FREQUENTLY ASKED QUESTIONS
Q: Where do you have lots available?
A: We have lots in Moorlands Manor, PalmBrook Estate and WhiteHouse Beach Club.
Q: What size lots are available?
A: Lot sizes range from 1/4 acre to 3/4 acre.
Q: How much deposit am I required to make to start the purchase process?
A: Cash Transaction – A deposit of twenty-five percent (25%) of the cost of the lot is required. Mortgage – A deposit of the difference between the cost of the lot and the loan is required. Eg. If the financing is 90% of the cost of the lot, then a deposit of 10% of the cost of the lot is required.
Q: How long does the transaction take?
A: Approximately Ninety (90) days.
Q: Do I need an attorney?
A: We recommend that you get one.
Q: What is the cost to hire an attorney?
A: An attorney may charge a percentage of the cost of the transaction, generally between 3-5%.
Q: Are there closing costs?
Q: What do the closing costs include?
A: These are costs shared equally between the purchaser and the vendor. These include:
- Drafting of the sale and maintenance agreement (Approx. $80,000).
- Stamp duty (Approx. 4% of the cost of the lot).
- Registration (Approx. 0.5% of the cost of the lot).
Q: What is my total charge for the purchase of a lot costing $4 million?
A: With your attorney’s fee estimated at 3% of the cost of the lot – $120,000 Half cost of drafting sale and maintenance agreement – $40,000 Stamp Duty estimated at 2% of the cost of the lot – $80,000 Registration estimated at 0.25% of the cost of the lot – $10,000 Total additional charge – $250,000 Total cost – $4,250,000.
Q: What does the price for WhiteHouse Beach Club include?
A: The price includes the cost to purchase the ¼ acre lot and the cost to construct one of the six villa designs.
Q: Am I still required to pay HOA fees if I do not reside in the development?
Q: Do I have to build one of the six villa designs at WhiteHouse Beach Club?