Purchasing Process: Selling off plan- pre-construction we require that you first purchase the property by purchasing the lot for $US100K.Then sign design/build contract with developer to build your villa/chalet with $100K deducted from villa/chalet price. ( ONLY 25 villa and chalet units will be constructed. Final villa/ chalet mix is to be determined). Timescale: Phase I will see the construction of 15 units and is scheduled to commence construction in March 2008. Tax Concessions: Windward Development Group Inc. will be seeking a 10 year tax holiday on rental income for LORV owners (TBD) Payment Plan: When purchasing property from Land O’ Reef Villas, Windward Development Group Inc. would put in place an escrow account for owners to make their deposits into, so that the money is totally safe. The development stage payments for purchasing at Land O’ Reef Villas will be as follows: There is a US$5,000 reservation fee 30% minus the reservation fee due within 30 days after signature on the purchase agreement 25% on the laying of the foundation 25% on the completion of the roof 15% on practical completion 5% on handover Closing Costs: 1. Alien's Landholding Licence registration fee of US600.00. 2. Stamp duty of 2% of the purchase cost of the land. 3. Conveyance fees of between US$6 – $US10,000. Property Transfer Tax: Alien Land Holding rates are 10% of property value when applying as a Purchaser, and 15% when acting as the Vendor.