Prior to the auction
Viewing the properties
The properties are available for viewing on two open-house days. Registration is not required.
At the Auction
The properties will be sold publicly in the presence of Mr F.J. Cloose-Fung-A-Loi or a representative of the Notary offices of Burgers & Fung-A-Loi.
The sale of each property takes place during one sitting by auction and under the prescribed terms & conditions, stated in the draft Act of delivery and draft Record of public auction. The drafts are available as appendices in the information packet that can be downloaded (Dutch) or consulted at the notary. The auction conditions are also stated here (Dutch) concerned and prescribe that, among others, every bidder is required to identify him/herself and to provide some sort of assurance for his/her auction bid and the corresponding buyer’s fees.
If you wish to bid on more than 1 property, then this should be explicitly stated in the bank guarantee or mortgage agreement.
If you are not in a position to bid on the auction then you have the opportunity to authorize someone who can offer you on your behalf. That person indicates at the auction that he / she offers for a further named master. The master must then be mentioned at the auction. The person must ensure that he / she has provided all the required documents and information from the bidder upon registration. It is not possible to authorize someone from the notary office. For further information, please contact the Burgers & Fung-A-Loi Notary Office
The Central Government Real Estate Agency reserves the right to postpone the auction without having to provide reason.
For the auction a minimal bidding price is required.
Bidding on a property at an auction is done by individual parcel, according to local custom by bidding. Bidders raise their hands until the notary concludes after the highest bid.
Every bidding is always unconditional, even when it later becomes apparent that there are problems with the financing or required permits.
After the bidding has been definitively established, the Central Government Real Estate Agency will determine within (2) working days if it will be granted or not. The Central Government Real Estate Agency reserves the right not to grant without having to provide reason. Also, the Central Government Real Estate Agency is entitled to make granting dependant on the outcome of an integrity and / or solvency investigation.
After the Auction
The buyer must pay the purchase price, the auction fee and other expenses and taxes within twenty (20) working days after the auction, payable at the office of the notary. If the purchase price and the cost are not met within twenty (20) working days, the buyer will also pay the costs of a deed of transfer.
Legal and actual transfer
A buyer becomes the actual owner of a house only once all of the payment obligations have been fulfilled. After that, the transfer of ownership is carried out by registering with the Land Registry Office at which point the buyer becomes the legal owner. The property can now actually be transferred to the new owner, finalizing the sale.
In addition to the purchase price, the buyer will also be required to pay the notary’s honorary fee. This fee includes the extract from the registration at the mortgage office, and if leasehold rights are involved, the documents given in hand to the bare owner. A 6% turnover tax will be charged on top of the honorary fee. The Curaçaosche Courant newspaper lists the rates that correspond to all the notary work activities including hourly rate, the auction fee as described above etc.
With transfers of real estate, a 4% transfer tax will be owed on the (principle) purchase price.
Deeds of transfer of real estate must be registered with the Land Registry Office. This will also involve registration fees. The notary will also be required to examine certain relevant details of the Land Registry Office. The Land Registry Office will also charge a fee for this. The seals and Registry fees per deed of transfer generally amount to NAF. 910. Registrating deed of mortgage also involve registration fees.
The notary is responsible for the remittance of the transfer taxes and debenture seal.
When purchasing a house, land taxes and in some cases, leasehold taxes will have to be paid on the amount remaining of the current year.
Draft notary invoice is as added to the information packet. Please note that the purchase price is taken as an example.
Please find the auction conditions here (Dutch)
If the property is not awarded at the auction
It may occur that a property is auctioned off but is not awarded for a variety of reasons. Depending on the situation, we may decide to offer the property at auction again, to keep the property or to sell it privately or by tender registration. In principle, if the property is to be auctioned again then this occurs according to the same conditions and at the minimal bidding price offered as at the initial auction. If we decide to sell the property via tender registration or privately, then the market value will apply as the asking price and the sale will take place as based on the draft Act of delivery.
For more information please send an email to email@example.com. The Central Government Real Estate Agency reserves the right of not awarding the property without having to provide any reason whatsoever.
version 08 June, 2017