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Buy a home on Curacao

Are you planning on buying a home on Curacao?

Plain and simple, owning a home can improve your quality of life, provide stability and give you a sense of control you just can't get from renting. You have a place to live when you rent, but buying is something much deeper – and better.
Also when you invest in a second home in Curacao your vacations will be totally different from a hotel vacation. By becoming a home owner, Curacao will become your second home. 
The intangibles are tough to measure, but there are other benefits you can quantify:

  • Financial investment - your monthly mortgage payment creates equity for you, not your landlord.
  • The interest on your mortgage is a tax deduction - while this isn't a reason in itself to buy a home in Curacao, it's nice to get a break at tax time.
  • Fixed monthly housing payment - if you opt for a fixed-rate mortgage, the monthly rate of your mortgage won't change for the length of the term.
  • Tax-free gain - when it's time to sell your home, you don’t pay taxes on the proceeds of the sale that are above what you paid (with some restrictions).
For most people, finding the right home begins with a house-hunting strategy combining personal preferences, guidance from others (including an agent) and online search.
For some, the search takes a while; others find what they want right away. In either case, your real estate agent can be a huge resource of insight and guidance, working through issues or complications that arise along the way.

Here’s a general outline of what to expect during a home purchase in Curacao, from the buyer's perspective.

Buyers make a purchase offer

This is it! You've found the home of your dreams in Curacao, looked over the property disclosure form, reviewed comparable homes, talked it over with your agent and submitted an offer. The sellers may accept your first offer, but more often will return a counteroffer. In fact, additional negotiations are common, and your agent will help you through this generally stressful stage.

It is wise to hire an inspector – your agent can provide several options – to check the home and point out minor and major problems that should be fixed before closing. The inspector can provide you with a list of requested work, and the sellers have the option to complete the tasks, do some of them but not others, or reject the request. The sides will negotiate until reaching an agreement.

The sellers accept

Once everyone is happy with the terms, the parties have reached what is known as mutual acceptance and enter into a purchase and sale agreement. Your agent will ask you to supply several compliance documents as is stated in Curacao law. The purchase and sale agreement will then be provided to you. 
As a buyer you have the right to annul the purchase within 3 days after signing the agreement without mention of cause. This 'time to reconsider' only applies to private persons.

Buyers make payment in escrow of notary

To solidify your intent to buy, you'll make a deposit on the property on an escrow account of the notary. The amount varies, but is generally 10 percent of the purchase price. This money counts toward your payment before closing later. Curacao has 10 notaries and each is appointed by the Dutch crown. The notary is in charge of due diligence for buyer and seller.
The notary will ask buyer again for compliance documents. It is the law that the realtor may not share his compliance documents with the notary, the notary has to do his/her own research. On average the notary needs 6 weeks to draft the deed of transfer and the invoices for buyer and seller.
The invoice of buyer will include 4% transfer tax and notary fee which is between 1% and 2%.

Buyers apply for a mortgage

This step is streamlined if you've already been pre-approved for a loan (which is a smart thing to do). If not, you'll begin the loan application process now. Local banks grant mortgage loans to non-residents up to 70% of the purchase price. The bank will ask for an appraisal report of the property. 

Closing time arrives

Once contingencies are removed and financing is set, all parties sign the deed of transfer at the notary’s office, and the transaction closes. If parties are not on the island for this signing, they can give a power of attorney to the notary office. When the deed has been signed buyers receive the keys to their new home!

Looking for a new home in Curacao? Here is an overview of all available homes. in Curacao.

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