St. Maarten Real Estate Closing Procedure

The closing procedure for real estate in St. Maarten is similar to the process on the French side of island. Both use the European notary system and follow similar legal procedures. St. Maarten real estate closing procedure is, however, described as much simpler and follows the civil law system but also uses a notary who is appointed to both the buyer and seller of any real estate closing procedure in St. Maarten.

Although the island is Dutch, contracts for St. Maarten real estate closing procedure are available in English and can be professionally translated into French or other language that the buyer may require from Dutch or English right in St. Maarten.

Generally, St. Maarten real estate closing procedure is found to be more expensive than on the French portion of the island due to the fact that there are tax rates for capital gains are relatively high and living taxes are imposed yearly along with other taxes for real estate can be said to be one of the main difference between St. Martin and Maarten real estate closing, which makes the system for real estate closing in St. Martin more attractive in this regard. However, if looking for certain features in terms of infrastructure, proximity to the international airport, casinos and overall friendliness towards investment, St. Maarten may be the preferred choice of an investor regardless of the presence of these taxes.

In spite of this, it is always important and highly recommended the tax, financial and legal issues involved in St. Maarten real estate closing procedure before going ahead and signing any contract or making any substantial sum of money as deposit for property. This deposit is usually paid into an account that serves as an escrow.

It is usually unnecessary to hire a lawyer since the notary, who is a public servant, must first be contacted prior to settling any St. Maarten real estate closing procedure according to local laws as a measure to ensure that real estate deals are carried out properly and that properties are sold at prices worth their value according to state standards. The role of the notary is also important in ensuring that real estate closing procedures in St. Maarten are controlled for the protection of certain areas on the island.

Different types of contracts can be written for St. Maarten real estate closing, as a client’s commitment to eventually purchase property within a stipulated period of time and for which a deposit is made as down payment on the property. During this time, the seller (who can be the real owner or a real estate agency) normally makes the commitment to remove the property from the list of real estate for sale and keeps it on hold for the potential buyer. Depending on the conditions of this agreement which is contained in an initial contract, a deposit may be refundable if the potential buyer decides not to purchase and communicates this to the seller within the stipulated time, or non-refundable based on the terms settled on in the agreement.

It is always wise to do all necessary research before fully committing to any St. Maarten real estate closing procedure by looking around at other available options in terms of pricing, location, view and quality. Once all necessary procedures and negotiations are finalized, all necessary payment must be made to the government and the seller accordingly.

St. Maarten offers multiple real estate opportunities given the island’s friendly investment laws, tax incentives for the import and export of goods, world class docking and airport facilities, pool of multinational professionals and overall infrastructural development. In spite of the taxes that exist with regard to capital gains and yearly annual tax obligations, St. Maarten real estate closing is fairly simple and facilitates the ownership of St. Maarten real estate by locals as well as foreigners.

The expat society is therefore very large and cosmopolitan. For property ownership, real estate closing procedure in St. Maarten is surely welcoming and once done according to standards should go through smoothly. It is wise to ensure that sources for funding whether locally or overseas are identified before committing to contracts and that all necessary legal and fiscal advice is obtained despite the presence of the public notary for additional and specific information and tips.

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