After much planning and preparation, the time has finally come – the property transfer. For many, the concept of a property transfer may not be entirely clear. If you are purchasing your first home, the process can be new, and you may not fully understand what is involved. In this article, we explain exactly how the transfer of property in Curacao takes place.

What Exactly is a Property Transfer?

In most cases, a property transfer when purchasing a home is simply the official process of becoming the owner of the property. Ownership typically changes hands during this process. It is the final step in the property purchase process and a crucial moment, as from this point onward, you may have financial obligations such as a mortgage, taxes, and other responsibilities. After the transfer, you can officially say, “I own this home.”

When Does the Transfer Take Place?

The transfer of a property in Curacao generally occurs 3 to 6 weeks after mortgage approval. If you are financing the property entirely with your own funds, the transfer typically happens 3 to 6 weeks after signing the preliminary purchase agreement.

Transfer of an Existing Property

When purchasing an existing property, the transfer process involves two stages. First, a final inspection of the property takes place, followed by the signing of documents at the notary’s office.

Property Inspection

Before heading to the notary, you and the seller will inspect the property to ensure everything has been delivered as agreed. Check that all agreed-upon items like curtains, refrigerators, or furniture are in place, and verify that all rooms are empty. Ensure any agreed-upon repairs have been completed.

Signing at the Notary

If the property meets the agreed conditions, you will proceed to the notary for the official signing of the deed. The buyer, seller (or their representatives), and the notary will be present. If a party cannot attend, the notary can act on their behalf for an additional cost. Before receiving the keys, the deed of transfer and the mortgage deed must be signed.

By signing the deed of transfer (also known as the title deed), the property officially changes ownership. The notary reads the deed aloud, provides explanations if needed, and records the exact date and time. From that moment, you are the legal owner.

If you are taking out a mortgage, you will also sign the mortgage deed at the notary’s office, formalizing your financial obligation. After signing, the notary immediately transfers the purchase amount to the seller.

Transfer of an Apartment

If you purchase an apartment, the seller is no longer a member of the Homeowners’ Association (VvE) once the notarial process is complete – you are. Any outstanding VvE fees remain the responsibility of the previous owner, and the notary ensures this is properly documented.

Transfer of a Newly Built Home

Buying a new-build home in Curacao typically involves two phases. First, you purchase the land through a notary. Construction payments are usually made in installments, and if you have a bank loan, a supervisor ensures payments match construction progress.

Are Your Insurances in Order?

Before signing the mortgage deed, arrange the required insurances. The mortgage lender requires these since the property serves as collateral. You can quickly arrange these insurances through Dushi Insurance.

Transfer Costs

It is important to note that the property transfer incurs costs. I discuss this in greater detail in my article on property transfer costs in Curacao.

This article was written by Adriaan Smit, Real Estate Broker in Curacao.

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