Most common mistakes when buying property and how to avoid them :

1. Buying property without a professional appraisal.

   Before making an offer to purchase property you should obtain a professional appraisal for the property. This way you will know the value of the property and determine whether or not the asking price is reasonable. A professional appraisal makes a very good instrument for negotiations.

2. Not investigating the history of the property you are interested in.

   It is still very common that buyers purchase property without investigating the history of the property. How long has it been for sale, are the building engineering permits in good order, has the property had any kind of damage what so ever in the last couple of years? These are very important questions. You as a buyer must know what you are purchasing.

3. Not knowing who you are dealing with.

   It is very important to know who you are dealing with. Is the seller authorized to sell the property, is he of a reputable background? Unfortunately it still happens quite often that property is sold in projects that are never fully finished.

4. Not taking fluctuating currency exchange rates into account.

   This is mostly for International buyers. It does happen that the purchase price was agreed upon in currency X while actual payment will be taking place in currency Y. Between date of closing the deal, date of transfer of funds and date of actual receipt of funds in notary’s escrow account, the applicable exchange rate might fluctuate. As a result you might find yourself short in payment, resulting in postponement of the transfer of deed.

5. No pre-approved Buyer status

   Before you initiate the search for your dream property it would be advisable to investigate your disposable budget for such a purchase. Banks and/or mortgage advisors are able to pre-calculate your budget for such a purchase. This way you are able to search within your reach, saving a lot of time and money.

6. Not documenting the agreed terms and conditions

   It is of the utmost importance to put all agreed terms and conditions of the sale and purchase agreed between parties on paper. Not only will this create clarity for all parties concerned, since January 1st 2012, only a written agreement, signed by all parties concerned will be deemed binding in Curacao. Century 21 is the largest real estate franchise company worldwide, with over 7.000 offices in more than 60 countries staffing more than 120.000 employees. Our office is located at the Cas Coraweg 69 were we are easily reachable for both our local and international clientele. Our team consists of 7 experienced, highly motivated and qualified employees, ready to fulfill all your real estate wishes. Contact us today.

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