Newsitem | 12-06-2017 |
July 6th, 2017 at 10:00 AM
How does this Dutch auction works?
Step 1: Opening of the auction The auction takes place in Aruba, as it is by bidding and exit. This way of Dutch auction is so typical that in English the term "Dutch Auction" is used for this purpose. The notary opens the auction by serve as auctioneer. He explains how the auction works and tries to get the public hot for the first part of the auction, the higher offer.
Step 2: The auction. Per object, they will give you a short introduction and explanation of the cost. Then they will ask the public to bid above the upset price. Someone can make a bid or an even higher bid by using his hand. The person who places the highest bid, is also called the bidder. That bid is referred as the “inzetsom” (bed sum). After the release of the highest bid (set after the usual ' once again ' and a stroke of the hammer of the notary) The notary will complement the official report act with the data of the bidder and the “inzetsom” (bet sum).
Step 3: The “afmijning” During the second round the notary will call an amount (far) above the upset price. The notary lowers the amount of the upset price step by step until one of the attendees "me" calls. It can occur that someone bids a higher amount than the bidder. If no one is making an offer in this round the registered property for the bidder with highest bid from the previous round.
Step 4: After the auction Every bidding is always unconditional, even when it later becomes apparent that the financing or required permits cannot be realized. If there is any information left please feel free to contact the Notary office Yarzagaray & Partners or send an email to email@example.com we would like to help you in the process.
The notary’s address is:
Notary Office Yarzagaray & Partners
L.G. Smith Boulevard 20 & 12
Oranjestad, Aruba T: +297 582 2850