This site uses cookies. Some are essential while others improve your browsing experience and allow us to advertise. For more info visit the privacy policy page.

Allow inessential cookies for:

Your preferences have been updated.

Page 4 of 7 FirstFirst ... 23456 ... LastLast
Results 31 to 40 of 65

Thread: Potential new owner in Aruba

  1. #31
    Senior Member robin's Avatar
    Join Date
    Nov 2016
    Location
    Eagle Beach, Oceania, north side
    Posts
    3,665
    Post Thanks / Like
    We bought our unit as a resale and we used a realtor. The notary was sent the info and they did their part-getting all the paperwork together, checking the taxes, etc. I do not know how it works with a new build. SCHEXE can probably help you with that part since he bought at The Pearl while it was under construction. I can also go back into the original documents from Oceania because I do have them and see if there was anything similar, but you have to give me a few days.

    We are currently buying a garage from another owner with the help of the property manager. The owner has a US bank account, and we are paying them directly so all the notary has to do is draw up the deed.

  2. #32
    Senior Member LisaGrn's Avatar
    Join Date
    Apr 2019
    Posts
    997
    Post Thanks / Like
    Being a real estate paralegal, I would strongly recommend you have a Canadian attorney review the contract, someone experienced in real estate contract law before you sign anything. The thought of a realtor or notary being in charge sends chills up my spine. At the very least have an attorney in Aruba counsel you, especially since it is new construction. It sounds like this project may be in financial difficulties. Sorry to be the voice of doom, Rob.
    0 0
     

  3. #33
    Senior Member Aruba4ever's Avatar
    Join Date
    Mar 2009
    Posts
    4,962
    Post Thanks / Like
    15 units left to sell does not sound like much if its a large property but when there are only 40 units total. I worry this could be a train wreck with only 62% sold so far in todays market. If you cant pass I would certainly hire a local lawyer that can put language into the contract to protect your funds. Them being able to use your funds worries me. Maybe you put down a much smaller amount with more promised as they get closer to being able to deliver a finished unit?

    Good luck.

  4. #34
    Senior Member Aruba4ever's Avatar
    Join Date
    Mar 2009
    Posts
    4,962
    Post Thanks / Like
    After a little more research they have been selling these units since December of 2017. That is almost 3 years and they have a large percentage still unsold. I would be asking to see reserve funds at the least etc...but I honestly would be passing here with all the questions. After almost 3 years without completion I am guessing their funds are 100 percent gone and they are waiting for new funds to finish the project- but I could be wrong.
    Last edited by Aruba4ever; 05-09-2020 at 12:52 PM.

  5. #35
    Senior Member robin's Avatar
    Join Date
    Nov 2016
    Location
    Eagle Beach, Oceania, north side
    Posts
    3,665
    Post Thanks / Like
    Notaries in Aruba are not like the notaries in the US. They are appointed officials(in the Netherlands) with a legal/law background.

  6. #36
    Senior Member LisaGrn's Avatar
    Join Date
    Apr 2019
    Posts
    997
    Post Thanks / Like
    Good to know, Robin. However, from what Rob has written, it sounds to me as though both the realtor and notary are working more in the seller's interest. Rob needs to have someone only protecting his interests, be it an attorney or a "notary" who can negotiate the contract with the seller's agents.
    0 0
     

  7. #37
    Senior Member schexc's Avatar
    Join Date
    Jun 2011
    Location
    The Pearl at Eagle Beach
    Posts
    2,309
    Post Thanks / Like
    We closed over three years ago, so I'll have to go back and review some of the particulars. Like Robin said, the Notary position is appointed from the Netherlands and one of high regard.

    1. Initially I would say to really know your builder/developer. What is their track record with past projects. Are they still working with a full crew or a skeleton.
    2. What is the remaining inventory and how fast has the project been selling, which has been covered here to date.

    We purchased pre-construction. The builder let us know a week ahead of time that it was moving out of pre-construction, so we took advantage of it. We occupied our unit three months later.

    We were required to make a deposit of 10% down and the balance at closing. You don't find many builders that finance that much of the construction process. That in itself made us a little more comfortable. The builder actually let us occupy our unit before we closed.

    We maintained in constant contact with our real estate agent, who also went onsite and took and sent pictures of the project as the construction phases moved along.

    This is where I'll have to go back and look at the closing details, to better answer your questions. I'll be back...







    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.pearlarubacondos.com/. SEND PM BEFORE BOOKING FOR REFERRAL.
    0 2
     

  8. #38
    Senior Member schexc's Avatar
    Join Date
    Jun 2011
    Location
    The Pearl at Eagle Beach
    Posts
    2,309
    Post Thanks / Like
    I looked back at our purchase agreement and found the info I was looking for. Our deposit went directly to the Notary and was held until closing. If builder was in default, the monies went directly back to us.

    I would also recommend that any documentation that you receive does not have to be translated. All of our closing documents were in Dutch, which he couldn't read. The builder translated all of their documents for us. The Notary did not, but could for an additional fee.

    Did you decide on the 2 or 3 bedroom unit?







    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.pearlarubacondos.com/. SEND PM BEFORE BOOKING FOR REFERRAL.
    0 1
     

  9. #39
    Senior Member robin's Avatar
    Join Date
    Nov 2016
    Location
    Eagle Beach, Oceania, north side
    Posts
    3,665
    Post Thanks / Like
    Our notary translated everything for us. I guess it depends on who you use. I think the buyer can choose. We had Johnson’s.

  10. #40
    Senior Member LisaGrn's Avatar
    Join Date
    Apr 2019
    Posts
    997
    Post Thanks / Like
    This is just fascinating to me! You piqued my interest, Robin, and I just had to look up Dutch notaries on Google! I have a much better understanding now and was really happy to read that they have to be impartial. That was all that really had me concerned for Rob. I like to learn something new every day and Robin was today's teacher! :-)

    [bold emphasis not mine] "Most importantly, notaries are independent and are required to act impartially. Notaries in the Netherlands have a law degree and may specialize in certain areas such as family law, real-estate..."
    0 1
     

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •