Frequently Asked Questions
We have summarized some questions that you may have on the Private Residence Club below:
1
Can I upgrade my Private Residence Club membership to Whole Ownership at Ocean Two?
Absolutely! As your needs and lifestyle change, it is the perfect opportunity to upgrade your ownership at Ocean Two. Simply discuss your interests with our Sales Director who can provide the trade in value, which is assessed based on the current selling sales price of your Private Residence Club membership. The amount will then be applied to the unit that you wish to purchase outright. This purchase will be a freehold purchase and give you the opportunity to place your suite in the hotel rental pool, with the potential to earn revenue when your suite is rented.
2
Is financing available?
Yes! The developer is offering up to 60% financing for a maximum of seven years at an interest rate of 12.9%. There is no penalty for early repayment.
3
Can I sell my Private Residence Club Membership?
For the first three years after you make your purchase, the developer has first right of refusal to purchase back your membership if you wish to sell it. If the developer elects not to make the purchase, other club members are then advised of the opportunity to purchase your membership. Should no one make an offer to buy your membership, you may then place it on the open market for sale. This condition applies for the first 36 months after you make your purchase.
4
Can I pass my membership on to my children or family members?
Yes, the unit is held freehold/deeded in a Third Party Trust. Our trustee is First National Trustee Company (www.fntc.com). Your share in unit ownership is fully transferable, and willable as part of your estate through the transfer of your beneficial interest in the trust.
5
Do I need a lawyer?
All due diligence and compliance has been performed by the developer during the process of placing the units in Trust. If you wish, you may ask an attorney to review the documents, however it is not required for the transaction.
6
Can I exchange my weeks at Ocean Two to enjoy vacations at other resorts?
Yes, we are proud to be part of Interval International’s Gold Exchange program. As a Private Residence Club member, you will receive three years of complimentary membership at the time of purchase. For more information on all the benefits available, please visit Interval International.
7
Can I leave personal items in the unit until my next visit?
The Club can provide storage of your personal items. The cost of this storage will be determined based on the size of the space required and the length of time that you wish to store the items. Transfer of items to and from the storage facility can be arranged to ensure that your items are in your suite when you arrive.
8
What are the running costs (Membership Fees) of the Private Residence Club?
The membership fees are US$700 and US$1225 for a one bedroom suite and two bedroom suite, respectively, per week, per year. This fee includes daily housekeeping, all operational costs associated with the unit including the exterior/interior maintenance, property tax, insurance, accounting, administration, electricity, water, internet, cable, local phone calls, Private Residence Club perks and Trustee Management Fees.
The fees are assessed and audited annually and are subject to increases due to inflation and increases to expenses that are beyond the control of the Club. The accounts and a detailed breakdown of the fees are available to owners on request.
9
When are the annual membership fees due?
The Membership Fees are invoiced and due by the 31st October for the following year.
10
When is maintenance work carried out?
As a fully operational resort, maintenance teams conduct routine maintenance over the course of the year and during periods of low occupancy to ensure that the unit is kept in mint condition for all Club members to enjoy.