What Am I Buying?

What Am I Buying?

What Am I Buying?

Medina Residence Limited is the current owner of a Beach Front Plot known as Land Reference Number 8572 which has a lease term of 99 years from 01.09.2007.

The Developer, Medina Residences Limited, has constructed Medina Palms Luxury Ocean Resort on the property and is selling each unit by way of “sell off”, so that each buyer has a title and owns a share in the site, as per the terms of the staged payments indicated below.

A professional management company will take care of the facilities on site, to give you peace of mind, for your private residential dwelling.

Purchase Procedure

  1. Choose your apartment, penthouse or villa from the site plan
  2. Pay 20% deposit, refundable within 28 days.

Buying Process

  1. Issue of reservation letter
  2. The drafting of contracts
  3. The exchanging of contracts
  4. Completion of the sale
  5. Payment of stamp duty
  6. Registration of ownership

Advocates fees are regulated by statute. The approximate legal fees payable are between 0.6 and 1 percent of the purchase price exclusive of VAT and disbursement.

A discount of 15% of the fees is allowed in law where the same lawyer acts for both the vendor and the purchaser.

Stamp duty is payable by the buyer at the rate of 4% of the value of the property.