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FAQs - Prime Estate Bungalows


 


FAQs FOR BUNGALOW HOUSING ESTATE, IGBESA

1. Where Are the Prime Estate bungalows?
Ans:    Prime Estate Phase 1
            Prime Estate Phase 2
            Prime  Estate Igbesa

2.  Where are the Estates located?
Ans: Prime Estates 1& 2 are on Papalanto Road, Ofada via Mowe, Obafemi Owode Local Government Area, Ogun State; about 25 minutes drive from Lagos end of the toll gate.

Prime Estate, Igbesa is close to Agbara, off Lagos-Badagry expressway, within a stone throw from Gateway Polytechnic and Crawford University.

3. What are the various types of Housing units you propose to build?
Ans: 3-Bedroom fully-detached bungalow
          3- Bedroom Semi-detached bungalow
          3-Bedroom fully detached bungalow with an attached 1 room BQ

4. Who is/are the developers of the housing units?
Ans: Realty Point Limited

5. How many housing units are being proposed by the developer?
Ans: Over 1000 units spread around the Estates.

6. What are the prices of the various housing units?
Ans: Type A 3-Bedroom fully-detached from N7.5m
        3-Bedroom Semi-detached bungalow from N7.4m
        3-Bedroom fully detached bungalow with an attached 1 room BQ from N8.4m

Note that prices are subject to review.

 Ans: Type B 3-Bedroom fully-detached from N9.73m
        3-Bedroom Semi-detached bungalow from N9.58m
        3-Bedroom fully detached bungalow with an attached 1 room BQ from N10.68m
Note that prices are subject to review.

7. What are the payment options?
Ans:

  • 20% initial deposit and balance spread over 24 equal monthly installments.
  • One –off payment and/or group of 5 buyers upward attracts 2.5% discount
  • 20% down Payment and Mortgage for qualified prospects (regular mortgage or hybrid of regular mortgage and NHF)
  • 30% initial deposit and balance spread over 60equal monthly installments(Rent-To-Own Option). With this option, the apartment can be occupied by the purchaser or rented house under Realty Point Limited’s property management desk for the Purchaser immediately after the initial deposit (30%) and the first monthly installment of the 60months installments are made by the Purchaser.
  • Others as may be discussed and agreed upon.

8. Can the initial down payment be done in installments and how?
Ans: Yes, this is allowed in maximum of 6 equal monthly installments. Note however, that processing of unit or reservation is on a first to complete the initial deposit basis. Therefore, the earlier you make up your deposit the better.

10. What documents do I have on subscription if I am paying the Initial deposit in installments?
Ans:    Offer letter
            FAQs (Terms & Conditions)
            Receipt
            Welcome letter

11. What documents do I have upon completion of the initial deposit?
Ans:    Payment Acknowledgement Letter
            Deed of Contract/Reservation Agreement


12. What happens if I miss a month or two payments?
Ans: You risk revocation of your property if you default for a total of three (3) months and you might have to pay the differential in price review during this period. Also, for mortgage applicants, it is only after you have completed your initial down payment that your mortgage application and processing can commence if you qualify.

Strict adherence to payment plan will guarantee the initial purchase price. Buyers who fail to comply may be affected by price changes.

However, for the Rent-To-Own Option, when defaults attracts strict price review and 3months default will result in revocation and forfeiture of whatever amount has been paid up till the time of revocation.

13. Are there other payments, charges or fees apart from the payment for the housing units?
Ans: Yes, Legal fees – N100,000 (subject to review) and VAT – 5% of the purchase price payable on demand (Kindly note that these fees are non-refundable).

14. When do I make these other payments?
Ans:  You have to make these payments before your housing unit is handed over to you.

15. When is the completion date of the bungalows for the various installments?
Ans:  Approximately within 3 - 6 months after we receive full payment for your unit.

16. What is the process for the transfer (or change of name) of ownership of the property?
Ans:   We recognize that buyers may need to sell their purchase for varying reasons. However, due to the administrative and legal issues required in the proper transfer of these purchases, we would only honour transfers once full payment has been made.

Both buyers have to complete our Housing Unit Transfer Form after which title documents and a Purchase Agreement will be issued to the new owner (buyer).   

A non refundable fee of N100,000 (One Hundred Thousand Naira only) per unit is payable before the necessary transfer documentations can be made.
The transfer fee is subject to review.

17. When is the delivery/handover date from date of completion of payments?
Ans: It is anticipated that the developer will complete the building between 3 to 6 months after payment of the last installment and all other applicable fees. For Rent-To-Own Option, Realty Point Limited will get the property ready for Purchaser’s occupation or rental under the management of Realty Point Limited within 3-6months after the payment of the initial down payment and the first installment of the 60months installments.

18. What type of finishing are we expecting?
Ans: BUNGALOW SPECIFICATIONS

TYPE A:
Building Exterior
Complete roof installation, UPVC windows, Front & Back security doors, Texcote/Emulsion paint on external rendered wall, Balcony hand railing

Building Interior
Plastered cement walls, PVC ceiling board, Plastered partition walls, Conduit, wiring and fittings, Water closets in Toilets, Kitchen Zinc , Drainage pipes & fittings, Internal doors (panel/flush)

TYPE B:
Walls.

-  External and Internal walls are rendered and painted in Emulsion paint except kitchen, Toilets and Bathrooms.
-  Kitchen walls are finished with glazed ceramic tiles up to a height of 2.10m (i.e Floor to door level)
-  Visitors’ toilets are finished with glazed ceramic tiles up to a height of 1.50m
-  Toilets (with bathrooms) are finished with glazed ceramic tiles to a height of 3.00m (i.e Floor to roof level)

Floors

-  Sitting, Dinning and Terraces are fully vitrified ceramic floor tiles.
-  Toilets and bathrooms are Ceramic floor tiles.
-  All rooms are PVC floor tiles.

Ceiling

-  All ceiling areas are finished with PVC Ceiling stripes.

Doors.

-  Internal doors are quality imported timber panel doors.
-  External doors are quality imported iron doors (Buono brand or approved equal)

Windows.

 -  All windows are coated Aluminum casement windows with burglary bars.

Fittings & Fixtures.

 -  Includes Handrails, wardrobes, kitchen cabinets with granite work top.
-  All rooms are en-suite

19. What are the area specifications?
Ans:
i)  3-BEDROOM SEMI-DETACHED BUNGALOW 

Area Dimension
Master’s Room:                                   3.9 X 3.6 = 14.04sqm
Room1:                                                3.6 X 3.6 = 12.96sqm
Room2:                                                3.6 X 3.6 = 12.96sqm

Living & Dinning Area:                        4.725 X 4.7 + 3.75 X 3 = 33.46sqm
Kitchen:                                               3 X 3.75 = 11.25sqm
Land Size:                                           16.60 X 14.87 = 246.85sqm

Total Built Area:                                   12.87 X 10.40 = 133.85sqm

ii)  3-BEDROOM FULLY DETTACHED BUNGALOW

Area Dimension

Master’s Room:                                   3.9 X 3.3 = 12.87sqm
Room 1:                                               3.6 X 3.3 = 11.88sqm
Room 2:                                               3.6 X 3.3 = 11.88sqm

Living & Dinning Area:                         4.2 X 5.05 + 3 X 3.15 = 30.66sqm
Kitchen:                                               3.375 X 3.3 = 11.14
Land Size:                                           16.50 X 18.0 = 297.0sqm

Total Built Area:                                   11.70 X 10.0 = 117.0sqm

iii)  3-BEDROOM BUNGALOW WITH AN ATTACHED 1-ROOM BQ

Area Dimension
Master’s Room:                                   3.6 X 4.125 = 14.85sqm
Room1:                                                3.6 X 3.6 = 12.96sqm
Room2:                                                3.6 X 3.6 = 12.96sqm

Living & Dinning Area:                        5.625 X 4.125 + 3.6 X 3 = 34.01sqm
Kitchen:                                               3.825 X 3.6 = 13.77sqm
BQ Room:                                           3.6 X 3 = 10.80sqm
Land Size:                                           16.55 X 17.525 = 290.04sqm

Total Built Area:                                   11.025 X 14.250 = 157.11sqm

19. Can I amend my structures after taking possession?
Ans: You can amend internally, but for external amendments, approval must be sought from the estate management firm and relevant government quarters. However, Gate house, Generator house and Perimeter fence are allowed in the following dimensions:

The Gate House must be ensuite and not more than 12m2 inclusive of any space for cooking if necessary.

-  The generator house should not be more than 4.5ft and 7-10sqm in space.      
-  Low fence (American fence type) block work height of not more than 1m to the ground.
-  BQ structure may be approved for the 3 Bedroom fully detached structure according to RPL’s proto type design and specifications.

20. If unable to continue, how and when can I have a refund?
Ans:  Apart from on Rent-To-Own where refund is not an option, refund will be paid less 15% administrative charges of total amount subject to re-sale of property. This hinges on the premise that funds realized from this project are ploughed into the development of the project as the project is patterned after joint ventures.

21. How will I know if my property is ready?
Ans: Owners will be notified in writing upon completion of the project. However, note that possession and occupation of the bungalow shall be deemed to have commenced from the date fixed for Handover and all risks and benefits in respect of the property shall be passed to the purchaser.

22. Can RPL manage my property for me?
Ans: Yes, Realty Point Ltd has an arm that manages properties for a fee.

23. Will a price review affect subscribers?
Ans: Price review will be discussed when it becomes obviously necessary and the path to take will be mutually determined.

24. What is the mode of payment accepted by Realty Point Ltd?
Ans: Initial down payment and balance to be paid through mortgage for qualified subscribers.
              - One off payment with applicable discount of 2.5%.
              - Initial down payment and the balance in equal monthly installments over 24 or 60months

25. Can I use my private developers to execute the project?
Ans: No, Realty Point Limited is the sole developer of Prime Estate housing units.

26. What documents will Realty Point Ltd give on completion of payment?
Ans: Congratulatory letter (immediately after completion of payment), Handover Invitation letter (after completion of construction) and Purchase Agreement.

27.  How do I start?
Ans:

  •  Pick up or download an application form
  • Start making your Initial down payment
  • For clients who qualify for loan, your mortgage processing starts after completion of your down payment and your monthly repayment starts immediately
  • Self financing clients continue to make payment as per their choice.

 28. What do I get on the Handover Day?
Ans: You get the keys to your housing unit and your copies of the Deed of Sublease.

29. Can I resell my bungalow?
Ans: Yes, after completion of payment for the housing unit (subject to terms and conditions).

30. What other financing arrangements do you have for buyers, other than the installment payment?
Ans: We have relationships with Mortgage banks to which subscribers can be referred.

31. Are the housing units strictly for residential purpose or can be used for commercial purpose?
Ans: The housing units are strictly for residential purposes only.

32. What infrastructures am I entitled to?
Ans:   
- Electricity
- Drainage
- Well laid out network of roads
- Central Estate Security and co-ordination

33. Can I pay to your agent/staff, etc?
Ans:  While we are not discrediting anybody, we strongly advice that cash should be paid to Realty Point Ltd designated bank accounts. Otherwise, cheques should be issued in favour of Realty Point Ltd only. Please note that the management of Realty Point Ltd accepts no responsibility for any liability that may arise as a result of deviation from the above instruction.

NOTE: ALL FEES ONCE PAID ARE NON REFUNDABLE.

34. 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.

 

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


THANK YOU.
MANAGEMENT