Frequently asked questions about real estate on Curaçao

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• What is a real estate appraisal in Curacao? An appraisal in Curacao involves a professional evaluation of a property’s market value, conducted by a licensed appraiser, essential for transactions like buying, selling, or refinancing. Make sure you hire an idependent appraiser, not a real estate agent also doing apraisales, they might have other interests

 

• What is an adjustable-rate mortgage (ARM) in Curacao? An ARM in Curacao is a mortgage with an interest rate that can change periodically based on a specific benchmark index, affecting the monthly payments.

 

• What does amortization mean in the Curacao real estate market? Amortization in Curacao refers to the process of paying off a mortgage through scheduled, periodic payments that cover both principal and interest over time.

 

• What are appurtenances in Curacao real estate? Appurtenances in Curacao include additional rights or properties that accompany the main property, such as easements, water rights, or outbuildings like sheds or garages.

 

• What does selling a property as-is mean in Curacao? Selling a property as-is in Curacao means the seller will not make any repairs or improvements before the sale, and the buyer agrees to purchase the property in its current condition.

 

• What is an assumable mortgage in Curacao? An assumable mortgage in Curacao allows the buyer to take over the seller’s existing mortgage under the same terms, interest rate, and remaining balance.

 

• What does active contingent mean in the Curacao property market? Active contingent in Curacao means a property has an accepted offer but the sale depends on certain conditions being met, such as financing or home inspection contingencies. Look at terms like ‘Sold under reservation’ or in Dutch ” verkocht onder voorbehoud”

 

• What is an all-cash offer in Curacao real estate? An all-cash offer in Curacao indicates that the buyer intends to purchase the property without securing financing, paying the entire amount in cash, which can speed up the transaction process. All payments for real estate needs to go via bank transfer

 

• What is an addendum in Curacao real estate contracts? An addendum in Curacao is an additional document attached to a real estate contract that includes specific terms, conditions, or modifications agreed upon by the buyer and seller.

 

• What is an abstract of title in Curacao? An abstract of title in Curacao is a summary of the legal history of a property, detailing past ownership and any claims, liens, or encumbrances affecting the title.

 

• What is adverse possession in Curacao? Adverse possession in Curacao is a legal principle allowing someone to claim ownership of land under certain conditions, such as continuous and open use without the owner’s permission for a statutory period.

 

• What is a real estate auction in Curacao? A real estate auction in Curacao is a public sale where properties are sold to the highest bidder, often used for distressed properties, foreclosures, or estate sales.

 

• What does appreciation mean in Curacao real estate? Appreciation in Curacao refers to the increase in a property’s value over time, influenced by factors like location, market demand, and property improvements.

 

• What is an agency relationship in Curacao real estate? An agency relationship in Curacao is the fiduciary relationship between a real estate agent and their client, authorizing the agent to act on behalf of the client in real estate transactions.

 

• What are amenities in Curacao real estate? Amenities in Curacao refer to features that add value and attractiveness to a property, such as swimming pools, proximity to beaches, shopping centers, and recreational facilities.

 

• What is an appraisal contingency in Curacao? An appraisal contingency in Curacao is a clause in a purchase agreement that allows the buyer to back out if the property’s appraised value is lower than the purchase price.

 

• What is the asking price in Curacao real estate? The asking price in Curacao is the initial price set by the seller for a property, serving as a starting point for negotiations with potential buyers.

 

• What is asbestos, and why is it a concern in Curacao real estate? Asbestos in Curacao real estate is a hazardous material that was commonly used in construction; it can cause serious health issues if disturbed, making it a concern during property inspections and renovations. The material has been of the market since 1984.

 

• What is an assignment of contract in Curacao? An assignment of contract in Curacao allows one party to transfer their rights and obligations under a real estate contract to another party, often used in investment deals.

 

• What is an attorney review period in Curacao real estate? An attorney review period in Curacao is a specified time frame during which buyers and sellers can have their real estate contracts reviewed by their attorneys to ensure all terms are understood and agreed upon.

 

• What is an amortization schedule in Curacao? An amortization schedule in Curacao is a table detailing each loan payment’s allocation towards principal and interest over the life of the loan.

 

• What is an assumable loan in Curacao? Similar to an assumable mortgage, an assumable loan in Curacao can be transferred from the seller to the buyer, maintaining the same terms and conditions.

 

• What does acreage mean in Curacao real estate? Acreage in Curacao refers to the size of a piece of land measured in acres, commonly used in descriptions of rural and agricultural properties.

 

• What is active under contract status in Curacao? Active under contract in Curacao means a property is under contract but still accepting backup offers in case the initial deal falls through.

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• What is a buyer’s agent in Curacao real estate? A buyer’s agent in Curacao represents the homebuyer’s interests, assisting with finding suitable properties, negotiating prices, and guiding them through the buying process.

 

• What is a bidding war in the Curacao property market? A bidding war in Curacao happens when multiple buyers compete for a property, often driving up the final sale price as they submit higher offers to outbid each other.

 

• What is a bridge loan in Curacao real estate? A bridge loan in Curacao is a short-term loan used to finance the purchase of a new property while the buyer waits for long-term financing or the sale of their current home.

 

• What is a buy-and-hold strategy in Curacao? In Curacao, a buy-and-hold strategy involves purchasing properties to hold for a long period, generating rental income and benefiting from property appreciation over time.

 

• What is a balloon mortgage in Curacao? A balloon mortgage in Curacao is a loan with lower monthly payments for a set period, followed by a lump sum payment for the remaining balance at the end of the term.

 

• What is a buyer’s market in Curacao? A buyer’s market in Curacao occurs when there are more homes for sale than there are buyers, giving buyers more negotiating power and often leading to lower home prices.

 

• What is a build-to-rent property in Curacao? Build-to-rent properties in Curacao are newly constructed homes specifically designed and developed to be rented out rather than sold.

 

• What is the break-even point in Curacao real estate investment? The break-even point in Curacao is when a property’s rental income covers all expenses, including mortgage payments, taxes, insurance, and maintenance costs.

 

• What are buyer closing costs in Curacao? Buyer closing costs in Curacao include fees associated with finalizing a real estate transaction, such as loan origination fees, appraisal fees, title insurance, and attorney fees​ 

 

• What is back rent in Curacao? Back rent in Curacao refers to unpaid rent that is overdue and owed by the tenant to the landlord.

 

• What is a bidding strategy in Curacao real estate? A bidding strategy in Curacao involves the tactics and approaches a buyer uses when making offers on properties, especially in competitive markets.

 

• What is a buyer’s contingency in Curacao? A buyer’s contingency in Curacao is a clause in a real estate contract that allows the buyer to back out of the purchase under certain conditions, such as securing financing or a satisfactory home inspection​ 

 

• What is a balanced market in Curacao? A balanced market in Curacao exists when there is an equal number of buyers and sellers, leading to stable prices and moderate competition.

• What is building equity in Curacao? Building equity in Curacao refers to increasing the ownership value of a property, primarily through mortgage payments and property appreciation.

 

• What is a buyer’s premium in Curacao? A buyer’s premium in Curacao is an additional fee paid by the buyer, usually in an auction setting, which is a percentage of the final bid price.

 

• What is blind bidding in Curacao real estate? Blind bidding in Curacao is when buyers submit offers without knowing the details of competing bids, common in auctions or highly competitive markets.

 

• What is a blanket mortgage in Curacao? A blanket mortgage in Curacao is a single mortgage that covers multiple properties, often used by real estate investors or developers.

 

• What is a baseline property value in Curacao? Baseline property value in Curacao is the initial valuation of a property, used as a reference point for future assessments and comparisons.

 

• What is a bulk sale in Curacao real estate? A bulk sale in Curacao involves selling multiple properties in a single transaction, often at a discounted price compared to individual sales.

 

• What is buyer’s remorse in Curacao? Buyer’s remorse in Curacao is the feeling of regret after making a purchase, common in high-stakes transactions like buying real estate.

 

• What is a build-to-suit property in Curacao? Build-to-suit properties in Curacao are custom-built according to the specifications of a prospective tenant or buyer.

 

• What is a bail-in property in Curacao? Bail-in property in Curacao refers to real estate that is part of a financial restructuring where the owner’s assets are used to stabilize the company’s finances.

 

• What is a bail-out property in Curacao? Bail-out property in Curacao is real estate that is sold or leveraged to provide financial relief in times of economic distress.