Buying a home in Curacao: The complete step-by-step plan from viewing to receiving the keys

Buying a home in the tropics is a dream for many. However, the step towards real estate abroad requires thorough preparation. Procedures in Curaçao differ from those in the Netherlands. The market operates differently, and the legal process has its own rules. It's wise to familiarize yourself with local practices beforehand. This prevents delays and unforeseen costs during the process. A clear understanding of your financial options is the starting point. Local banks have specific conditions for people who don't live on the island. Lending standards may be stricter than you're used to. It's common to have to contribute your own funds to the purchase. Therefore, map out your budget before entering the market and get well-informed. Top Makelaar Curaçao can guide you through this.

Exploring the housing market

The housing market is spread across various channels. There's no central system that displays all the houses. This makes finding the right one a time-consuming task. The quality of the homes also varies considerably. The tropical sun and the salty sea breeze significantly impact the state of maintenance. Materials wear out faster than in a temperate climate. You don't always see this immediately from the exterior. A buyer's agent can help. This advisor knows the history of the neighborhoods and the structural condition of many properties. An agent can point out things like the orientation relative to the wind.

Starting the buying process

Once you've found a suitable property, and if it meets the asking price, you might want to make an offer. You negotiate the price and terms. If both parties reach an agreement, compliance is completed, and if approved, the purchase agreement is drawn up. This document contains all the agreements, such as the purchase price and the completion date. It may also include contingencies. These contingencies can allow you to arrange financing or arrange a building inspection. After signing this deed, you have a three-day cooling-off period.

Mortgage and valuation

After signing the purchase agreement, you can start the application process with the bank. The bank requires several documents to assess your application. A recent appraisal report is essential. This report must be prepared by a certified appraiser on the island and approved by the relevant bank. The value in this report carries significant weight with the bank. You must also provide insight into your income and assets. Keep in mind that the appraisal period at local banks can take longer. Gathering and reviewing documents takes time. Ensure that the deadline in your resolutive clause is sufficient.

For more information about financial supervision and banks, please visit the Central Bank of Curaçao and Sint Maarten.

Legal control and transfer

The notary plays a major role in the purchase process in Curaçao. They verify the legal status of the property. They check public records to identify the owner and determine if there are any liens on the property. They also determine whether the property is located on freehold or leasehold land. With leasehold land, you pay an annual fee to the government. It is essential to know the terms and conditions of this leasehold. The buyer is responsible for the transfer costs. You pay taxes on the transfer and fees for the notary's services. Current information about taxes on purchases can be found at the Curaçao Tax and Customs Administration.

The handover of the keys

Just before signing the deed, you and the real estate agent will inspect the property again. You will check that the property is empty and in the agreed-upon condition. You will test whether all appliances are working properly. If everything is in order, you will go to the notary's office. There, you will sign the deed of transfer and, if applicable, the mortgage deed. The notary will arrange payment to the seller and register the deed with the Land Registry. You will receive the keys and officially own your home in Curaçao. Immediately after the transfer, arrange matters such as insurance and utility connections.

Please contact us

Would you like expert guidance every step of the way? We know the market and regulations intimately. Contact Top Makelaar Curaçao for a no-obligation consultation about your purchasing needs.