buccament bay st vincent completions

Discussion in 'Caribbean Real Estate' started by rikkers, Jan 19, 2013.

  1. rikkers

    rikkers New Member

    Without being defamatory in anyway I would be grateful for some advice /comments from those of you who have also invested in buccament bay.

    The first phase completed last year and the second phase is in the process of completing this year - be it in stages.

    My contract states 'The Buyer will receive ten per cent per annum of the Purchase Price specified in this Agreement without deduction as a rental return on his said Property'. This is to to be paid for 2 year form the date of completion quarterly in arrears.

    After the initial two year period this rental income (which shall not be less than than 50% of the gross rental income Seller/Management Company in respect of the said property).

    I queried the meaning of these specific points at the time of purchase. I was told that I would receive 10% without deduction in the first two years followed by 50% of the gross rental return (meaning total rental return received by the Seller/Management Company) thereafter without deduction. Any cost obviously being taken from the balance of the income received by the Seller/Management Company.

    Having spoken to the same rep. yesterday I was told that this is not the intention of the Seller/Management and that they will be charging me a service charge etc. I have not been told how much or how it is to be calculated (i.e. actual cost, percentage or some other arrangement).

    For those of you who have already completed or are just about to are you able to tell me what has happened in your case. If you do not wish to share this publicly perhaps you could send me a private post.
     
  2. rikkers

    rikkers New Member

    Conveyancers

    I've had a further thought on the matter - Perhaps someone could recommend their conveyancer/solicitor they used to ensure that the completion process was carried out in accordance with their purchase agreement?
     
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