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FAQs
1. Who is the developer? How long have they been in business?Tower Development, LLC (the “Developer”) is the owner of the resort whose partners have so far invested over $15 million dollars in the project. Matrix Administration Construction LLC, is the construction company, who have been in business for over 42 years, having built thousands of executive homes across the US.2. What facilities already exist ?
There is a Country Club leisure centre which includes a 25-metre indoor swimming pool, gymnasium, Jacuzzi, massage facility, library and meeting room, outdoor pool, tennis courts, golf course, bar and restaurant have all been refurbished to a high standard and are fully operational. In addition, the exclusive, gated Island consisting of Dogwood Estates and now the new Oak Estates.3. When will the homes be ready?
Island Green is already an established community. The new Willow homes are being built to order and take approx 70 to 90 days to complete, as all the infrastrucure is already in place. 4. What specification are the properties built to?
All properties will be inspected and individually certified by the State of South Carolina prior to handing over the property to the buyer. Homes are built to the highest specification and come with a 7 year Structural Defects Warranty.5. What’s the build time once construction starts?
Individual property construction typically takes between 70 to 180 days. Willow Homes will take around 90 days from start to handing the property over to the new owner.6. What is the development schedule?
There are 6 proposed phases of development, building a total of 213 properties. The development is expected to take a maximum 4-6 years to complete. Phase 1 Dogwood Estates is already built. 7. Is the property freehold?
Yes8. What is the purchase price of each home?
Property prices start from $187,5009. Are there any benefits for owners ?
Yes. Automatic access to the comprehensive onsite leisure and recreational facilities, plus free membership of the golf club. The developers are also proposing to arrange reduced rate memberships in the adjoining golf courses, for Island Green owners. 10. Can I rent out my property ?
As a popular and well established tourist destination, there is no shortage of rental opportunities both to locals as well as to vacationers. 11. What are my options, if I wish to rent part time ?
Myrtle Beach is a year-round tourist destination, and such, provides landlords with a wider range of options than other, more seasonal destinations. Owners therefore have the choice of letting out their homes on a short term weekly basis, or on a quarterly basis (to those for example wishing to over-winter in the South Carolina warmth) or to rent out on an annual basis to local residents. There is no lack of options.12. Do the developers have a specific agency that they can recommend ?
The Developers can provide rental management services on site, however owners have the prerogative to appoint 3rd party agencies to manage their properties. The choice is for the owner. The developer has managed to obtain families currently requiring long term lets and can for a limited time of a guaranteed return to investment buyers.13. If required, can the Developers deliver their properties to owners, fully equipped & furnished ?
Yes. For those owners preferring to dispense with the hassle of having to worry about how and where to furnish thieir property, they have the option to buy it 100% 'ready to live'. For this, an entirely optional furniture pack can be put together by Island Green's expert Interior Designer. Furniture packs cost around $15K. Details available on request.14. Is the furniture pack necessary for renting ?
For short term lets, probably yes, however if the intention is to opt for tenanting the property on a longer term basis, then the furniture pack will probably not be necessary, however the option to acquire the furniture pack at a later date through the developer, of course remains available. 15. In what currency are payments made?
All prices are in US Dollars but payments in Sterling and Euros are also acceptable - providing they convert in to the stated dollar values at the time of payment. 16. What protection of funds is offered?
Directors and Senior Managers of Citadel Trustees Limited, a UK based Trustee Company, will be appointed by the purchaser to act as his/her Attorney under a Limited Power of Attorney. Citadel will hold and/or control all monies it receives from the purchaser on his/her behalf, until such time as it is satisfied that the property is at the correct stage of construction to release funds to the builder or the property is complete and the title is ready for transfer to the purchaser's name. Only then will it release the remaining funds from under its control to the appropriate parties.17. If I have to pay money to Citadel, where does the Escrow Agent fit in?
In order to complete your purchase, your funds will ultimately need to be transferred to the Closing Attorney in South Carolina, whose responsibility is to complete the transfer of the title to the property into the purchaser’s name. This Attorney is also referred to as The Escrow Agent. Citadel will control the release of those funds to the Escrow Agent at the appropriate time.18. How does the purchaser know what Citadel will/will not undertake on his/her behalf?
Every purchaser will be given a document called "Terms of Representation" [TOR], which clearly sets out Citadel’s responsibilities. By signing the TOR, the purchaser will be agreeing to those terms.19. Do I need to take your Legal and Administration Fees, and how much does it cost?
Whilst we cannot legally insist that you use our Legal and Administration services, the team of legal professionals that we use are so familiar with the development, and have easy access to all the administrative paperwork, plans and registrations, it is far more efficient and cost effective to use our service for your home purchase transaction. In any event, the cost of the Legal and Administration Fees is only $5,000 3 or 5? which is a highly competitive rate. 20. Will there be any more documents to sign other than the Contract of Sale?
There will be the following additional documents to sign:
Separate contract of sale for the Legal and Administration Fees and the Designer Furniture, Fixtures and Fittings as appropriate
An Affiliated Business Arrangement notice – US Law requires that all business arrangements are transparent to the customer
A Power of Attorney with which we hope to take away all the hassles of completing the paperwork. 21. What is a Power of Attorney and who provides it?
It is a legally binding document whereby one person gives authority to another to act on his/her behalf to undertake specific tasks. The individuals completing these documents on your behalf are used to dealing with this type of work and have worked in a fiduciary position for clients for many years. Citadel Trustees will be your nominated Power of Attorney and a letter of introduction will be sent with your Contract of Sale.22. How do I know the US lawyer will act in my best interests?
Because under US law he is obligated to act in the best interests of both parties, morally and legally.23. What building guarantees are offered?
1-year New Home Warranty
7 year Warranty on all major items.
Standard manufacturers' warranties for any appliances, etc.
Also, in South Carolina a Certificate of Occupancy needs to be awarded to the Developer by the Horry
County authorities before completion can be authorised, and to achieve this involves several inspections
during the course of construction.24. What does the Home Owners Association provide?
Membership to a fully operational Country Club with indoor and outdoor swimming pools, sauna and steam rooms, fitness centre, restaurants, bars, Clubhouse, tennis courts and a full activities programme
General buildings insurance
Maintenance and general upkeep of the estate’s gardens and public areas
The Home Owners Association is run for the Members by the Members and they have full control over the level of annual fees and on what they are spent. The Association has appointed O'briant Real Estate to manage Island Green Estates on their behalf. 25. Do I have to belong to the Home Owners Association? Is there an opt-out option?
Membership to the Home Owners Association is non-optional since it covers the running costs of
communal facilities, golf fees, etc.26. What are the running costs of owning a home in Island Green Estates?
Approximate monthly running costs are:
Home Owners Association Fees - $120 per calendar month.27. Do family and friends also have access to the onsite amenities ?
Yes. Membership of the Home Owners Association entitles the purchaser, his spouse and children to unrestricted use of the sports and leisure amenities. Terms and Conditions of membership of the golf club (through to Jan 2012) will need to be separately agreed with the Developer. 28. How many golf courses are available locally?
As well as the onsite 18-hole golf course you will have easy access to approximately 100 courses designed by world famous names such as Jack Nicklaus, Arnold Palmer, Robert Trent Jones, Greg Norman, Davis Love III and Gary Player. Many are home to professional and amateur tournaments. The PGA TOUR Superstore World Amateur Handicap Championship is held at Myrtle Beach each autumn.29. What is the weather like?
South Carolina enjoys beautifully warm springs and autumns and much more enjoyable summer temperatures than Florida to its South. The winters are mild and many Canadians and residents of the northern United States “emigrate” to Myrtle Beach for the winter months.30. Who do I contact if I have any more questions?
Contact Oliver Smets on oliver@theresortagency.com
There is a Country Club leisure centre which includes a 25-metre indoor swimming pool, gymnasium, Jacuzzi, massage facility, library and meeting room, outdoor pool, tennis courts, golf course, bar and restaurant have all been refurbished to a high standard and are fully operational. In addition, the exclusive, gated Island consisting of Dogwood Estates and now the new Oak Estates.
