lender (s), the buyer can terminate the purchase agreement within the period agreed in the contract. Usually, the buyer must submit one or more rejections from banking institutions, depending on the arrangements in the agreement.

Dissolving condition building inspection

The buyer and seller may also have agreed on a resolutive condition for a structural inspection. The buyer can then dissolve if the structural inspection carried out gives cause to do so. If a standard contract has been used, the purchaser can do this if the costs of immediately necessary repair of defects and overdue maintenance exceed a pre-agreed amount. Or if the inspector recommends additional specialist research.

In short, once the purchase agreement has been signed and the buyer has received a copy of it, he still has three days to consider. In addition, there may be resolutive conditions in the purchase contract, which the buyer can invoke if the situation described there arises.

aan & verkoopmakelaar Curacao
Adriaan Smit- Sunlife Real Estate CEO & sales broker in Curaçao

Would you like more information about buying and selling a home on Curacao? contact via email adriaan@sunlife.realty or WhatsApp + 5999-6862994

 

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