ASSUME NOTHING!
Purchasing conditions / allocation rights / options / deposits / prices
Based on the above the price to purchase an apartment on Raffles is zero as it can not be purchased directly. What buyers will obtain are shares in Raffles Ltd. that as a condition or benefit of their ownership also allow “free” use of a specified apartment, # ……… on …… deck of …m2, as long as the shares are held by the named purchaser / shareholder.
This arrangement is similar to that under British property law where you cannot buy a house but (only) buy the land and in this way have use of the house that stands on it.
As noted above to be eligible for Raffles Ltd. share ownership / apartment rights, potential buyers first have to be approved / vetted by The Bank for which a fee of €2,000 is paid, in advance to The Bank.
The vetting fee is only refundable to successful applicants who also obtain an apartment on Raffles.
The vetting arrangements / contacts are described above with this process arranged directly with, and totally confidential between individual potential buyers and The Bank.
To secure an apartment after The Bank’s approval is received then requires a fully refundable deposit to be placed with The Bank under a standard escrow agreement, with the deposit held (in Euros only) in Isle of Man or London or Bermuda.
Two optional deposit quantum’s 10% and 20% with different attached rights can be accepted:
- For a deposit of 10% of the required apartments (basic value), prospective purchasers are first placed on a waiting list, with final allocation of an apartment subject to public ballot and with the deposit immediately fully refundable by the bank to unsuccessful applicants.
- For a deposit of 20%, approved buyers are guaranteed an apartment of choice on a first come first choice basis.
Subject to a one month cooling off period any deposit that is withdrawn from escrow before all 122 apartments are spoken for, before the ballot is held and / or earlier than 6 calendar months, will be subject to an automatic cancellation fee / deductible of 4% of the deposits value.