Movable property

Movable property means all things that can be moved, provided they are not attached to a piece of land or building. Thus, the inventory of a house is movable property. No 5% transfer tax needs to be paid on the value of movable property. In our buyer’s costs tool you can find more information about this.

Example:
1. A fitted kitchen consisted of movable property, but has become immovable because it is attached to the house, which is immovable property.
2. The freestanding American refrigerator in the kitchen is movable and therefore falls under movable property.

The value of movable property in the contract of sale

When listing a purchase price for movable property, it is important that the purchase price represents the fair value of the movable property in question and that the purchase price is specified per property (i.e. per item !). We sometimes see that a total amount is taken for the entire household effects or that a price is specified for the movable property per room (eg living room: US$ ***, bedroom 1: US$ ***, etc.). Legally purer is, however, if it is done item by item. The basis for this is the following.

The buyer only pays transfer tax on the purchase price / value of the immovable property. The tax authorities (read: inspector) are of course aware that this tax could be reduced in an artificial way, by making part of the purchase price “movable”. All notarial deeds must be registered with the inspector by law. The inspector can therefore see exactly what has been sold, at what price and what transfer tax has been levied on. If the inspector is of the opinion that the transfer tax has not been determined objectively (e.g. there is no clear specification of the value for the movable property) and that the amount has therefore been levied too low, he has the legal authority to additional tax assessment and a fine.

The transfer tax is due on the notarial deed. So if the inspector imposes an additional assessment and a fine, he does so at the notary. A notary is of course not waiting for that.

In other words, to avoid an additional assessment and a tax penalty, the determination of the purchase price for the movable property must be a realistic and clearly specified amount.

Questions about the amount of moveable property

For specific questions about chattels in the purchase agreement, please contact notary office Mr. Robin A. Rispens or notary office Mr. Kenneth F. Arends & Partners .

Real estate agent on Bonaire since 1989

Whether you are looking to buy or sell a home on Bonaire, searching for a building lot or an oceanfront villa, or want to rent or rent out a property, Harbourtown Real Estate can help with virtually all your real estate needs. Our team is also here to assist you with appraisals, property valuations, buyer representation and commercial real estate.

Harbourtown Real Estate has been active as a real estate agency on Bonaire since 1989. With decades of experience, we know the local real estate market inside and out. We combine that knowledge with personal service, clear communication and professional guidance every step of the way.

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