DID YOU  KNOW?

DID YOU KNOW?

Did you know when buying an apartment, you automatically become a member of the Home Owners Association (Vereniging van Eigenaren)?

When buying a house on owned land, you become the owner of the land with the house built on it, simple as that.  But this is a little different when buying an apartment.  There is no specific piece of land designated to each apartment, so the building is split up in apartment rights. As a buyer, you become co-owner of the land and a part of the complex, the apartment.

Therefore, multiple owners form the Association of Home Owners (Vereniging van Eigenaren in Dutch.) When buying apartment rights, you instantly become a member of this association. You are not able to reject the membership and when selling the apartment, it will be transferred to the next owner.

The Association of Home Owners represents collective interests, such as maintenance, finance and collective matters written in the deed of division.

When buying an apartment, it’s very important to double check the articles in the deed of division and the corresponding division drawing and never forget to request the most recent financial year report.

Within the Home Owners Association, at least once a year a meeting takes place, where decisions are made, based on voting rights. The amount of voting rights is stated in the deed of division. Without enough votes, a decision can not be made.

Are you considering to buy an apartment? We are experts in this field, so we can advise and assist you through the whole process.

Source: Caribbean Homes Curacao