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Knowledge of a few fundamental principles can make the purchase of an apartment in a strange country a little less intimidating. Below is some information to help you make the right purchase. Above all, there is no limit to the sales of properties to non-residents/foreigners. Your protection as an individual proprietor is very powerful and similar to ownership in North America and most European states.
Once you have found a house and decided to buy it, the first thing you need to do is make a bid. As soon as you have submitted an bid for a house or flat, you discuss the prices and conditions with the vendor until you both reach an understanding. Subsequently, a contract of sales is concluded with the proprietor of the immovable object and the contract is executed by both sides.
It contains the fundamental requirements for the sale/purchase of the real estate and the vendor is obliged to resell the real estate to you and you are obliged to buy after you have both signed this contract. In most cases a 15% bond of the negotiated sales amount is necessary and usually non-refundable.
This is the notary who owns the buyer's money and handles all the red tape to ensure that the document assignment is carried out properly. That means that the notaries search for collateral or debt on the land. The notaries must fulfil or dissolve all pledges at the moment of the assignment of the deed before the ownership is assigned to the new owners.
You will also take care of connecting the new mortgage to the real estate if the purchaser receives finance from a local financial institution or other creditor. Notaries have the same functions as security insurers and locking companies if you have purchased real estate in the USA or Canada. Notaries require you to provide various documents, such as a copy of your valid ID or your own document of identification, in order to complete the contract of sale.
Papierkram can take 6 - 8 week, and the costs varies. Your realtor or the notary's will contact you for the date of signing the purchase contracts with the solicitor. Purchasers should allow at least 5 workingdays to allow for an overseas bank wire to be made.
Funding must take place in the notary's offices until the signing of the purchase contract and the transfer of ownership. Do not hesitate to get in touch with us if you have any further queries about the Bonaire property purchase procedure!