Notary Office SXM

How does the Auction work?

You want to buy some thing?
Your finances have to be in order before you can bid, you will need a guarantee from a bank or an other approved and pre arranged (financial) agreement, please check with your bank or call/mail the Notary Office at (+1-721) 542-2339 or email; general@notarysxm.com

The Auction.
Each Item will be sold in a two round auction, "veiling bij opbod en afslag"

In the first round the price will go up, from the reserved price (the minimal bid).
This part is known as an English auction.

At the second round, (following immediately after the first round) the price will go down from a much higher price than the highest bid from the first round, then the price will be lowered by call from the Notary, until a bidder wants it for a called price and says "mine!"
This part is known as a Dutch auction.

Example:

The first round
Starting with the reserved price, (the minimal bid) the Notary asks for a higher bid.
Everyone can give a higher number than an other bidder;

The minimal bid for an item is $ 120.000.- The notary will say; $121.000 who bids?
This goes up till no one will go higher.

Then the Notary gives 3 counts; going once,…. going twice,…. going! price is set at $134,000.-
So the highest bid was $134,000.-

The highest bidder has not bought the item jet, only so, if no one gives a higher price in the next round.

The second round
This starts with a number a lot higher than the highest bid from the first round, the $134,000.- The Notary will say:
Who bids 200,000.- ?
Who bids 190,000.- ?
Who bids 180,000.- ?
……..
Who bids $140,000.- ?
Who bids $139,000.- ?
Who bids $138,000.- ? ............................................"MINE!!!"

On the moment some one calls "Mine!" that person has bought the Item, in this case for $138.000.-

If no one in this second round says; "mine!" the Item will go to the highest bidder of the first round, the $ 134,000.-

Important:
If no one bids in the first round, there will be no second round, and the item will be declared "unsold"

To be sure that the highest bidder of the first round ( $134,000.- ) gets the item, he can also say "Mine!" at any moment in the second round.

Please be aware that bidding has legal consequences, you say "Mine!" And you will have to pay! (Or when you have the highest bid in the first round, and no one says mine in the second round)

BASIC PREMISSES

Creditor is not allowed to appropriate the mortgaged property (“the collateral”) in case of Debtor’s default.

Recourse: Creditor sells the collateral in a public auction before a notary.

Notary is a public officer: denying services is not allowed.

Auction is a transparent process conducted in the presence of two witnesses.

Questions will be raised and answered in the open.

AUCTION TERMS

This Auction is subject to; the General terms and Conditions, Auction Conditions and Special Conditions Only qualified Bidders with identification and a Bank Guarantee

All Bidders are responsible for their Bid

Bids are irrevocable, unconditional and with no reservations

Bank Guarantee must cover the Bid plus Additional Expenses

Notary may at his sole discretion accept or deny a Bid

The Notary is authorized to change the organization of the auction at all times

Seller may at sole discretion award Bid or deny: 2 days How does the Auction work?