FREQUENTLY ASKED QUESTIONS

Q.  Are all weeks sold with a Saturday check in/check out?
A.  Yes, all weeks are sold Saturday to Saturday check-in/check out. 

Q.  What is the maximum term for credit card financing?
A.  No more than 12 months.  Credit card fees are absorbed by the buyer (3%).  No interest is applied during financing. 

Q.  Can I buy more than 1/10th share (ie 3/10th)?
A.  Yes, you can buy in any increments of 5 weeks.

Q.  Are there any taxes or significant fees incurred when purchasing?
A.  There is a one time, 6% stamp duty and a 1% legal fees payable at closing.
 
Q.  Can the 1/10th fractional ownership (5 weeks) be sold to a third party or is the developer buy back the only option? 
A.  You own the 1/10th share (5 weeks) and can do what you want with it.  You can keep it,  give to your grand children, sell it to a third party or sell it back to the developer.  It is entirely up to you. 
 
Q.  What about insurance?  
A.  Insurance is included in the maintenance fees.  This will include liability as well as property damage due to hurricane, flood, fire, earthquake, etc..

Q.  What happens if there is hurricane damage? 
A.  In the event of a hurricane and subsequent hurricane damage, the building and contents of the building will be covered by insurance.  Of course, like any other insurance policy, there is a deductible (set by the insurance company).  Owners will pay their share of the deductible.  To give added perspective, there was little to no wind damage to any of the Compass Point/Ocean Frontiers buildings after Hurricane Ivan.  Most damage occurred from tidal surge.  One of the benefits of the location of Phase 2 is that it is protected from the sea.  During Hurricane Ivan, all OF vehicles were parked on the phase 2 site and experience no damage whatsoever.
 
Q.  What about upgrades to the property? 
A.  If, for example, some of the owners of CP Phase Two want to add more palm trees, the recommendation would be put before the association at the Annual General Meeting and it would be voted on by the owners. 

Q.  How much are the maintenance fees and what do they include?
A.   Maintenance fees are US$365 per week or $1825 per year.  This includes strata fees, insurance, maintenance and management fees. 

Q.  Is the maintenance fee locked in or will it go up each year?
A.  No, the maintenance fee is not locked in, however, the maintenance fees are set by the strata corporation which is comprised of the owners. The fees are a budgeted amount set on a yearly basis at the Annual General Meeting and held by the owners.

Q.  Explain the Diving Discount to owners?    
A.  Owners in phase two are entitled to a 25% discount off dive rack rates and 10% discount on retail.
 
Q.  Which building (or buildings) are Phase 2? 
A.  The Phase 2 building is the ocean view new building across the road from the Dive Shop / Office. 

Q.  Explain the Developers Guaranteed Buy Back. 
A.  After 5 years, the Developer will buy any unit  from the original buyer for 75% of the purchase.

Q.  How often will the maintenance fees be raised? 
A.  The maintenance fees can only be increased if the owners vote to increase fees. 

Q.  How often will maintenance fees be assessed.
A.  They will be assessed on quarterly basis.

Q.  Can we stay 5 weeks straight? 
A.  Yes, you can stay five straight weeks if you purchase five consecutive weeks.

Q.  If we bring our children, can babysitting services be arranged. 
A.  Yes, arrangements can be made.

Q.  Are furnishings included in the purchase price?
A.  Yes, the units are fully furnished.