The Bonamanzi development entails the purchase of an Undivided Share in a 17 400 sqm Property. The Property, on which the Undivided Share will be granted, is owned by the Developer and registration of the Undivided Share/Sectional Title is accompanied by a Notarial Deed, which together grant an exclusive right of occupation to the Purchaser.
The laws of Zimbabwe permit any foreigner to purchase land, without having to procure permission from the Reserve Bank or any other Government Authority.
There are three legal agreements which are inseparable from each other and the Purchaser agrees to sign and be bound by all three agreements.
- Sale/Purchase of Undivided Share
- Construction of Villa agreement
- Home Owners association
Sale of Undivided Share (U/S) Agreement
This agreement concerns the Purchase of an Undivided Share (an identified piece of land within the whole property) on which the Villa will be constructed. Within 14 days of the Purchaser signing the U/S agreement, he shall pay for the U/S in full. This payment secures the purchasers stand.
Please note that this payment is refundable in the event that the Conditions Precedent, detailed in the Sale of U/S Agreement, are not met. The Developer is adequately insured to repay the purchase price in this event.
Because the purchase of the Undivided Share is subject to the Purchaser complying with the terms and provisions of a Home Owners Agreement and a Construction of Villa Agreement, transfer of the Undivided Share shall only be effected after the Villa has been constructed and paid for.
Transfer duty and government Stamp duty will be paid on the price of the Undivided Share and not on the value of the Villa.
Construction of Villa agreement
This is an agreement whereby the Purchaser agrees to contract the Developer to construct a Villa (on the Undivided Share previously purchased,) at a price specified in the agreement. As detailed in the Construction of Villa Agreement the Developer requires the Purchaser to make interim payments throughout the build stages as detailed below.
- 50% within 14 days of the Developer notifying the Purchaser that all the Conditions Precedent contained in the said agreement have been met and that construction is commencing
- 40% when the roof is secured to the Villa and the Villa is closed.
- 10% on completion of the Villa when the Villa is delivered to the Owner, which delivery shall be by the handing over of the keys of the Villa.
Once the Villa has been completed and the Purchaser has paid in full for the construction the Purchaser is issued with Title to the Undivided Share, which will obviously include ownership of the Villa.
Home owners association agreement
Owners will become members of the Home Owner’s Association and will therefore have complete control over how the resort is managed and run. The initial agreement is a framework of conditions set to govern the complex in the correct manner. Owners of the villa agree to abide by the conditions set out in the Home Owner’s Association.
All details contained within the three agreements will be provided to interested purchasers.
If you are interested in investing in this fantastic opportunity, please fill in the contact us form and we will respond to you with further details