FAQs About Ownership
HOW IS THE PROJECT FINANCED?
The project is financed by developer capital and debt from the Antigua Commercial Bank. The twenty, one-bedroom and three, two-bedroom units are being sold as condominium units each having separate legal title.
AT WHAT STAGE OF CONSTRUCTION IS THE DEVELOPMENT?
The development is 95% complete; all units, swimming pool and service facilities are 100% built and operating; left to be completed are the fitness center, which is approximately 70% complete, and an additional parking area.
IF I HAVE DECIDED TO PURCHASE A UNIT NOW, WHAT WOULD BE THE STEPS TO DO SO?
The first step is to sign a Reservation Agreement, which requires a non-refundable reservation fee of US$5000.00. Having signed a Reservation Agreement, the next step would be to enter into a Sale & Purchase Agreement which requires a 10% deposit upon signing, with the final balance due upon completion of the purchase; the Sale and Purchase Agreement encompasses all the terms of the purchase process.
IS THE PROJECT PART OF THE CITIZENSHIP BY INVESTMENT PROGRAM (CIP)?
The project is a fully approved CIP Project.
WHERE CAN I FIND MORE INFORMATION ABOUT THE CIP?
Information is available from your agent or broker or directly from the Developer.
HOW WAS THE CONDOMINIUM OR HOMEOWNERS ASSOCIATION FEE DETERMINED?
The Condo or Homeowners Association Fee is developed from the costs related to providing maintenance and upkeep services of the property. South Point’s Condo Fee includes management and admin, cost of insurance (building and liability), common area property taxes (as assessed by the property tax department), sewage treatment plant and generator operation, maintenance, and depreciation, common area maintenance, landscaping, utilities, garbage removal, security, pest control, and more (see list in the documentation). The present fee is based on actual costs for year 2014.
WHEN DO OWNERS HAVE TO PAY THE CONDOMINIUM FEE?
The Condo Fee is payable monthly. Participants in the Condo Hotel Rental Program may choose to have this expense drawn directly from their Owner’s Distribution Account.
ARE THE BUILDINGS AND UNITS HURRICANE PROOF?
South Point is well built and the construction of all structures is of a standard equal to or better than that which is consistent with applicable building codes/practice in Antigua.
ARE THE UNITS FURNISHED?
The units are fully furnished with a selection of contemporary, high quality, design furniture, primarily of Italian origin. A schedule is included in this document detailing a complete list of the inventory.
IF I DECIDE TO SELL MY UNIT, WHAT IS THE PROCEDURE?
An Owner is required to give the developer notice in writing; the Developer has the first right of refusal. Should the Developer desire to acquire the unit, a negotiation or valuation process will take place in accordance with the terms of the Sale & Purchase Agreement which grants the Developer 30 days within which to exercise its right. In the event that the Developer does not exercise the purchase option, you may list the property for sale; on resale of the units, the Developer is paid a 1.5% fee even if the Developer is not the sales agent of record. Where the Developer is the agent of record the fee is 5%.
WILL THERE BE ANY MOORINGS/DOCK SPACE AVAILABLE AND WHAT WILL BE THE COST?
Owners who are in house may use the dock on a space available basis and only for the period of time that they are in residence; usage may be subject to a fee. All consumption of utilities etc. is for Owner’s account.
IS THERE A CONDO OR HOME OWNERS ASSOCIATION AND WHAT WILL BE ITS RESPONSIBILITIES?
Yes, in accordance with the law and the Condominium Plan and By-Laws, a corporation comprised of the owners is established to manage and administer the condominium property for the benefit of the Owners. The powers and duties of the corporation are delegated to an Executive Committee appointed by the Owners as set out in the By-Laws, which committee may in turn appoint a manager.
WILL I NEED A BANK ACCOUNT IN ANTIGUA?
It is not absolutely necessary but it is recommended. To open an account in Antigua, there are standard documents required. Generally, you will be required to submit such information as will satisfy the bank’s “Know Your Customer” requirements. These include a reference letter from your home bank, two forms of ID, a utility bill from your residence country/city, proof of property ownership, and any other such documents that the individual bank may require.
HOW DOES THE SHARED OWNERSHIP SCHEMEM OPERATE?
Antigua and Barbuda does not have any specific law which addresses fractional ownership. For a Shared Ownership Purchase, the purchase is by way of a share in a company in which the ownership of the unit would have been vested.