Sale procedure Aruba
During the auction
The properties will be sold in the presence of Mr Yarzagarayof the notary offices of Yarzagaray & Partners, or his observer at public auction at the Surfside Marina (Dolphin Room on 7 L.G. Smith Boulevard, Oranjestad).
The sale of each property occurs in one session of Dutch auctioning under the conditions established in the Statement of public auction, Special auction conditions and the Transfer of ownership concept.
Every bidder is required to identify himself.
The Central Government Real Estate Agency reserves the right to postpone or suspend the auction without having to provide reason.
A minimal bidding price will apply for each property.
During the auction, the buyer is required to provide the notary with a bank guarantee of (10%) of the purchase price or a declaration of solvency.
Bidding on a property at an auction occurs per each individual lot and according to the local custom of Dutch auctioning. Bidders raise their hand in the air when bidding until the notary ends the bidding after the highest bid. Dutch auctioning occurs by verbally calling out the word "mijn".
Every bidding is always unconditional, even when it later becomes apparent that the financing or required permits cannot be realized.
After the auction
Once a bid has been definitively established, the Central Government Real Estate Agency will determine, in principle, within (2) business days whether the property will be granted to the bidder. The Central Government Real Estate Agency reserves the right not to grant without having to provide reason. The Central Government Real Estate Agency is also authorized to make the granting contingent upon an integrity and/or solvency investigation.
Upon granting, the buyer is required to pay the bank guarantee within ten (10) business days at the notary offices.
Within eight (8) weeks after granting, the buyer is required pay the purchase price, the auction fees and taxes at the notary offices.
Legal and actual transfer
A buyer becomes the actual owner of a property only once all of the payment obligations have been fulfilled. Afterwards, 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, thereby finalizing the sale.
Auction fees and other costs and taxes
In addition to the purchase price, the buyer will also be required to pay the notary’s honorary fee as well as the additional charges as shown in the attached "Statement of provisional auction fees".
Please consult and download the following documents:
- Statement of public auction which includes the
- general Auction terms and conditions and
- general Procedure terms and conditions / decisions made by the State
- Special auction conditions
- Appraisal report
- Photo sheet
- Property Deed/Title of Ownership
- Transfer of Ownership concept and
- Statement of provisional auction fees.