Frequently Asked Questions for Buyers
Once the property has been deeded or conveyed to you by Devco, you will require the services of an attorney to transfer by way of Deed, the property to your children or any other person.
If you are making term payments and the property has not yet been conveyed to you, please contact the Customer Service Department with your request. Note that for persons under the age of 18, the property will be conveyed to you to be held in trust for the minor.
We are excited about the new Carnival Cruise Port slated for 2021 in south east Lucaya which will serve as the catalyst for the revitalisation of Lucaya. Check us out here at our official website www.gbdevco.com or at the Lusco website www.Lusco.org and follow the Devco and Lusco Facebook Pages for up to date developments in Lucaya.
For sales once Devco has conveyed the property to you, please contact a local realtor for assistance. If you are making term payments and want to transfer your interest to another person who will be responsible for continuing to make the payments, kindly contact our Customer Service Department. There is a $100 fee plus VAT for the transfer.
Devco requires that the property be paid in full; the Deed of Conveyance completed and fully executed prior to undertaking any construction on the property.
The Service charge is a fee paid to the Lucaya Service Company Limited (LUSCO) for the up keep and maintenance of subdivisions within Lucaya. This includes the paving of the roads, installation of traffic circles, cleaning of parks and beaches, mowing of verges (grassy areas adjacent to roads) and the entire upkeep of Lucaya area. See https://lusco.org/faqs/ for more information.
Service charges are payable for a period of 99 years from the date of the Conveyance.
After the 99 year period has expired the owner will not be required to pay service charges on the property
Service charges are assessed based on the zoning of the property, that is, whether it is single family, duplex, multifamily or tourist commercial. Income producing properties will carry a higher service charge. The service charge is also tied to maintenance costs by way of a cost of living adjustment. In this way we can ensure that there are sufficient funds to adequately maintain Lucaya even with the rising costs of material and labour.
The COLA is applied to align with any adjustments in the cost of living and prices. If the cost of living index decreases or increases, the service charge is adjusted downwards or upwards every three years to keep apace with the cost of materials and labour. There is no cap because the adjustment can be made upwards or downwards depending on the trends in the cost of living.
The maintenance of the individual lot once purchased, is the responsibility of the lot owner. Devco, through its subsidiary company Lusco will ensure that road verges are mowed, streets, bridges, traffic circles and street lights in Lucaya are maintained.
The frequency of mowing of road verges varies with each subdivision. In subdivisions with little or no constructed dwellings, the maintenance occurs less frequently. More densely populated subdivisions are addressed more frequently. Constructed dwellings also have a bulk trash pick up schedule. Click here for scheduled times.
The maintenance of the subdivision, ensuring that subdivisions are properly zoned and enforcing the zoning; ensuring that the restrictive covenants for the subdivision, which are a set of rules for construction and living within the subdivision, are maintained; and also continued development of Lucaya in general, we believe, are key factors in maintaining property values. Devco and Lusco are committed to these policies and ask that you do your part to maintain your lot and adhere to these development guidelines and policies.
The sale of residential properties to Bahamian citizens does not contain an obligation to build. You may build as and when your budget allows. The sale of commercial properties generally and the sale of residential properties to non Bahamian citizens is tied to a commitment to build within a specified period.