When the purchase agreement for an existing property on Curaçao is signed by both the buyer and the seller, the transaction is considered binding. However, even after signing, the buyer retains the right to dissolve the agreement under certain conditions, thanks to the legal reflection period and resolutive clauses.

The Legal Reflection Period

Under Curaçao law, buyers of residential properties benefit from a three-day reflection period. During this period, the buyer can cancel the purchase agreement without the need to provide any justification.

When Does the Reflection Period Begin?

The reflection period starts at 12:00 AM on the day following the buyer’s receipt of the signed purchase agreement. Of the three days, at least two must be working days. If the reflection period ends on a Saturday, Sunday, or public holiday, it is automatically extended to the next business day.

To invoke the reflection period, the buyer must ensure that the seller receives a written notice of dissolution before the three-day period expires. This legal provision does not apply to buyers acting in the course of business or professional activities, nor does it apply to sellers.

Resolutive Conditions – Financing

In addition to the reflection period, most purchase agreements include resolutive conditions. The most common is related to financing. If the buyer is unable to secure financing within the specified period, the agreement can be dissolved.

To activate this clause, the buyer typically needs to present one or more official rejection letters from financial institutions. The number of required rejections and the timeframe for submission are determined by the terms outlined in the purchase agreement.

Resolutive Conditions – Structural Inspection

A resolutive condition related to structural inspection may also be negotiated between the buyer and seller. This condition allows the buyer to dissolve the agreement if significant defects or maintenance issues are uncovered during the inspection.

If a standard contract is used, the buyer can withdraw from the purchase if:

• The costs of immediate repairs or overdue maintenance exceed the pre-agreed threshold.
• The inspection report recommends further specialized investigations.

Key Takeaways

• Three-day reflection period: Buyers can dissolve the agreement without explanation.
• Financing clause: Buyers can cancel the agreement if financing is not secured.
• Structural inspection: Buyers may dissolve the agreement if the inspection reveals substantial repair costs.

In summary, while signing the purchase agreement marks a significant milestone in the home-buying process, the buyer retains critical safeguards that allow for cancellation under specific conditions.

Adriaan Smit – CEO of Sunlife Real Estate & Sales Broker on Curaçao
Would you like to know more about buying or selling property on Curaçao? Feel free to reach out:
📧 Email: adriaan@sunlife.realty
📱 WhatsApp: +5999 686 2994

Explore our latest listings on Facebook and Instagram.