Buying a home in Curaçao is an exciting step, but it also comes with important legal responsibilities. Once you reach an agreement with the seller of your dream home, it is essential to put everything in writing. Unlike informal agreements, an oral agreement between private individuals in Curaçao is not legally valid. To protect both buyer and seller, a purchase contract (koopovereenkomst) is required.

What Is Included in a Purchase Contract?

A purchase contract clearly and precisely records all agreements made between buyer and seller regarding the property. This includes:

• The agreed purchase price

• The delivery date (usually the date you receive the keys)

• Resolutive conditions, such as a financing clause or structural inspection

• Agreements regarding movable items, such as curtains, refrigerators, or stoves

• Any agreed repair costs or obligations

Because the purchase contract forms the legal basis of the transaction, it is highly recommended to have it reviewed by an expert, such as your own purchasing broker or legal advisor.

Reflection Period for Buyers in Curaçao

After signing the purchase contract, buyers in Curaçao are entitled to a 3-day reflection period, during which the purchase can be cancelled free of charge and without stating a reason. This protection is similar to the system used in the Netherlands.

In addition, most contracts include extended resolutive conditions. Common timeframes include:

• Approximately six weeks to arrange financing

• A shorter period for conducting a structural inspection

Only once these periods have expired without invoking any conditions does the purchase contract become unconditional.

From Contract to Notary

Once both parties have signed the purchase contract, it is forwarded to the chosen notary. In most cases, the notary is selected by the buyer, although this can also be agreed upon jointly or chosen by the seller.

After the contract becomes unconditional, the civil-law notary prepares the deed of transfer. This document legally formalizes the transaction. You officially become the owner of the property only after signing the deed of transfer at the notary.

Cancelling the Purchase After Signing

If you decide to withdraw from the purchase within the agreed period, cancellation must be done in writing. This is typically done via registered letter to the selling broker and, preferably, also by email or another commonly accepted form of communication. Cancellation may occur during the reflection period or if financing cannot be secured due to a mortgage rejection.

Penalties When the Contract Is Unconditional

If the purchase contract has become unconditional and financing cannot be arranged, the consequences are clearly defined in the agreement. If payment cannot be made on the agreed delivery date, the seller must first issue a notice of default and allow a short grace period—often eight days.

If the buyer still fails to complete the purchase, the seller may terminate the contract and claim a penalty, which is commonly set at 10% of the purchase price.

The Importance of the Old-Age Clause

Many purchase contracts include an old-age clause, especially for older homes. This clause alerts the buyer that the property may have age-related defects and limits the seller’s liability. While reasonable for older properties, this clause is increasingly being included in newer homes as well.

It is essential to review this clause carefully and, where necessary, negotiate its scope with the seller to avoid unexpected repair costs.

Should You Draft a Purchase Contract Yourself?

A purchase contract is a carefully structured legal document. Although sample contracts can be found online, drafting one yourself is strongly discouraged. Even minor errors or omissions can have significant legal and financial consequences.

In most cases, the broker prepares the purchase contract. However, independent review by an expert is always recommended to ensure your interests are fully protected.

This article was written by Adriaan Smit.
For more information about purchase contracts or buying property in Curaçao, feel free to contact us:

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Adriaan Smit
CEO & Broker — Sun Life Real Estate

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