Finalizing the Deed with a Notary When Buying a House in Curacao: What You Need to Know
Buying a house is a significant step. In Curacao there are specific rules and procedures that must be followed when buying a house. One of the most important steps in the process is finalizing the deed with a notary, a crucial moment that officially transfers ownership of the property. But what does this process involve, and why is it so important?
What Does Finalizing the Deed Mean?
Finalizing the deed, also known as “passing the deed,” refers to the moment when the sale of the property becomes official. The notary prepares a deed of transfer, which legally documents the transfer of ownership from the seller to the buyer. Once the deed is signed by both parties and the notary, the ownership transfer is complete. The notary then registers the deed with the Land Registry (Kadaster) of Curacao, officially recording the new ownership. Only after this registration are you the legal owner of the property.
Why Do You Need a Notary for Buying a House?
In Curacao, the notary plays an essential role in the process of buying real estate. This is due to the legal nature of property transfers. The notary is an impartial party who ensures that all legal regulations and formalities are properly followed. They provide security for both the buyer and the seller by verifying that the transaction is lawful. This includes checking whether the seller is the rightful owner and whether there are any liens or mortgages on the property.
The Process of Finalizing the Deed
The process of finalizing the deed generally involves several key steps:
- Drafting the Purchase Agreement
After the buyer and seller agree on the price and terms, a purchase agreement is typically drawn up. This document outlines all the details of the sale, including the price, transfer date, and any conditions that must be met. - Choosing a Notary
The choice of notary is often made by the buyer, but it can be done in consultation with the seller. In Curacao, the notary acts as a neutral party and safeguards the interests of both sides. - Notarial Research
The notary conducts a thorough investigation into the ownership of the property. They verify that the seller is indeed the legal owner, check for any existing mortgages or legal claims on the property, and ensure all documents are in order. Additionally, the notary will review zoning plans to ensure there are no restrictions on the use of the property. - The Deed of Transfer
Once the investigation is complete and everything is in order, the notary prepares the deed of transfer. This document formalizes the transfer of ownership, detailing the parties involved, the property being sold, and the terms of the sale. - Finalizing the Deed
The buyer, seller, and notary meet to sign the deed. The notary reads the deed aloud to ensure both parties understand its contents, after which they sign it. Once signed, the transfer of ownership is official. - Registration with the Land Registry
After the deed is signed, the notary ensures it is registered with the Land Registry of Curacao. This registration officially transfers ownership and grants the buyer full property rights.
Notary Fees
When purchasing a home in Curacao, you will need to take accoutn of additional notary fees. These fees usually cover the drafting of the deed, conducting necessary research, and registration with the Land Registry. The cost is often a percentage of the purchase price, typically ranging from 1% to 2%, depending on the complexity of the transaction.
Importance of the Mortgage Deed
If you’re taking out a mortgage to finance the property, a mortgage deed will also need to be signed with the notary. This deed outlines the terms of the loan and provides the lender with legal security in the case of non-payment.
Finalizing the deed with a notary is an essential step in the process of buying a house in Curacao. It ensures that the property transfer complies with the law and provides both the buyer and seller with legal certainty. While it may seem like a formal and sometimes complex process, the notary ensures that everything runs smoothly and correctly. It’s important to select a trustworthy notary who will guide you through the process and protect your interests at every step.
As a full service broker, Sun Life works together with multiple, acknowledged notaries ensuring a smooth transition of property ownership. If you want to know more about the process of buying a property on Curacao, contact adriaan@sunlife.realty to guide you with your specific journey.
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