Premium Upgrade Package
Terms and Conditions
The Fortress Group ("Fortress") is the developer of the Riverparks Estate ("the Estate") at Upper Caboolture Queensland.
The Premium Upgrade Package will be underwritten by Fortress to the value of $5,000.00 solely for your benefit if you satisfy the Qualification Test which is explained below. If you satisfy the Qualification Test you will be a Qualified Buyer for the purposes of these Terms and Conditions.
To satisfy the Qualification Test you must –
(a) make a written offer to the Selling Agent to purchase an Available Lot ("the Lot") at its Listed Price ("the Offer") – before 30 June 2016;
(b) pay a Deposit (in Cleared Funds) to the trust account of the Selling Agent on account of the Listed Price - on the day when the offer is made;
(c) sign a Contract in Standard Form to purchase the Lot at its Listed Price ("Land Contract") and give it to the Selling Agent (for signature by Fortress) - within 5 days after the day when the offer is made;
(d) give Fortress evidence to its reasonable satisfaction that you have entered into a written agreement with an Appropriately Licensed Builder ("your Builder") to build a house on the Lot ("the House") and that you have paid a deposit to your Builder under that agreement - within 30 days after the Land Contract Date;
(e) give Fortress preliminary building plans for the construction of the House for approval under the Riverparks Building Covenants - within 30 days after the Land Contract Date;
(f) pay the balance of the Purchase Price under and settle the Land Contract - within 45 days after the Land Contract Date;
(g) obtain approval of building plans for the construction of the House from Fortress under the Riverparks Building Covenants - within 90 days after the Land Contract Date;
(h) give Fortress an executed copy of the Building Agreement - within 90 days after the Land Contract Date;
(i) comply with the Riverparks Building Covenants.
If you are a Qualified Buyer, Fortress will pay to your Builder the sum of $5,000.00 (inc GST) for the Premium Upgrade Package within 14 days after your Builder gives Fortress -
- a tax invoice (at least to that value) for the Premium Upgrade Package; and
- a final inspection certificate for the House from a Building Certifier.
To avoid any doubt, regardless of the cost of the Premium Upgrade Package, Fortress will only underwrite it to a limit of $5,000.00 (inc GST) and any cost in excess of that amount will be payable by you to your Builder.
In these Terms and Conditions, the word "you" and all grammatical forms of that word mean the person or persons who have made the Offer and become the "Buyer" under the Land Contract and, further, the following words and phrases have the meanings which are allocated to them below –
"Available Lot" means a lot which is listed for sale in the Estate and which is not the subject of an offer to purchase by someone other than you;
"Appropriately Licensed Builder" means a person who is a licensed builder under the Queensland Building and Construction Commission Act 1991 (Qld) to carry out building work of the kind which will be required to build the House;
"Building Agreement" means a written agreement made by and between the Builder, on the one hand, and you, on the other hand, for the construction of the House in accordance with plans and specifications which have been approved by Fortress under the Building Covenants;
"Building Certifier" means a person who is licensed as a building certifier under the Building Act 1975 (Qld);
"Cleared Funds" includes moneys paid in cash, by electronic funds transfer, bank transfer or bank cheque;
"Fortress Group" means Fortress Investments (Aust) Pty Ltd ACN 010 591 303 and the bodies corporate which, for the purposes of the Corporations Act 2001 (Cth), are related to it;
"Land Contract Date" means the date which is inserted in the Land Contract as the "Contract Date";
"Listed Price" means the price at which a lot in the Estate is advertised for sale;
"Premium Upgrade Package" is the supply and installation by your Builder (in the House) of fitout or finishes (which does not include white goods, appliances or other utensils) of a different or higher standard and which you choose instead of your Builder’s standard range of fitout or finishes.
"Riverparks Building Covenants" the Building Covenants which are set out in the Standard Form;
"Selling Agent" means Colliers International Residential (Brisbane) Pty Ltd;
"Standard Form" means the standard form of Contract for the sale of residential lots by Fortress at the Estate.