THIS DOCUMENT IS AN AID TO PURCHASING PROPERTIES AT WESTMORELAND HILLS.
THE DOCUMENT DOES NOT FORM PART OF THE SALE AND PURCHASE AGREEMENTS.
WESTMORELAND HILLS IS A TRADING NAME OF CLIFF TOPS LIMITED A BARBADOS COMPANY.
WH — Westmoreland Hills
POA — Westmoreland Hills Property Owners Association
WHMC — Westmoreland Hills Management Company
RF — Recreational Facility
HUB — Administration Center within the RF
WHC – Westmoreland Hills Club
There are 2 methods to purchase properties in Barbados:
— A} OFFSHORE COMPANY
Non-resident purchasers will often use an offshore company to hold real estate in Barbados in order that transfer tax and stamp duty are not payable on a subsequent sale. This also avoids having to contend with the Exchange Control rules, as the sale price will be collected in the jurisdiction of the offshore company on the sale of the shares in the company.
The BVI is one of the favoured jurisdictions for this purpose. This will mean selling the property to a purchaser who is non-resident and is willing to buy the company, which owns the property, as opposed to the property itself. This will not generally be a problem.
There will be additional costs involved in establishing and maintaining an offshore structure. It will also be necessary to register the offshore company in Barbados.
— B} PURCHASE IN YOUR NAME
This entails 2 separate agreements
- (a) The purchase of a lot of your choice
- (b) Construction agreement with the developer (Cliff Tops Ltd.) to build your home.
Lots 19 to 52 are fixed at a cost of US$160,000 per Lot.
Lots 1 to 18 are fixed at a cost of US$80,000 per Lot
Payment schedule for lot purchase:
- (a) ON Exchange of Contracts — 50%
- (b) ON Conveyance of Lot to owner — 50% *
*Please Note: Providing certificate of compliance has been obtained from TCPDO.
Certificates of compliance cannot be obtained until essential services such as roads, lighting and sewerage services are installed.
Alternatively, the Lot purchase can be synchronized with the building payments. (See below)
— Sale and Purchase agreement for Construction of Lot
• ON Exchange of contracts — 20%
• ON Foundation completion — 20%
• ON Ring Beam completion — 20%
• ON Roof completion — 20%
• ON Practical Completion — 20% (2.5% of this is held in escrow for snagging)
Summary of owner’s costs:
A — Specific house costs (Owner responsible)
Villa House Insurance: Estimated at US$2 per US$500 of replacement value. (Advised by brokers Tradewinds)
Villa Contents Insurance: This is based on the value of the furniture and fixtures that you have in the unit. Approximate costs, for US$15,000 worth of coverage is US$125 per year.
Land Tax: Residential property is calculated on the value of the property.
Utilities: Power, Water, Telephone, Internet & Cable TV. These costs vary with the owner’s occupation time and usage.
Pool Cleaning (Mandatory for all owners): Weekly cleaning of the pool including chemicals.
Plunge pool is US$35/week
Larger pool (Harmony) is US$45/week.
B — Westmoreland Hills Property Owners Association (POA) annual costs
The Common Assessment to be levied for the coming year against each Shareholder shall be computed on a per Share basis by dividing the budgeted Common Expenses by the total number of Shares of stock in the Company outstanding, and shall be allocated to each Shareholder based on the number of Shares owned. The assessment for the year November 1st 2019 to October 31st 2020 is US$7,435.
C — Westmoreland Hills Management Company
House management service. Annual Fee based on villa covered area (excluding basement) @ US$1 per s.f. (i.e. 3 bed Capri covered area 2,100 s.f. Fee US$ 2,100.)
Summary of services provided by POA
Westmoreland Hills POA
Estate Security and insurance
Maintenance and servicing of common (POA) land and roads
POA administration charges
Pest Control (Checking and clearing manholes, Cleaning grease trap, Clearing rainwater manholes)
Cleaning gutters and downpipes
Sealing joints in the guttering
Power washing of Driveway
Checking garden and security lighting
Summary of services provided by WHMC
Westmoreland Hills Management Company (WHMC) NOTE
Providing and managing housekeepers when required As required
Villa inspection report Bi-weekly
Provision of tradesmen (at owners cost) As required
Meet and greet for renters As required
Accounting (Utility payments on behalf of owners) Monthly
Telephone contact for security companies (US$600/year) (call out fee US$50) As required
Pool Maintenance not included in fee
Harmony (20ft – 26ft) US$45/week Fiji (9ft) US$35/week
Calculation of Fees
POA assessment for 2019/20 US$7,435
POA is set by the developer until handover to the owners.
WHMC House management service annual fee is US$1 per s.f. (area of villa)