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…in the southern Bahamian Out Islands |
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Stella Maris Contract
Stella Maris Sales Contract
This agreement is made between LONG ISLAND ESTATE DEVELOPERS LTD., a company incorporated under the Laws of the Commonwealth of the Bahama Islands in 1962, owners and developers/operators of ‘Stella Maris Estate’, and located in Stella Maris, Stella Maris Resort Club, Long Island, (hereinafter called the Vendor)
AND
NAME: ……………………………………………………..
ADDRESS: ……………………………………………………..
……………………………………………………..
……………………………………………………..
……………………………………………………..
TEL: ……………………………………………………..
FAX: ……………………………………………………..
DATES OF BIRTH OF PURCHASER(S):………………………………….
PLACE OF BIRTH OF PURCHASER(S):………………………………….
Whereby it is agreed as follows:
1. The Vendor will sell and the Purchaser will purchase all that piece or parcel of land situated in Stella Maris Subdivision, Long Island, Bahamas, being
LOT NO._______________ PHASE___________ SECTION_____________
…subject to the conditions and restrictive covenants contained in the Schedule attached hereto
2. The Purchase Price shall be the sum of $________________
(In Letters)_______________________________________________________
Payment to be effected as follows:
· Down Payment effective immediately in the amount of _____________
· Monthly Payments in the amount of _______________ shall be paid
on the______ day of each month, the first installment being on the
________________________, 20__ and hereinafter on the same day in each
month, which shall include interest at the rate of 9% per annum, said
interest to have been calculated on the 01st January of the year in question
on the outstanding balance save for the date of deposit when the interest
shall be calculated proportionately to the number of months remaining
in the year the deposit was made, and to which Real Property Tax will
be added (at the rate of (see below) of purchase price), this being paid
by the Vendor to the date of payment completion, after which Purchaser
will be paying same directly to the Valuation Section (per individual
assessment)
3. The Purchaser directs that the said Lot(s) be conveyed into:
Name(s): ________________________________________
________________________________________
Address: ________________________________________
________________________________________
________________________________________
________________________________________
Date of Birth: ________________________________________
________________________________________
Place of Birth: ________________________________________
________________________________________
4. If any payment schedules will be exceeded by more than sixty (60) days after the due date and if the Vendor has given written notice by registered mail to the Purchaser that such schedule has been exceeded the Purchaser will have an additional FOURTEEN (14) DAYS GRACE PERIOD WITHIN WHICH TO EFFECT THE DUE PAYMENT, failing which the Vendor is entitled to declare all payments/installments already made as forfeited and this Sales Contract terminated without further liability by either party to the other. The fourteen (14) days notice as provided above shall be deemed to have been properly given at the Purchaser’s last known address as notified by him or her to the Vendor
5. The said Lot is being purchased ‘as is’ and ‘as seen’
6. No Utility Connections/Provisions of any kind are provided to the
Lot/Purchaser as part of this Sales Contract. For Electricity Connections/Provisions
the Purchaser agrees to address the Long Island Bahamas Electricity Corporation;
for Water Connections/Provisions – if in the practical range of
presently existing and reasonably extendable distance of connecting points
– Long Island Estate Developers Ltd., and for Telephone Connections/Provisions
Long Island Bahamas
Telephone Corporation. All of these providers charge for costs for:
a) provisions of their service supplies TO the Lot and
b) connections of the same across the Lot to the building(s) at discretionary
calculations of their own
7. In the absence of other agreements, both the Vendor and the Purchaser
each pay half of the Legal Contract Fees - $300,-- ($150,-- each)(if of
standard type), at
the time of ordering said Contract. Vendor and Purchaser each pay half
of the Computitle Last Owner Search per billing of Law Firm ($125,-- =
$62,50 each). Furthermore, the Vendor and the Purchaser each pay half
of the Conveyance Fees – 4% of the purchase amount (as long as Law
Firm represents both Vendor and Purchaser), the said 4%, however, representing
a minimum sum of $400,-- for each the Vendor and the Purchaser ($800,--
together), at the time of Conveyance Preparation (by invoice of Law Firm).
Both Vendor and Purchaser agree that the law firm of Callenders &
Co., N.P, Nassau, Bahamas, will be the handling legal firm, processing
all routine documentary activities, including following up this Sales
Contract with a Legal Contract (which can be waived mutually by both Vendor
and Purchaser, if conditions suggest such waiving), and including preparing
the Conveyance
8. Non-Bahamian Purchasers pay the law firm’s $350,-- fee for the obligatory Application to the Bahamas Investments Board for a Certificate (Permit) of Registration and Government’s Fee of $25,-- for the Application to the Exchange Control Department of the Central Bank for Approved Investment Status, and for filing the Declaration of Real Property with the Real Property Tax Department (usually at the time of preparing Conveyance – or earlier, ‘subject to conditions’)
9. In the absence of other agreements, the Vendor and the Purchaser each pay half of the Government Stamp Taxes, per billing of Law Firm, at the time of Conveyance Preparation. (See attachment for Percentages)
10. Purchaser pays for Recording – of the Conveyance (See below)
11. The Vendor or the Purchaser pay for any other Fees – legal and other – each party to pay those which they caused by their discretionary actions/requests, orders etc.
12. Conveyance can be effected after full Purchase Amount has been paid
13. Any listed Rates, Quotes, Costs, and Procedures may become subject to change without prior notice
Purchaser:________________________ Purchaser:__________________________
In Print: _________________________ In Print: ____________________________
Vendor: Long Island Estate Developers Ltd.
Signature: ________________________ Title: _______________________
In Print: ________________________ Date: ________________________
STAMP TAX:
Government Stamp tax is payable towards the time of conclusion of effect of Contract. This Tax is applicable to the expressed Sales/Purchase Value, such as listed in the Conveyance, of all Real Property of the Bahamas, as follows:
· Up to and including $ 20,000: 2% (1% purchaser & 1% seller)
· From $20,000.01 to $ 50,000: 4% (2% purchaser & 2% seller)
· From $50,000.01 to $100,000: 6% (3% purchaser & 3% seller)
· From 100,000.01 to $250,000: 8% (4% purchaser & 4% seller)
· $250,00.01 and over: 10% (5% purchaser & 5% seller)
Shown percentages are calculated on total amount (not staggered breakdown)
RECORDING FEES:
Recording Fees are $3,50 per page payable by the Purchaser, Conveyance on average being 10 pages = $35,--
REGISTRATION FEES:
(Non-Bahamian Purchasers only)
Registration Fees: Application : $25,--, plus:
a) $ 50,-- for Property Value of up to $50,000
b) $ 75,-- for Property Value $50,001 - $100,000
c) $100,-- for Property Value above $100,000
REAL PROPERTY TAX:
Is applicable on Foreign Owned Property everywhere within the Bahamas,
and on Bahamian Owned Property in certain locations within the Bahamas.
The annual Tax is that of 1% of Value, such as listed in Conveyance. Certain
adjustments of Value may be pursued by Government, from time to time.
In the event of Bahamian Purchasers acquiring Stella Maris Property by
Installment Plan, the Vendor will invoice Purchasers (added to the Installment
Plan or Annually) for this Tax until such time, when Purchasers take Title
(Conveyance) to the Property