NEW RESORT
QUESTIONNAIRE
This questionnaire is designed to provide Hutchinson & Co Trust Company with the information necessary to quickly and efficiently assess your project and to commence the setting up of a suitable Trustee system for your resort. The more you are able to complete this questionnaire prior to an initial meeting, the more productive that meeting will hopefully be. You may find that not all the questions are applicable to your resort, in which case, please put a line through them and, if you need more space than provided in the box, please continue on the back of the relevant page. We do understand, however, that you may not be able to answer all the sections at the present time, in which case, please write "information not yet available" in the appropriate box. This can then be followed up at a later date.
If you require assistance in the completion of this questionnaire, please do not hesitate to contact Mr. Daniel Chou on 00 662 654 0595.
All information given in the following pages will be treated in total confidence.
We hope you do not find this exercise too arduous, and thank you for taking the time to complete it as fully as you can. The compilation of this questionnaire is the result of many years experience in gathering information at the start of a new project, however, there is always room for improvement, and we welcome your comments or suggestions, if you have any.
CONTENTS
The questionnaire is divided into sections:
Section 1-Checklist list of documents to be provided to the Trustee.
Section 2- GeneralSection 3 – Companies
Section 4 – Legal/Financial
Section 5 - Insurance / deals with the general information about the location of the resort and the details relating to the resort's owners.
deals with the companies you will be using for your timeshare project. If these are not yet formed, but you know who the officers of the company will be and where it will be incorporated, please complete this section as best you can.
deals with the title to the property and will enable us to examine the most appropriate way of securing the timeshare owner's rights, taking into account the appropriate laws of the country in which the resort is situated and also deals with the financial status of both resort and developer/promoter and is another section which we would expect to expand upon in our discussions.
this section provides us with the information necessary to enable us to carry out one of our duties under the Deed of Trust, which is to ensure that the resort has adequate insurance cover at all times.
Section 6 - Resort / deals with information about the resort itself in terms of the overall number of units, the apartments to be placed in trust and the resort's facilities.
Section 7 - The Trustee System / deals with a few of the most important points we need to know in order to devise the right Trustee system for your resort. We would, however, anticipate significant discussion on this particular section.
Section 8 - Management Fees / this information is required in the drafting of the Project Documentation and is also fed through to our accounts department.
Section 9 - Exchange Companies / deals with the exchange company you have chosen to affiliate to and again provides us with the information required by our administration and accounts departments.
Section 10 – Marketers
Section 11 - Consumer Finance / this section provides us with the necessary information to prepare our administration and accounts departments in advance and to ascertain in which countries bank accounts are to be required.
deals with your requirements on putting in place consumer finance facilities if appropriate.
Section 12 - Invoicing / this section provides essential information for our accounts department and will ensure that your trustee application is dealt with promptly.
Appendix A - / List of units
SECTION 1 – TRUSTEE APPLICATION CHECKLIST
In order to progress your Trustee application, please provide the following information and complete the remainder of this Questionnaire.
TO PROGRESS TRUSTEE APPOINTMENT
1. Business Plan.2. Bank reference
3. Two trade references
4. Letter of introduction from Developer and copy of power of attorney granted by Developer, if he does not intend to be personally involved in the project, and has appointed someone else to act on his behalf.
5. Copies of the Certificates of Incorporation and most recent Financial Statements for all companies involved in this project.
6. Any existing documentation currently in use, or draft documentation (existing timeshare resorts only).
TO PROGRESS TRANSFER OF PROPERTIES INTO TRUST
7. Copies of all relevant planning permissions, building licences, architects certificates, touristic licences, land registry documents etc (or applicable equivalent documents).8. Site plans indicating the exact location of all existing and planned apartments/villas with their number/blocks and amenities marked.
9. Floor plans of individual apartments/villas with measurements, and any promotional literature.
10. Proof of ownership of the land and the buildings on it, together with all relevant extracts from the appropriate land registry office, where applicable.
11. Copies of any agreements regarding the use of common areas of facilities.
12. Details of any mortgages, charges or encumbrances over the property.
13. Copy of the insurance policy and last premium receipts. If not in English, please provide a translation of the cover, renewal date, insurance agent etc. (NB The Trustee reserves the right to arrange the insurance itself if it is deemed to be inadequate or unsatisfactorily maintained).
14. Detailed inventory of the furnishings and fittings of each villa/apartment.
BEFORE SALES COMMENCE
15. Copies of any marketing agreements currently in force, or to be used in the near future.16. The appropriate Exchange Company calendar.
17. Copy of the resort's affiliation agreement with the Exchange Company.
18. Copy of licence/permit to sell timeshare, if applicable
19. Copies of any agreements with Finance Companies
NOTES:
The completion of this questionnaire will enable us to make an overall assessment of the project, however, further action/information will be required in order to progress to the next stage, which is the preparation of the project documentation.
The first step is completion of the Trustee Appointment Form and payment of the first instalment of the Trustee set-up fees.
Payment in advance for the formation of the companies is also required. (This will always include an Owning Company [controlled by the Trustee] but may also include the companies referred to in Section 3). NB: These costs will vary, depending on the country in which the companies are incorporated. The charges made by the company formation agents are available on request.
SECTION 2 - GENERAL:
RESORT/CLUB/PROJECT NAME: ______
ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
NAME OF RESORT*______
NAME OF RESORT OWNER: ______
REGISTERED OFFICE ADDRESS: ______
ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
LANGUAGUES SPOKEN: ______
IF THE PROMOTOR IS NOT THE RESORT OWNER, SATISFACTORY CONSENT MUST BE PROVIDED TO HCTC, BY THE OWNER, EVIDENCING THAT THE PROMOTOR IS AUTHORISED TO INSTRUCT HCTC.
* IF THERE IS MORE THAN ONE RESORT INCLUDED IN THE PROJECT (eg MULTI-LOCATION OR POINTS PROJECT), PLEASE USE A SEPARATE SHEET OF PAPER.
NAME OF DEVELOPER/PROMOTER : ______
(If not the Owner of the Resort)
ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
LANGUAGES SPOKEN: ______
SECTION 3 - COMPANIES:
VENDOR COMPANY NAME:______
(If not Developer/Promoter)
REGISTERED OFFICE ADDRESS: ______
______
NORMAL BUSINESS ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
DIRECTORS: ______
SHAREHOLDERS: ______
FROM WHOM SHOULD WE TAKE INSTRUCTIONS? (OTHER THAN DIRECTORS OR SHAREHOLDERS, IF APPLICABLE) ______
LANGUAGES SPOKEN: ______
WRITTEN AUTHORISATION ADDRESSED TO HCTC CONFIRMING THE EXTENTOF THE ABOVE REPRESENTATIVES’ POWERS.
IS THIS COMPANY ALREADY FORMED? YES / NO
DO YOU WISH HTC TO ASSIST WITH THE FORMATION OF THIS COMPANY? YES / NO
MANAGEMENT COMPANY NAME:______
(If separate from Vendor Company)
REGISTERED OFFICE ADDRESS: ______
______
NORMAL BUSINESS ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
DIRECTORS: ______
SHAREHOLDERS: ______
FROM WHOM SHOULD WE TAKE INSTRUCTIONS? (OTHER THAN DIRECTORS OR SHAREHOLDERS, IF APPLICABLE) ______
LANGUAGES SPOKEN: ______
WRITTEN AUTHORISATION ADDRESSED TO HCTC CONFIRMING THE EXTENTOF THE ABOVE REPRESENTATIVES’ POWERS.
IS THIS COMPANY ALREADY FORMED? YES / NO
DO YOU WISH HTC TO ASSIST WITH THE FORMATION OF THIS COMPANY? YES / NO
MANAGEMENT COMPANY NAME:______
(If separate from Vendor Company)
REGISTERED OFFICE ADDRESS: ______
______
NORMAL BUSINESS ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
DIRECTORS: ______
SHAREHOLDERS: ______
SECTION 4 – LEGAL/FINANCIAL:
NAME OF DEVELOPER/PROMOTER’S LAWYER: ______
ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
LANGUAGES SPOKEN: ______
IS THE RESORT OWNED FREEHOLD OR LEASEHOLD? ______
IF FREEHOLD, WHO HOLDS THE TITLE DEEDS? ______
IF LEASEHOLD, WHO HOLDS THE LEASES? ______
WHO OWNS THE UNDERLYING FREEHOLD? ______
WHEN DOES THE LEASE EXPIRE? ______
DO LOCAL LAWS PERMIT SUB-LEASING/
ASSIGNMENT OF LEASE? ______
ARE THERE ANY MORTGAGES OR OTHER ENCUMBRANCES ON THE
PROPERTIES? YES / NO
IF "YES", PLEASE PROVIDE ON A SEPARATE SHEET THE DETAILS OF TYPE OF ENCUMBRANCE, THE AMOUNT AND THE NAMES AND ADDRESSES OF ALL INTERESTED PARTIES.
IF NOT OWNED OUTRIGHT, MORTGAGED OR UNDER CONSTRUCTION/REFURBISHMENT, HOW ARE THE TIMESHARE PROPERTIES TO BE FUNDED OR MORTAGES REPAID?
______
______
ESTIMATED COST TO COMPLETE WHOLE PROJECT (IF UNDER CONSTRUCTION OR REFURBISHMENT)? ______
ESTIMATED COST TO COMPLETE EACH PHASE (IF APPLICABLE)? ______
ESTIMATED COST OF FURNISHINGS PER UNIT TYPE?
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
DESCRIBE DEVELOPER/PROMOTER'S FINANCIAL POSITION: ______
CONFIRM REFERENCE FROM ACCOUNTANTS OR BANK IS PROVIDED ADDRESSED TO HCTC
NAME OF DEVELOPER/PROMOTER’S BANK: ______
ADDRESS: ______
______
TEL: ______FAX: ______E-MAIL: ______
CONTACT NAME:______
SECTION 5 - INSURANCE:
NAME OF INSURANCE COMPANY: ______
ADDRESS: ______
TEL: ______FAX: ______E-MAIL: ______
POLICY NO: ______POLICY HOLDER'S NAME: ______
RENEWAL DATE: ______
AMOUNT OF COVER: ______(BUILDINGS) ______(CONTENTS)
DETAILS OF COVER: ______
______
IF THE POLICY IS IN A LANGUAGE OTHER THAN ENGLISH, PLEASE PROVIDE A SUMMARY, IN ENGLISH, OF THE INSURANCE COVER PROVIDED
NB: THE OWNING COMPANY MUST BE IDENTIFIED ON THE POLICY AS A BENEFICIARY OF ALL OR PART, AS APPROPRIATE, OF THE INSURANCE COVER.
HUTCHINSON & CO TRUST COMPANY WILL LIAISE DIRECTLY WITH THE INSURANCE COMPANY IF THIS IS NOT PUT IN PLACE BY THE INSURED PARTY.
SECTION 6 - RESORT:
FULLY BUILT (complete this section only if the resort is fully built. PLEASE PROVIDE SIMILAR INFORMATION FOR EACH RESORT FOR A MULTI LOCATION OR POINTS PROJECT)
HOW MANY UNITS TO BE INCLUDED IN THE TIMESHARE PROJECT?______
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
HOW MANY UNITS WILL COME INTO TRUST INITIALLY?______
STUDIOS ______ONE BED ______TWO BED ______THREE BED______
(Please complete Appendix A to indicate apartment numbers and related information)
APPROXIMATE MARKET VALUE (NOT TIMESHARE VALUE) PER UNIT TYPE
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
WHAT COMMON AREAS ARE THERE? (eg gardens, s/pool etc)______
______
WHO OWNS THEM: ______
WHAT ADDITIONAL FACILITIES DOES RESORT HAVE? (eg restaurant, bar, etc)
______
WHO OWNS THEM? ______
IF OWNED BY A THIRD PARTY, WHAT ARRANGEMENTS FOR USE ARE IN PLACE.
______
______
PARTIALLY BUILT OR GREENFIELD SITE (ignore this section if resort is fully built, PLEASE PROVIDE SIMILAR INFORMATION FOR EACH RESORT FOR A MULTI LOCATION PROJECT)
HOW MANY UNITS ARE PLANNED AT THE RESORT FOR TIMESHARE PURPOSES?
______
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
ANTICIPATED MARKET VALUE (NOT TIMESHARE VALUE) PER UNIT TYPE WHEN BUILT
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
HOW MANY OF THESE ARE ALREADY BUILT?
______
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
HOW MANY UNITS WILL COME INTO TRUST INITIALLY?______
STUDIOS ______ONE BED ______TWO BED ______THREE BED ______
(Please complete Appendix A to indicate apartment numbers and related information)
HOW MANY PHASES OF BUILD ARE ANTICIPATED? ______
HOW MANY UNITS IN EACH PHASE? ______
ESTIMATED COMPLETION DATES FOR EACH PHASE: ______
______
WHAT COMMON AREAS EXIST AT PRESENT? (eg gardens, s/pool etc)______
______
IF NONE EXIST, WHEN IS COMPLETION OF COMMON AREAS PLANNED? ______
WHO OWNS/WILL OWN THEM: ______
IF OWNED BY A THIRD PARTY, WHAT ARRANGEMENTS FOR USE ARE IN PLACE.
______
WHAT ADDITIONAL FACILITIES DOES RESORT HAVE/WILL HAVE? (eg restaurant, bar, etc)
IF NONE EXIST AT PRESENT. WHEN IS COMPLETION ANTICIPATED?______
WHO WILL OWN THEM? ______
IF OWNED BY A THIRD PARTY, WHAT ARRANGEMENTS FOR USE ARE IN PLACE.
______
SECTION 7 - THE TRUSTEE SYSTEM:
WHAT DO YOU WISH TO HAPPEN TO THE PROPERTY AT THE END OF THE
PROJECT?
1) REVERT TO THE DEVELOPER YES / NO OR
2) SHARE AMONGST THE TIMESHARE OWNERS? YES / NO
COMMENCEMENT DATE OF PROJECT? ______
HOW LONG DO YOU WISH THE PROJECT TO RUN? ______
WHAT PRODUCT DO YOU INTEND TO SELL?
FIXED WEEK/FIXED UNIT
FIXED WEEK/FLOATING UNIT
FLOATING WEEK/FLOATING UNIT
POINTS
MULTI RESORT
ALTERNATE YEAR
WOULD YOU LIKE A "CLUB TRUSTEE" SYSTEM WHERE THE MEMBERS
EVENTUALLY TAKE CONTROL? YES / NO OR
WOULD YOU LIKE A "RESORT TRUSTEE" SYSTEM WHERE THE VENDOR
KEEPS CONTROL? YES / NO
SECTION 8 -MANAGEMENT FEES:
WHAT MANAGEMENT FEES WILL BE APPLIED AT COMMENCEMENT OF THE PROJECT?
STUDIO ______ONE BED ______TWO BED ______THREE BED ______
IS VAT OR OTHER RELEVANT TAXES APPLICABLE TO THE MANAGEMENT
FEES? YES/NO
IF YES, ARE THE ABOVE FEES INCLUSIVE OF VAT? YES/NO
WHAT PROPORTION OF THE MANAGEMENT FEES WILL BE DEPOSITED IN A SINKING/RESERVE FUND?______
DO YOU WISH HTC TO COLLECT FIRST YEAR'S MANAGEMENT FEES WITH
PURCHASE PRICE? YES / NO
DO YOU WISH HTC TO PROVIDE INVOICING AND COLLECTION SERVICE
FOR FUTURE YEARS? YES/NO
WHAT WEEK(S) IS TO BE SET ASIDE FOR MAINTENANCE (IF APPLICABLE)? ______