Mingo Civil Law Notary Office/Notariskantoor PROCEDURE AND REQUIRED DOCUMENTS FOR THE SALE AND PURCHASE OF AN

IMMOVABLE PROPERTY IN SINT MAARTEN:

Required documents and information on the transaction of Sale and Purchase

1. A signed purchase agreement between buyer/purchaser and seller (if there is no signed but only a verbal sale and purchase agreement, parties can at any moment revoke the sale and purchase agreement free of any charges unless charges were made by any party, a lawyer or the civil law notary). If a sale and purchase agreement is signed before the civil law notary, parties have three (3) days to change their mind on the agreement and by law a down payment or deposit should not exceed more than ten percent (10%) of the purchase price;

2. An appraisal report or any other document on the immovable property indicating the description of the immovable property (mentioning certificate of admeasurement number) and its market value (no older than six (6) months). You are responsible to have the appraisal report done by a recognized appraiser and should include pictures of the immovable property;

3. A copy of the title deed (when Seller acquired it) for any special conditions applicable to the immovable property (notary can also acquire a copy from the Kadaster at ANG 30.00 per page);

4. In the event the title and rights to the immovable property are (government) long lease rights then approval can be required by the owner. With government long lease approval is legally required. The notary will prepare and submit the request for said approval.

5. Documents and information from buyer(s) and seller(s):

A. Buyer/seller being a natural person:
From seller(s) as well as buyer(s) a copy of his/her passport including mentioning and declaring the place (county), state and country of birth, civil status (married or not married), complete residential address, email address and/or telephone to be able to contact the buyer(s). Seller will have to provide additional information on the proof of his/her civil status (married or not) since approval in certain cases is needed from a spouse for the transaction;
B. Buyer and/or seller being a (legal) entity:

1. Corporate documents being a copy of the deed of incorporation of the entity providing

   its statutes (including all documents and deeds on any amendments to the deed of

   incorporation if applicable),

2. Proof of registration of the entity or company in the (Public Trade) Registers (no older

   than 6 months) indicating the complete address of the company

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(or of its agent). Exception: if the company is registered in Sint Maarten, the notary will take care of requesting the excerpt at the Chamber of Commerce & Industry on Sint Maarten and following point B.3. will not be applicable);

3. certificate of incumbency/good standing mentioning the legal representative of such entity, information on its (board of) directors,

4. documentation on the Ultimate Beneficiary Owner (UBO being a natural person);

5. Board resolution (with signature legalized by a notary) approving the transaction on

   behalf of the entity and indicating who will be authorized to legally represent the company in the transaction and for signing to take place at Notary office Mingo. This will also apply when (Managing) Director needs approval from the Board of Shareholders.

(Of the mandated person(s) as well as legal representatives of a legal entity, all information and documents are needed as mentioned under A);
Note: If the buyer wishes to authorize/mandate a staff member of notary office Mingo to

sign on his or her behalf the following text should be incorporated in the Board

Resolution or the Power of attorney:

“Ms. COLLEEN ANDREA LEJUEZ, a legal secretary, not married, born on Sint Maarten on August twenty-fourth, nineteen hundred and sixty-four, bearer of an Identification card issued on Sint Maarten under number 1964.08.24.77 or Ms CHARLISE MARIE PHILIPS, a corporate legal secretary, not married, born on Saint Martin on December fifth, nineteen hundred and sixty-three, bearer of an Identification card issued on Sint Maarten under number 1963.12.05.76, both choosing domicile at Emmaplein 4, Fouress Building Suite 4D, or with the right of substitution to any other staff member of notary office Mingo, established on Sint Maarten, hereinafter referred to as the “attorney”

6. Seller being an entity or in person should have a bank account in order for the notary to pay out the proceeds of the purchase price once the sale, purchase and conveyance transaction is executed and final. The notary is not allowed to pay out the proceeds to a third party or person upon instruction by the Seller. In order to avoid any identity theft and to be sure the notary is paying to the rightful owner the notary will want the Seller to fill in a payment declaration and have this signed and legalized prior to any payment being executed by the notary.

7. In the event the immovable property is part of an estate this will complicate matters as the estate will first have to settled on who the heirs are or if there is a bequest involving the immovable property, which can take up additional time. The costs for heirs to settle an estate in principal are for the account of the heirs of the owner and not the buyer.

Once all of the abovementioned documents are received by notary office Mingo the following procedure will be carried out:
a. A draft invoice within 3 working days will be provided to the buyer (after having received all

information on the transaction and the invoice will include notary fees and other fees for the completion of the transaction. The notary is however not a collection agency except for the

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governmental transfer tax);

2. Along with the invoice the wiring instructions for depositing the purchase price with the

   notary’s invoice on the notary’s escrow account;

3. draft of the notarial deed of sale and purchase.

Buyer will get a period of time to review aforementioned documents and will have the opportunity to ask any and all (legal and technical) questions pertaining to the property rights and the transaction. Buyer has to understand his/her rights, viewed the property and understand the legal consequences upon purchasing rights and title to becoming an owner of the immovable property. Buyer should pose all questions by email, to the notary at This email address is being protected from spambots. You need JavaScript enabled to view it. (or of its agent).

Once buyer understands and approves all terms, conditions and restrictions of the transaction, the notary can request the buyer to provide proof of payment and also to have a source of funds form filled in. Only when the funds are on the escrow account of the notary, the notary will schedule an appointment with the buyer and seller (or with their representative) for the signing of the notarial deed, which takes place before the notary.

Once signing and registration of the deed, within the Public Registries on Sint Maarten, has taken place, the funds will be distributed to the necessary parties (seller(s), realtors, homeowners’ association, government for long lease and taxes etc.) involved. The civil law notary however is only responsible and liable for the transfer tax, long lease payments and disbursement of the purchase price to the seller, pertaining the immovable property involved in the transaction.

Notice: If financing (a mortgage loan) is involved for the purchase of the immovable property, you are requested to inform the notary of such from the very beginning and also in which currency this will be financed (in US$ or ANG), when providing the notary with all the documents for this. Please instruct your bank where you wish for the signing of the notarial deed of sale and purchase as well as the (separate) deed of mortgage to take place so the bank (creditor) can send the notary the instructions for drafting the mortgage deed. Establishing a right of mortgage is a separate transaction for which you will receive a separate notary’s invoice next to the invoice for the sale and purchase transaction.

CANCELLATION POLICY:
IF THE SALE AND PURCHASE TRANSACTION IS CANCELLED AT ANY TIME PRIOR TO EXECUTION OF TE TRANSACTION, THE NOTARY WILL SEND OUT AN INVOICE FOR PAYMENT OF ALL CHARGES AND FEES INCURRED. THE NOTARY HAS THE HIGHEST PRIORITY FOR PAYMENT PRIOR TO ANY OTHER PARTY IN THE TRANSACTION. NOTARY CAN CHARGE UP TO 50% OF THE NOTARY FEES AS COMPARED TO THE TRANSACTION HAVING BEEN FINALIZED.

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