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Thread: Hoping to buy in Aruba

  1. #41
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    Hi All!

    1st time poster... long time reader.

    Looking for advice/tips regarding the purchase of a condo.
    Any suggestions on a notary. My realtor suggested Johnson and I've seen him mentioned here.

    Did anyone finance in Aruba? Any suggestions on a bank? Plan to put 60 down + closing fees and finance the rest

    Any help/tips appreciated!

    Frank
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  2. #42
    Aruba since 1979
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    Andrea J.'s Avatar
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    hi frank and welcome to the aruba.com community forum!

    good luck in your purchasing experience.....maybe robin, or schexe or geta62 can give some advice.
    Quote Originally Posted by FrankMTL View Post
    Hi All!

    1st time poster... long time reader.

    Looking for advice/tips regarding the purchase of a condo.
    Any suggestions on a notary. My realtor suggested Johnson and I've seen him mentioned here.

    Did anyone finance in Aruba? Any suggestions on a bank? Plan to put 60 down + closing fees and finance the rest

    Any help/tips appreciated!

    Frank
    Last edited by Andrea J.; 12-01-2018 at 08:34 AM.
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  3. #43
    Senior Member robin's Avatar
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    Hi Frank,

    Welcome!

    Our realtor had us use Johnson and everything went well. It surely is not the US. Everything happens on "island time". We signed our contract on Dec. 16 and made settlement the end of March-they were ready at the beginning/middle of March, but we had to make arrangements/work around hubby's work(I'm retired), etc. to get back to Aruba. You don't need a lawyer in Aruba, but you may want to make sure you read everything up front. Get the condo's bylaw-make sure you get any updated sections, etc, before signing anything-you can learn a lot that way, such as, our complex does not allow pets and you are limited to the number of people staying in each unit depending on it's size(our two bedroom unit is permitted to have 6 people).

    We self financed our condo-home equity, savings, life insurance loan, etc. I don't even know if you can get a loan in Aruba. Your realtor can help you with that. Don't forget you pay taxes upfront at closing.

    Where are you looking to buy?

    Let me know if there is anything I can do to help.




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  4. #44
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    Hi Frank,

    You will certainly enjoy having your own place in Aruba. We took out a mortgage on our home in the US to finance the purchase of our condo. Our offer was accepted in October 2016 but we didn't close until February. I can't help you with Aruba banks or lenders, but I will gladly answer any other questions you may have. You can send me a direct message.

    Welcome!
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  5. #45
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    Thanks for the info Robin!

    I'm looking at buying a unit at The Pearl. I'll most likely self-finance as well. Rates in Aruba are 7%!
    The realtor mentioned that I have to forward 10%(in escrow) of the agreed sale price. Is this how it normally works?


    Quote Originally Posted by robin View Post
    Hi Frank,

    Welcome!

    Our realtor had us use Johnson and everything went well. It surely is not the US. Everything happens on "island time". We signed our contract on Dec. 16 and made settlement the end of March-they were ready at the beginning/middle of March, but we had to make arrangements/work around hubby's work(I'm retired), etc. to get back to Aruba. You don't need a lawyer in Aruba, but you may want to make sure you read everything up front. Get the condo's bylaw-make sure you get any updated sections, etc, before signing anything-you can learn a lot that way, such as, our complex does not allow pets and you are limited to the number of people staying in each unit depending on it's size(our two bedroom unit is permitted to have 6 people).

    We self financed our condo-home equity, savings, life insurance loan, etc. I don't even know if you can get a loan in Aruba. Your realtor can help you with that. Don't forget you pay taxes upfront at closing.

    Where are you looking to buy?

    Let me know if there is anything I can do to help.
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  6. #46
    Aruba since 1979
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    Andrea J.'s Avatar
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    I miss our "like" button.

    The thing that is so great about this forum is that most everyone is so kind and generous with their knowledge and experiences.

    Darn, I miss that LIKE button.
    Quote Originally Posted by Mohair View Post
    Hi Frank,

    You will certainly enjoy having your own place in Aruba. We took out a mortgage on our home in the US to finance the purchase of our condo. Our offer was accepted in October 2016 but we didn't close until February. I can't help you with Aruba banks or lenders, but I will gladly answer any other questions you may have. You can send me a direct message.

    Welcome!
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  7. #47
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    Thanks Andrea!


    Quote Originally Posted by Andrea J. View Post
    hi frank and welcome to the aruba.com community forum!

    good luck in your purchasing experience.....maybe robin, or schexe or geta62 can give some advice.
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  8. #48
    Senior Member schexc's Avatar
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    At the time we purchased at The Pearl Century 21 was the exclusive listing agent and the Notary was Tromp. They were very east to work with. We provided our own funds, so I can't answer any questions with regards to financing. We made our purchase offer at the end of December 2016 and didn't close until June of 2017. Out hold up was do to the tax assessment office. Because the property was new, we had to wait until the tax office put an accessed value on each of the individual condos, otherwise we would have closed much earlier.

    Quote Originally Posted by FrankMTL View Post
    Hi All!

    1st time poster... long time reader.

    Looking for advice/tips regarding the purchase of a condo.
    Any suggestions on a notary. My realtor suggested Johnson and I've seen him mentioned here.

    Did anyone finance in Aruba? Any suggestions on a bank? Plan to put 60 down + closing fees and finance the rest

    Any help/tips appreciated!

    Frank




    OUR COUPLE'S RETREAT. THE PEARL CONDO HOTEL EAGLE BEACH. CONDO ACCOMMODATES TWO ADULTS. YOU MUST REQUEST UNIT #8. https://photos.app.goo.gl/lRquP1F4VtxyZhR42 RENTING DIRECTLY http://www.thepearlaruba.com/. SEND PM BEFORE BOOKING FOR REFERRAL.
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  9. #49
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    I think that The Pearl is an excellent choice! If you are looking for a two bedroom, I would recommend that you also check out the Aruba Breeze Condominiums next door. That's where we bought and it has worked out great. Either way you will be our neighbor!
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  10. #50
    Senior Member robin's Avatar
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    Hi Frank,

    The Pearl is an excellent choice. We are very close at Oceania. I asked my hubby how much we had to put down and he didn't remember. I think10% is about right, but I think we actually sent more. Once the notary had all the paperwork done, we had to wire the balance before they would schedule the closing. Make sure you get the settlement sheet and check it before sending the money. Everything is in Dutch in the official paperwork, but they sent us a translation list along with the settlement sheet.

    Do you live in the US? I heard that if you are from Canada that the $$ goes into US dollars before being converted to florins.

    If there is anything I can do, let me know.
    FYI-We will be in Aruba starting Dec. 27-March 28.




    Quote Originally Posted by FrankMTL View Post
    Thanks for the info Robin!

    I'm looking at buying a unit at The Pearl. I'll most likely self-finance as well. Rates in Aruba are 7%!
    The realtor mentioned that I have to forward 10%(in escrow) of the agreed sale price. Is this how it normally works?




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