Investing in Curacao has many advantages, but also its pitfalls. Local building regulations, different types of land such as ownership, leasehold and rental land and rights and obligations when buying and selling. It always involves considerable investments, where you are wise to make a well-informed purchase or sale decision.
The purchase or sale decision is then ratified by the purchase agreement. But did you know that:
- Agreements in general are concluded by offer and acceptance, except for the purchase agreement. Oral purchase agreements are not valid.
- A natural person who does not purchase a home professionally must always receive a purchase agreement and has a 3-day cooling-off period. The statutory cooling-off period in Curaçao, Aruba and Bonaire for a natural person is – just like in the Netherlands – three days. This period may not be deviated from.
- If the buyer exercises his right to terminate the agreement within the cooling-off period and the purchase is concluded again within 6 months, the statutory cooling-off period does not apply again.
The law requires that the purchase agreement must at least state the identity of the buyer and seller and a detailed description of the property being sold. Important terms such as the purchase price, payment terms and any down payments must also be recorded.
Some purchase agreements may contain clauses that make the agreement dependent on certain conditions, such as obtaining financing or planning permission, conditions that may be attached to the house, for example the consequences of buying a rented house or an obligation to tolerate a right of the neighbours. An example of this is a right of way.
When terminating the purchase agreement, the buyer can, if agreements have been made about this, invoke a resolutive condition in the agreement. Please note that if resolutive conditions are recorded, a term is also agreed until which the conditions can be invoked.
The purchase agreement is one of the most commonly used agreements in real estate law, but it does not cover the load by a long shot. Investment agreements, letters of intent, construction agreements, lease agreements or cooperation agreements also belong to real estate law.
Do you need help with drafting, terminating or screening your agreement? Or do you have questions about real estate? Feel free to contact ushttps://www.wildemanlegal.com/contact/tact us.
About the authors
Nethania Hill
