Lanart 5% Rental Guarantee Offer
The Lanart 5% Rental Guarantee Offer (“Offer”) is subject to the standard terms and conditions (“Terms and Conditions”) set out below.
The Offer is available to purchasers (“Eligible Purchasers”) of selected houses available for sale in the Warnavale location (“Eligible Lot”) who enter a contract of sale for an Eligible Lot (“Contract of Sale”) between 1 September and 31 December (“Promotion Period”).
2. Lanart reserves the right, at any time, to:
a. cancel or extend the Promotion Period or the Offer;
b. add or remove Eligible Lots to or from the Offer; or
c. withdraw Eligible Lots from sale.
3. To receive the Offer:
a. settlement of the Eligible Lot must occur in accordance with the Contract of Sale; and
b. the Eligible Purchaser must enter into a property management agreement with Lanart for the period of the Rental Guarantee.
4. The Offer is not redeemable for cash nor can it be claimed as a discount off or reduction in the purchase price for the Eligible Lot.
5. Any extension to the settlement date for the Eligible Lot must be agreed by Lanart (in its absolute discretion).
6. All other terms and conditions in the Contract of Sale apply. To the extent of any inconsistency between these Terms and Conditions and the Contract for Sale, the Contract of Sale will prevail.
7. The Offer cannot be taken in conjunction with any other offer made by Lanart from time to time without Lanart prior approval.
8. Prices and availability of Eligible Lots are subject to change without notice.
9. Eligible Purchasers must rely on their own enquiries and the Contract of Sale.
10. Lanart takes no responsibility and is not liable for the Eligible Purchaser’s stamp duty, strata levies or other tax liabilities.
Rental Guarantee
In addition to the Terms and Conditions outlined above, the following terms and conditions apply to the rental guarantee that will be provided as part of the Offer (“Rental Guarantee”):
1. The Rental Guarantee entitles the Eligible Purchaser to receive a rental guarantee from the seller for a period of 24 months after settlement under the Contract of Sale (“Guarantee Period”).
2. The amount of the Rental Guarantee is equivalent to the difference between the gross rent payable by the tenant of the Eligible Lot (“Rental Return”) during the Guarantee Period and an amount equivalent to 5% per annum of the purchase price of the Eligible Lot (“Guarantee Amount”) (so that if the Rental Return exceeds the Guarantee Amount the Rental Guarantee will be nil) less any rent recovered by the Eligible Purchaser under its landlord protection insurance policy.
3. The Eligible Purchaser is responsible for the payment of all costs, fees, charges, expenses and outgoings of any nature relating to the ownership or leasing of the Eligible Lot during the Guarantee Period, including (but not limited to):
a. All fees due to Lanart under the property management agreement; and
b. All premiums for landlord protection insurance from a reputable insurer.
4. The amount of any Rental Guarantee payment will be made by Lanart on a monthly in arrears basis, payable into the bank account nominated by the Eligible Purchaser.
5. Lanart is not liable to the Eligible Purchaser for any damage or loss caused or contributed to by any tenant that occupies the Eligible Lot.
6. The Rental Guarantee will end if Lanart is no longer the property manager of the Eligible Lot, the Eligible Purchaser ceases to be the owner of the Eligible Lot (i.e. it does not run with the sale of the Eligible Lot) or the Eligible Purchaser occupies the Eligible Lot.
If you have any queries or complaints about 5% Rental Guarantee Offer please contact us at:
Level 32, 101 Miller Street, North Sydney NSW 2060 PO Box 1003, North Sydney NSW 2059
1300 526 278 (1300 LANART)