Reservation: Applications for reservation of apartment shall be made on the prescribed application form duly signed by the applicant with the down payment. The company has the right to accept or reject any application without assigning any reason there to.
Allotment: After receiving the application form and down payment, the company will issue an allotment letter and payment schedule. Allotment is made generally on ‘First come, first serve’ basis, according to choice of the applicant and availability of the apartments. Preference may be given to clients paying the full amount in one installment.
Allotment Transfer: Until the full payment of all installment are made and possession obtained, the buyer shall not transfer and /or sell the unit allotted to him/her to a third party. After allotment of an apartment if the applicant fails to make the required payments and/or to sign the agreement within time specified by the company, the company shall have the right to cancel the allotment. In such event the amount deposited with the company will be refunded after deduction 10% of the total agreed value.
Mode of Payment: All payment of booking money, Installments, additional works and other charges shall be made by crossed cheque, bank draft or pay order to Prime Asset Ltd. Against which respective receipts will be issued. The company will not take responsibility for any cash payment made without proper receipt. Foreigners and Non-resident Bangladeshi may pay in foreign currency through bank. Conversion into taka will be done at prevailing Bangladesh Bank exchange rate.
Schedule of Payment: Payment of installments, car park cost and all other charges are to be made on due dates. The allotter/buyer must adhere to the schedule of payments/installment to ensure timely completion of construction. Discount will be available at the prevailing bank rate to allot tees paying all installments at a time or any payments made at least three months before due date. The buyer must strictly adhere to the installment schedule to ensure timely completion of construction work. Delay in payments beyond the due date will make the allottee liable to pay a charge of 3% per month on the amount of payment delayed.
Cancellation of Allotment: In case of surrender / cancellation of the allotment by the purchaser or nonpayment of installment beyond 2 (two) months or the end of the grace period, the company shall have the right to cancel the allotment. In such an event, the amount deposited with company will be refunded after deducting 10% of the total agreed value, only after resale of the apartment in question to a new buyer.
Documentation Ones & Govt. Taxes: The buyer/ allottee will pay stamp duties registration fee, VAT, documentation charges and other miscellaneous expenses likely to be incurred in connection with the deed of agreement, registration, transfer etc. The company and the allottee will be required to execute an agreement for safe guarding the interest of the allottee as well as that of the company.
Incident Costs: Connection fee, Security deposits and Incidental expenses/charges relating to Gas, Water supply, Sewerage, Power connections are not included in the price of the apartment. All expenses incurred by the company on these account shall be reimbursed by the buyers to the company proportionate to their shares.
Company's Right: The Company may make minor changes in the specification, design and/or layout of the apartment project if these become necessary, The applicant shall not without the prior written consent of the company can transfer, convey, mortgage, change or in any encumber, deal with or dispose of the rights and benefits till all dues of whatsoever nature to the company are fully paid it against the particular apartment.
Refund: For any reason beyond the control of the company, Acts of Good or otherwise, if the company is compelled to abandon then project, the buyer shall be refunded with all deposited money within 90 days from the date this is announced. In such situations the buyer will not be entitled to claim any kind of compensation or interest for money deposited.
Completion of the Project: It the completion period of the project is affected by unavoidable circumstances like natural calamity, political disturbances, strikes, civil commotion, non-availability of materials, non-payment of installment on time by the buyers and other force major price escalation and changes in the fiscal policy of the state etc. then the buyer will not be entitled to claim any kind of compensation.
Hand over: The possession of each apartment and parking space shall be duly handed over to the allottee on completion and on fully payment of installments and other charges and dues, prior to this, Possession of the apartment will remain with the company.
Owner’s Co-operative society: The buyer must become the member of the Owner’s Co-operative society which will be formed by the buyers of the apartments. The maintenance of common facilities and management of general affairs of the project will be looked after by the Co-operative Society. Members will abide by the rules framed by the Co-operative Society and pay an initial fee/ deposit of TK. 25,000/- (Twenty Five Thousand) only to the Co-operative fund. Thereafter, they must pay a monthly deposit as decided by the society.Note: