Reflection period and resolutive conditions on Curacao

2 augustus 2019
goedkope notaris 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

 

You can visit our Facebook and Instagram pages to have a look at our latest listings.

Categorieën: makelaar curacao, News, real estate agent Curacao

Tags: , , , , , , , , , ,

  • Discover Vista Royal: Curacao’s Pinnacle of Luxury Living

    If you’re dreaming of luxury living in Curacao, Vista Royal is the neighborhood to know. Situated in the heart of Jan Thiel, this exclusive enclave offers a lifestyle of sophistication, stunning natural beauty, and modern convenience. With its iconic location and unmatched amenities, Vista Royal is more than just a destination; it’s a lifestyle statement.…

    Read more »

  • Otrobanda: The Beating Heart of Curacao’s History and Culture

    Otrobanda, meaning “the other side” in Papiamentu, is much more than a neighborhood; it is the cultural and historical soul of Willemstad. Recognized as a UNESCO World Heritage Site, Otrobanda is a thriving hub of heritage, architecture, and modern revitalization. Located west of the iconic Queen Emma Bridge, Otrobanda stands out for its unique charm,…

    Read more »

  • Villapark Fontein: Curacao’s Tranquil Oasis for Nature Lovers and Investors

    Villapark Fontein, a hidden gem on Curacao’s peaceful western side, combines historical charm, ecological commitment, and serene living. Located on the historic grounds of the Landhuis Fontein plantation, this gated villa community prioritizes nature, ecology, and sustainability, creating an environment focused on tranquility and respect for Curacao’s natural beauty. 1. An Environment Rooted in Peace…

    Read more »

  • Leasehold in Curacao: What Homebuyers Need to Know

    Curacao, with its stunning landscapes and vibrant real estate market, is an attractive destination for both local and international homebuyers. However, when purchasing property on the island, a key legal concept often arises: leasehold (known locally as “erfpacht”). This system differs from full ownership and can be confusing for many buyers. In this blog, we’ll…

    Read more »

  • 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,…

    Read more »