Instructions for Purchasing and Sharing Ownership of a Gated Apartment Unit in Jamaica
Thank you for your interest in our exclusive gated apartment complex in Jamaica. This document outlines the process, terms, and conditions for purchasing and sharing ownership of a unit within the complex.
1. Ownership Structure
Each apartment unit will be co-owned by two individuals. Both owners will have their names listed on the property title as equal owners. Each owner may designate a beneficiary who will inherit their share of the property in the event of their passing.
2. Buying Into the Project
- The purchase price per owner is $50,000 USD.
- Each owner must deposit their funds into the designated attorney’s escrow account.
- The project is expected to be completed within 24 months from the commencement of construction.
3. Usage Agreement
- Each owner will have the right to use the apartment for a period of six months per year.
- If an owner does not wish to use their full six-month period, they may rent the unit via Airbnb or other rental platforms, provided they adhere to the complex’s policies.
- An owner may also use the apartment freely outside their designated six-month period if the other owner agrees.
- When one owner is in residence, the other owner cannot occupy the unit unless both owners notify the relevant management personnel with mutual agreement.
4. Guest Policy
- No additional family members or friends are permitted to stay in the unit unless the owner is present.
- If an owner wishes to allow their guests to use the unit in their absence, a formal agreement must be made between both owners and submitted to the relevant management personnel.
5. Selling or Transferring Ownership
- If one owner wishes to sell their share of the unit, they must first reach an agreement with the other co-owner.
- Any legal or administrative costs related to the transfer of ownership must be covered by the selling party.
- A new co-owner must comply with all terms and conditions of the complex.
6. Financial and Legal Matters
- All funds must be deposited into the attorney’s escrow account to ensure secure transactions.
- Both owners will sign an agreement that outlines their rights and responsibilities regarding the unit.
- Any disputes between co-owners must be resolved through mutual discussion or, if necessary, through legal mediation.
By participating in this investment, all parties acknowledge and agree to the terms stated above. This structure ensures a fair and seamless co-ownership experience while maintaining the integrity and operation of the complex.
For further inquiries or to initiate the purchasing process, please contact our legal and sales team.
We look forward to welcoming you to this unique investment opportunity in Jamaica!