Closing costs are calculated as a set fee based on the value of the property or the purchase price, whichever is higher.
Aruba has a transfer tax system where the buyer will ordinarily pay a 6% transfer tax or 3% if the purchase price and tax value are less than $139,600. The closing fees including recording charges vary from a much as 2% to less than 1%, depending on the price/value of the property. The higher the value the lower the percentage. In other words, you are generally looking at fees of 7-8%.
This really depends on several factors. Does the buyer already have financing in place, how quickly can the tax information be received, are there complicating factors such as an estate on the seller's side that need to be resolved before the transfer of title can take place? The process can be as quick as 6 weeks or can sometimes take 3-4 months. On average you should take 2 months into account.
A notary in Aruba is a lawyer who has exclusive authority to execute certain legal acts such as a transfer of real estate, the incorporation of legal entities and making a prenuptial agreement or last wills. For more information on our services click on the tab "Services". An agreement or deed executed through a civil law notary also has a higher evidential value in court than a private deed.
In Aruba a civil law notary is a law graduate who has worked as a deputy or junior civil law notary for many years and is then appointed by the Minister of Justice to function as a civil law notary. The notary has the legal authority to administer oaths, to attest to and certify certain types of documents, take depositions and draw up deeds,