Frequently Asked Questions
VILLA NOVA is located on Ferguson Rd., approx. 0.4m directly off West Bay Street, in close proximity to Saunders’s Beach, Arawak Cay and downtown, Nassau.
VILLA NOVA is a residential gated community consisting of 50 contemporary designed condominium units together with amenities and recreational facilities described below. The buildings, to be constructed in phases, are two storey and comprise a mix of studio, one, two, and three-bedroom units.
The transfer of ownership occurs upon delivery of the building and issuance of the certificate of occupancy, estimated to be one year from commencement of construction. As such, closing costs are effectively deferred until completion.
You may reserve a condominium at Villa Nova by placing a refundable escrow deposit, typically $10,000, with the law firm Sean B. Callender & Co., 9 North Buckner Square, Chancery Court, Sandyport Marina Village (“Stakeholder”,) upon terms and conditions more fully set out in the Escrow reservation form
The deposit shall be held by “stakeholder” in its trust account under the terms of the Reservation Form pending commencement of construction (estimated August 1, 2019) at which time written notification of same shall be sent to you together with a copy of the purchase and sale agreement (“PSA”) for execution.
You may cancel the sale and receive a full refund of the Escrow deposit by providing “stakeholder” with written notice of same within the Escrow Reservation Period, defined as 10 days following receipt by you of the notice of commencement of construction, which shall be no later than August 1st 2019.
The PSA will require a 10% down payment (less the escrow deposit already paid) and thereafter shall contemplate a payment schedule which shall require you make installment payments at various milestones of construction. Each milestones of construction shall be certified by an independent quantity surveyor.
The community will be gated with surveillance systems and state of the art security systems in place. The community shall also have a pool, fitness center and backup power.
The developer is DEKOR HOMES LTD., a company committed to the highest standards of craftsmanship & design and with the objective of delivering value to its customers.
Construction is scheduled to commence November 2019, with each phase delivered within 10 months.
Each condo hotel units shall be assigned a designated parking stall. The two- and three-bedroom suites shall have two stalls. There is also ample guest parking available within the community.
Once completed, the owners of VILLA NOVA shall take over management and control of the property via a board under the condominium association.
Yes, owners are permitted to make their units available for short term rentals.
The Units will be delivered fully appointed with all high-end finishes ready to move in. Furniture and appliance packages will be offered separately.
The developer has relationships with local lenders such as RBC, Commonwealth bank and ScotiaBank, offering attractive low rate financing to purchasers. Introductions available upon request.
A standby back generator is in place, that can provide up to three days full back-up power, for the entire development. Units and common areas, including electric gate and security lights.
Pets including cats and dogs under 30 pounds will be permitted, provided that they do not otherwise become a nuisance to other home owners. All pets are prohibited from the common amenity and pool areas.
A government Stamp Tax of 10%, payable at closing, is typically split equally between developer and purchaser. First time Bahamian homeowners may be eligible for an exemption from stamp tax.
The developer shall also require pre-payment of 6 months of maintenance fees in advance in order that the condo-association is able to operate effectively and to maintain the high standards at VILLA NOVA.
Other transaction fees and closing costs are minor and are fully outlined in the PSA.
There will be handicap access points and designated parking will be available and throughout the first floor of the building.
HOA Fees are payable by each owner in respect of their unit to the Condominium Association.
The fees represent the cost of maintaining the common areas of the condominium and the operational and administrative cost incurred by the Association in the discharge of its duties, which are proportionate to that unit respectively.
Assessments do not cover or include the cost of repairs and maintenance work carried out by the Association on or for the benefit of one unit only, or to remediate the act neglect or carelessness of any one owner.
The transaction related documents will be prepared by “Stakeholder”. You will have the option to have “stakeholder” perform the title works and conveyancing for a fee if 1.5% of the purchase price.
You may choose an independent lawyer to represent you in connection with purchase and in that event shall be responsible for any fees or costs incurred by them.