Cape Town Apartment Key Facts

 

From whom am I buying my interest in the apartment?

 

FD Express LLP, a limited liability partnership registered in England and Wales is acting as agent for current shareholders for the resale of their shares.

 

 

 

What exactly am I buying?

 

Shares in Altmore 104 Shareblock (RF) (Pty) Ltd which provide the right of use of the apartment Altmore 104 in the Altmore Block, V&A Marina, Dock Road, Cape Town, South Africa.

 

 

 

What is the nature and content of the rights?

 

Right to use the apartment for 2 weeks each year, such use to include the right to rent out the weeks or exchange them. Rights to attend and vote at an annual meeting and to receive the annual Report and Accounts.

 

 

 

When can I make use of the apartment and for how long?

 

The right of usage is defined in the allocation table, which provides each shareholder with 2 weeks per year in perpetuity and is updated at least annually.

 

 

 

From when can I start to use the apartment?

 

Usage rights commence as soon as the Share Transfer Agreement has been signed and payment of the purchase price (or first instalment, if a payment plan has been agreed) has been made.

 

 

 

What will it cost me?

 

A consideration of R450,000 for the shares, and R2,225 per month in respect of levies for the first period of ownership. Thereafter levies will be determined by recommendation of the property manager and agreed by a majority of shareholders at the annual general meeting.

 

 

 

When will I have to pay the purchase price?

 

The purchase price must be paid within 14 days of signing of the Share Transfer Agreement.  If a payment plan has been agreed, the first installment must be paid within 14 days of signing. 

 

 

 

 

 

 

What other services can I receive (eg discounted hotel stays and flights)?

 

The property will be insured, maintained and managed by the property manager. Rental arrangements will be managed on your behalf should you wish to rent out your usage rights at any time. Swaps for usage of other properties managed by FD Express will be arranged.

 

 

 

Has FD Express signed a code/codes of conduct and, if yes, where can it/they be found:

 

FD Express has not signed a code of conduct. However the principles of its operations and conduct are publicised on its website.