Buyers Information Pack - English - banyan tree

keeping requirements and comprehensive confidentiality features. They can be set
up within 24 hours by non-resident shareholders and the annual fees are low.
An IBC cannot hold an interest in any Seychelles immoveable property, however
it can hold an interest in shares, thus it could hold shares in a local property
holding company. It is regarded as a foreigner for these purposes, so sanction will
be required for the IBC to own such shares.
SALE AGREEMENT
Q How do I reserve a villa in The Ocean Estate?
A A villa can be reserved by signature of a Reservation Agreement. In terms of such
agreement a reservation fee of $30,000 is to be paid into an escrow account,
whereafter the villa will be reserved and taken off the market. A full set of sales
documentation will then be forwarded to a purchaser who has to sign these
agreements within a period of 14 days after receipt thereof. If he fails to do so the
reservation will lapse and the villa will be put back on the market.
Q How do I pay for my villa?
A Within a period of 30 days after the signature of the Sale Agreement, 10% of the
purchase price has to be paid into the Escrow Account. Thereafter a purchaser has
two further periods of 30 days each to pay two further instalments of 10% of the
purchase price. As soon as the purchaser has so paid 30% of the purchase price,
the balance has to be secured or payments have to be made to equal the draw down
procedures set out in the Sale Agreement. The purchase price is disbursed out of
the Escrow Account on a draw down procedure set out in the sales documentation
and duly vouched for by progress certificates from the architects.
Q What is an escrow account and where will it be held?
A The escrow account is set up to protect purchasers in that the developer will not
be entitled to any monies out of this escrow account, unless the procedure set out
in the Sale Agreements for the draw downs is followed.
Q When do I become owner of my villa?
A Transfer of the villa is effected after the final completion date as the developer
wishes to finish the construction process and then provide purchasers with a duly
completed and fully furnished and fitted out villa.