ARE THERE REGISTRATION CHARGES RELATED TO BUYING FREEHOLD OR LEASEHOLD PROPERTIES IN SRI LANKA?
Golden Corals has registered the lease agreement at the Land Department and with the Sri Lankan Board of Investment, so the leasehold owner (/ purchaser) will have unfettered rights to use the land and improvements, in accordance with the terms and conditions of the lease agreement. Recent land and property laws in Sri Lanka require a 16% transfer fee and stamp duty to be paid by any Company setting up an approved leasehold structure. This has been paid by Golden Corals Ltd on the entire property, so the process of buying any of the villas, or of selling them in the future, is as simple as transferring shares in a BVI company from one shareholder to another, without further registration charges, taxes or stamp duties payable in Sri Lanka.
IS THERE A WARRANTY OFFERED BY THE DEVELOPER?
Yes, a 1-year warranty on the main structural parts of the building, including piles, footing, slab, roof structure and load bearing walls is offered by the developer.
ARE ADDITIONS TO THE On Houses PERMITTED?
No, each of the ON Houses has been meticulously designed by an outstanding professional team of architects and engineers. Construction has been done by a Class 1 Sri Lankan construction company, one of the leading contractors in the country. We also would like to maintain the consistency of our design, as well as the overall look and feel of the project. Any addition would detract from its original design and purpose. Of course, individual owners are free to decorate and furnish their ON House according to personal tastes, so long as these do not impact the visual appearance of the ON House from the outside.
ARE INTERIOR FINISHES, FURNISHINGS AND EQUIPMENT PROVIDED WITHIN
THE PURCHASE PRICE?
Yes, the standard handover condition includes interior finishes, furnishings and equipment (FF&E) that are detailed in the leasehold agreement.