Once the purchase agreement for an existing home in Curaçao has been signed by both the buyer and the seller, the sale is officially concluded. However, the buyer still has the right to withdraw from the purchase after signing—thanks to the statutory cooling-off period and any contingency clauses included in the agreement.

Under Curaçao law, a home buyer is entitled to a three-day cooling-off period. During these three days, the buyer may cancel the purchase agreement without stating any reason.

When Does the Cooling-Off Period Start?

The cooling-off period begins at 12:00 a.m. (midnight) on the day following the date on which the buyer receives a copy of the purchase agreement signed by both parties. Of these three days, at least two must be working days.

If the cooling-off period ends on a Saturday, Sunday, or public holiday, the deadline is automatically extended to the next working day.

If the buyer wishes to invoke the cooling-off period, they must ensure that the notice of cancellation reaches the seller before the three-day deadline expires.

Just like in the Netherlands, the statutory cooling-off period in Curaçao does not apply to buyers acting in the course of business or profession, nor does it apply to the seller.

Financing Contingency Clause

In addition to the cooling-off period, purchase agreements usually include one or more contingency clauses. The most common is the financing contingency.

If the mortgage or loan application is rejected by the lender(s), the buyer is entitled to terminate the purchase agreement within the agreed contractual deadline. In most cases, the buyer is required to submit one or more official rejections from financial institutions, depending on what has been agreed in the contract.

Structural Inspection Contingency Clause

The buyer and seller may also agree on a structural inspection contingency. This allows the buyer to withdraw from the purchase if the results of the inspection justify such action.

If a standard contract is used, the buyer may terminate the agreement if:

• The cost of immediately required repairs and overdue maintenance exceeds a pre-agreed amount, or

• The inspector recommends additional specialist investigations.

In Summary

Once the purchase agreement has been signed and received by the buyer, a three-day cooling-off period applies. In addition, the contract may contain contingency clauses that allow the buyer to withdraw if specific conditions—such as financing or inspection—are not met.

Adriaan Smit – Purchase & Sales Broker in Curaçao

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