Advance Payment Policy
This policy explains how advance payments, preparation costs, and refunds are handled before a rental agreement is signed. It helps prospective tenants understand the costs incurred while a workspace is reserved and the lease is prepared.
A prospective tenant must make an advance payment to hold the workspace off the market while the rental agreement is prepared and reviewed. The advance payment is LKR 200,000 per office space and is applied toward key money when both parties sign the lease agreement.
LKR 20,000 per office space from the advance payment covers legal and document-preparation work for a rental agreement tailored to the property and agreed rental terms. This amount is non-refundable once the lease preparation work has been undertaken.
If a prospective tenant decides not to proceed before signing the lease, LKR 40,000 per office space will be retained from the advance payment as a re-advertising fee. This covers the cost of returning the workspace to the market and arranging new enquiries.
If the prospective tenant does not proceed before the rental agreement is finalized, the remaining advance balance is refundable after deducting the non-refundable legal fee, operational charge, re-advertising fee, and any applicable rent loss. The refund is processed after a new tenant is secured or within three weeks, whichever comes first.
Once both parties sign the rental agreement, the full advance payment is credited toward key money. The preparation and reservation charges are considered earned, so they are not refunded after the agreement is signed.
If the property owner cannot proceed with the lease after receiving the advance payment, the entire advance payment will be refunded to the prospective tenant.
The prospective tenant must provide all required documents and sign the rental agreement within ten working days from the date of the advance payment. If the tenant does not provide the documents or agree to sign within that period, management may cancel the proposed tenancy.
If management cancels because the required documents or signed agreement were not provided within ten working days, the advance payment is refunded after deducting applicable non-refundable fees. The refund is made after a new tenant is secured or within three weeks, whichever comes first.
The agreed tenancy commencement date remains binding even if the tenant signs the rental agreement after that date. In that case, rent and all applicable charges are payable from the agreed commencement date, regardless of the actual signing date.
For a workspace reservation, advance-payment receipt, or refund query, contact Hyatto Office Complex at [email protected] or +94 77 700 9429. The signed lease and any written reservation schedule govern the specific tenancy.
