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FAQs-Prime Estates Igbesa

 

Q1. Where is Prime Estates Igbesa?
Ans
: P.E Igbesa is close to Agbara, off Lagos-Badagry Expressway within a stone throw from Gateway Polytechnic and Crawford University.

Q2. What are the names of other estates and institutions within 3 KM radii of Prime Estate Igbesa?
Ans: Ogun State Free Trade Zone, Agbara Industrial & Residential Estates, Opic Estate, Multinational Companies (e.g Smithclime Beecham, Lever Brothers, Nestle, Vitamalt, e.t.c) Crawford University, Gateway University, Covenant University, Ronik Polytechnic Permanent Site, Vitamalt Staff Co-operative Estate, etc.

Q3. Who is the developer of Prime Estate Igbesa
Ans
: Realty Point Limited. REALTY POINT LIMITED (RC 621592) is a dynamic multifaceted Pan-African real estate going concern primarily involved on the supply side of the industry, with a strong presence in Real Estate Development, Investment, Training/Consultancy and Marketing Syndications.


Q4. What is the price per plot for residential and commercial plots respectively?
Ans:

 

Residential Plots

Commercial plots

P.E Igbesa

Only Available in Secondary Market with the following payment options:

N 1,577,000 per plot (Outright)

N 3,500 per/sqm (Price inclusive of plots & Development Levy


Q5. WWhat is the size of residential / commercial plot?
Ans:
Approximately 648 square meters or 60ft x 120ft or 18meters x 36 meters for Residential and Commercial plots are as indicated in the approved layout. When allocated, account between RPL and the subscriber will be reconciled as to the actual size of the allocated plot(s). Where allocated plot is less than 648sqm, RPL will credit client’s account with the differential at the rate of purchase and vice versa.

Q6. Any special infrastructure?
Ans: Green parks, Police/Security Post. These are to be maintained by RPL on behalf of the residents.

Q7. Is there any encumbrance on the landed properties?
Ans: Before we commenced these projects, our thorough investigation reviewed that the landed properties are free from every known government acquisition and no adverse claimant at

Q8. What types of infrastructure will the developer provide?
Ans: Perimeter fencing, earth road, transformer and connection to the national grid, boreholes randomly sited to assist during construction.

Q9. What infrastructure will the developer not provide with the purchase price?
Ans: Electric poles and strings, piped water system, drainage, and road network.

Q10. How will increase in price affect subscribers?
Ans: Increase in price will not affect existing subscribers in any way except if/when they want to subscriber for additional plot(s).

Q11. What other payments do I make apart from the payment for the land?
Ans:
i) Survey fee: N130,000
ii) Legal Documentation fee: 3% of purchase price per plot or N 20,000 per plot (which-ever is higher), effective from May 7, 2015.
iii) Development Levy: N648, 000 (1,000 per sqm )

Development Levy should be paid as follows:
3a) Development Levy Deposit-:  N 400, 000
3b) Development Levy Balance-: N 248, 000 (Spread over 6 months) Please note that payment for Development levy deposit and a bank standing order for the balance should be issued before allocation).

iv) Electricity Connection Fee: N50, 000
v) N1,000 monthly as Plot Maintenance Fee: 12months after completion of payment for the plot if the subscriber does not proceed for allocation thereby making other payments. 

This applies only to a subscriber that is not coming forward to fulfill the requirements for allocation after paying for the plot(s). It becomes due and starts to accrue 12months after the completion of payment for plot (i.e the 13th month) till the client steps forward and fulfills all the necessary conditions for allocation. When necessary payments for allocation are to be made, arrears of Plot Maintenance Fees will have to be paid first. 

a. Kindly note that the fees stated above are subject to review. 
b. Where review of any fee takes place before a subscriber completes payment for plot or the particular payment, the reviewed amount is what becomes payable by the subscriber.
 

Q12. What do you mean by Development Levy Deposit?
Ans: Developmental Levy Deposit is N400,000 is the initial amount payable for infrastructural development in the estate. The Development levy Balance is now calculated at N248, 000. This comes before construction and it is called final Developmental Levy.

Q13. What is the Development Levy used for?
Ans: Provision of drainage, electric poles and strings for the distribution of energy, randomly sited water stations and road network.

Q14. When do I pay Development Levy Deposit?
Ans: After completion of payment for Land and Documentation.

Q15. When will my (plots) be allocated to me?
Ans: Physical allocation will take place after completion of payment for Land, Documentation, Survey, Development Levy Deposit and a standing order for the Development Levy Balance. The company shall identify the plot to be allocated and issue the subscriber a Sketch Survey. Upon receipt of the Sketch Survey, the subscriber is expected to move to site and take possession by commencing construction work, the least of which has to be perimeter fencing of the plot with gate within 2months of getting the sketch survey. It is the commencement of work within the 2months that will activate the issuance of the original Survey, Declaration of Deed Restrictive Covenant, Estate Management Agreement and the Allocation Letter.

It is strictly an attempt to ensure development in the estate is in a systematic way such as will enhance value of investment within the estate for all. Over subscription is being guided against and every subscriber who pays up on his/her subscription shall be allocated within the estate. Subscribers are encouraged to buy their sandcrete building blocks from Realty Point Ltd.

Q16. Can I start construction or building on the land now?
Ans: Yes, you can start building on the land immediately after physical allocation.

Q17. What do I get after completion of payments for the land, survey and title document?
Ans: Receipt, Deed of Contract, Letter of Allocation, Declarations of Deed Restrictions (Consists of Estate Covenant and Constitution of Landlord Association) also the Estate Management Agreement and Deed of Assignment.

Q18. Can I indicate where I should be allocated within the Estate?
Ans: We allocate progressively on first in line basis at the discretion of the company. However, preference shall be given to request for corner piece(s) plot allocation provided it is still available subject to the payment of a fee. 

Q19. Does Realty Point Ltd have Certificate of Occupancy (C of O)?
Ans: Realty Point Limited initiates the process of getting C of O immediately as part of the acquisition process. We already have C of O for PE Igbesa.

Q20. What about Omo-oniles?
Ans: You will not have any nexus with Omo-oniles. No Omo-onile wahala. If at all there is, we deal with that, not you.

Q21. What title would I get eventually?
Ans: Deed of Sub-lease/ Assignment of the unexpired term of 99 years less one day.

Q22. What happens if I cannot complete payment or default in the payment of the monthly subscription??
Ans: If your land is revoked due to none or irregular payment of your subscription or you indicated your interest at discontinuing the transaction, refund is subject to resale of your plot and you get your contribution less Cost of Deed of Contract and 30% administrative charges in the least (effective from May 15, 2013). Kindly note also that these charges are subject to review.

Q23. Can I pay a deposit and pay balance anytime within the duration of tenure chosen (e.g 20, 24 months, etc)?
Ans: After the payment of the initial deposit you are expected to pay the balance monthly. Nonpayment monthly as at when due will be treated as fundamental breach of contract which can result to termination or revocation of contract. The developer is not required to put you on notice in this case and this is subject to appropriate deductions.

Q24. Does Realty Point Limited charge interest on the balance of payment?
Ans: No. the transaction is interest free.

Q25. Can I start construction or building on the land now?
Ans: You can start building on the land immediately after physical allocation and payment of the stipulated total development levy.

Q26.  Are the roads to the estates good and motorable even during raining season?
Ans:
Yes the road to P.E Igbesa is very accessible all season.

Q27. Is there any restriction as to the type of building I can have?
Ans:
Yes, you are limited to building residential houses within the area designated as residential and commercial structures in areas designated as commercial. Provision of shops in residential houses and building of tenement house type (popularly known as FACE ME I FACE YOU) is not permitted.

Q28. Is there any time limit to commence work on my land after allocation?
Ans:18 months after allocation for at least fence and gate and after another 5years for structural development, making a total of 6 year and 6 months grace period after allocation.

Q29. CCan I re-sell my plot/property?
Ans. Realty Point Limited may buy back plots from subscribers who have paid up on their land or assist to get a buyer. A charge (agency fee) is deducted from purchase/selling/current price in either of the cases. Note that transfer fee is also payable by either of the parties (seller or buyer).

Q30. Will Realty Point Limited assist subscribers in accessing National Housing Fund (NHF) loan?
Ans.
Yes, Realty Point Limited has Mortgage Institutions that are ready to partner with us in providing NHF and other Mortgage loan for subscribers.

Q31: What is the sequence of event in this transaction?
Ans:

  • Payment for land
  • Payment for Documentation
  • Letter acknowledging full payment for land and reserving the equivalent of plot(s) paid for within the concerned estate.
  • Survey and Development Deposit payment
  • Development Levy Balance or at least commencement of payment and agreed plan for subsequent payment till completion.
  • Allocation by letter
  • Physical allocation
  • Final payment of Development Levy
  • Signing of the Deed of Assignment.
     

Q32: Can I pay cash to your Agent?
Ans: While we are not discrediting anybody, we strongly advise that cash should be paid to REALTY POINT LIMITED designated bank accounts. Also, PRIME EXCHANGE LTD designated Bank Account can receive funds being the Authorized marketing organization. Otherwise, cheques should be issued in favor of REALTY POINT LIMITED only. Please note that the management of REALTY POINT LIMITED/ PRIME EXCHANGE accepts no responsibility for any liability that may arise as a result of deviation from the above instruction.

Q33: Can there be changes and/or amendment to this offering as it is presently known?
Ans: The real estate industry just like most others is a dynamic industry and as such things get to change from time to time most especially for the better. However any change, amendment or modification shall be communicated and endorsed by REALTY POINT LIMITED. Such communication shall be via letters, electronic mails, fax, short message service (SMS), handbill, posters and any other means of communication. This correspondence shall be deemed to have been received by the CLIENT having been sent by REALTY POINT LIMITED.

N.B. Please note the following among all others as may be communicated from time to time:

Development Levy Balance

  • Development levy deposit is N400,000
  • Balance of Development levy is now at N248, 000 spread over 6 months (subject to review, according to market dictates). The balance should be paid within 6months via a Bank standing order instruction.
  • It comes to N648,000 for a 648sqm plot @1,000 per sqm
  • Electricity Connection Fee – N50,000

 

Service & Maintenance charges

  • This is for the continuous management of the estate(Service & maintenance) allottes and/or residents
  • This is now put at N75,000 per annum (N50,000 per plot as Service charge and N25,000 per plot during construction and/or per family dwelling unit after construction for occupied apartments with more than one family dweller on a plot).
  • It becomes payable from 12 months after allocation
  • Kindly note that all these payments shall be enforced by the Estate Managers and community Development Association/body within the Estate.
     

Appeal

  • Planting of 2 trees in front of your houses within your compound for aesthetics and health reasons
  • Putting 2-3 energy saving lighting points on your frontal fence outside to the road to assist as  streets light and further help illumination within the estate
  • Please let all subscribers ensure the use of the light brown colour roofing sheets on all of their structures for improved aesthetics within the estate and to give a good sense of orderliness which always has a way of impacting on property value/worth.

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