1. How to become an investor and owner of a condominium (suite)?
Investors can invest in a suite by signing a Contract to Sell (The Investment Agreement). They receive for their Investment an Ownership Certificate of the suite they purchased, a Condominium Certificate of Title (CCT) upon full payment.
2. Can an investor chose a specific suite he wants to invest in?
Yes. The investor can choose which specific suite he likes to acquire from the owner Roman Empire Panglao Inc. (as long as it is available).
3. Does an investor have to pay a Reservation Fee?
Yes, an investor has to pay a reservation fee which is 100,000 Pesos. It comes with the right to choose the suite the investor likes to acquire. The Reservation Fee is deductible from the total Investment.
4. What other the payments that the investor needs to pay?
An investor of a suite has to pay 6% Capital Gain Taxes, 1.5% Documentary Tax plus 12 Value Added Tax (VAT), after paying the Condominium Title will be available and transferred into the name of the Investor.
5. Can the Investment Agreement be cancelled?
The Investment Agreement can be cancelled, but payments made are forfeit (non-refundable).
6. What documents are needed to be signed by the investor?
Investors after choosing their form of Investment will sign an Investment-Agreement for their chosen suite. Investors in a suite will also sign an additional Management & Profit Sharing Agreement (the “MPS Agreement”) to allow the Hotel Operator to rent out his suite and therefore the investor is entitled to participate on the earnings of the Hotel Operation and will receive probably either 5.5%* annual Interest or if he chooses to participate on the Hotel operations, the profit out of the operation, what usually is much higher. (* depending on the occupancy rate of the hotel)
7. What is the Investment Agreement?
The Investment Agreement is the “Contract to Sell”, where Investors agree to payment and term conditions of the investment.
8. Who owns the land where the resort is erected on?
Roman Empire Panglao Inc. owns the land. Same Land will be transferred into Roman Empire Panglao Condotel Inc., a Condominium Corporation, where all suite owners will be members.
9. Who will operate the resort?
Roman Empire Panglao Inc.
10. Who is the Business Partner of the Investor?
Roman Empire Panglao Inc.
11. Does an investor in a suite need an additional Contract of Lease for the land the chosen Suite is erected on?
No. Every investor in a suite has to sign a Management & Profit Sharing Agreement (the “MPS Agreement”) where the investor leases his suite to the operator Roman Empire Panglao Inc. back, who is also the land owner.
12. Are there any additional costs to be shouldered by an investor in a suite upon involving in the resort operation?
Yes, but only from an investor in a suite. Prior to opening, an initial one time start-up fee of 30,000 Pesos per suite will be required to cover initial operating expenses. After this fee, all ongoing expenses will be paid by the operator.
13. What fees do we pay to Roman Empire Panglao Inc. as the Hotel Operator?
No fees will be asked from an investor. The Hotel Operator will cover all expenses as permits and all other expenses related to the operation of the hotel, as well as all local taxes and government taxes and all maintenance, operating and insurance expenses. Same will be covered under the operating costs.
14. Is the suite owner required to obtain insurance in order to protect his investment?
No. Insurance is provided by the HOTEL OPERATOR and is covered under the operating costs.
15. Can an investor in a suite live in his property partial or full time?
Yes, but no longer than 30 days per year. During these 30 days of his own occupancy, the investor is prohibited from participating on the operation earnings.
16. How often will the interest be paid?
The interest will be paid quarterly or yearly depending on the agreement with the investor.
17. Is there a suite investor representative to protect the rights of the suite investor against the Hotel Operator?
Yes. The suite investors will have to choose a representative in the “homeowner association” they have to have as the Condominium Corporation needs for its existence. The investor can inspect his suite upon availability (if not rented out) during normal business hours. The suite investor or his representative can claim his interests and make sure that his rights are protected and his suite is well maintained through his duly elected representative.
18. Will the suite investor still receive his interest if his suite was not rented out?
Yes. All suite investors will participate equally on the Hotel Operation Earnings, no matter which suite got rented out or not.
19. Who will shoulder the repairs and maintenance of the suites?
All minor and major repairs are shouldered by the hotel operator, who also will assure that all Suites are functional and in good shape.