Q1. Where are Prime Estates lands for sale in ogun state?
Ans: P.E 1 & P.E 2 on Papalanto Road, Ofada via Mowe, Obafemi Owode Local Government Area, Ogun State. About 25minutes drive from Lagos end of the toll gate.
P.E Pakuro is off Lagos-Ibadan Expressway, you turn off opposite Deeper Life Camp about 10 minutes drive inside.
P.E Igbesa is close to Agbara, off Lagos-Badagry Expressway within a stone throw from Gateway Polytechnic and Crawford University Igbesa.
Q2. What are the names of other estates and institutions within 3 KM radii of Prime Estate lands for sale in ogun state?
Ans: For P.E 1 & P.E 2, Jubilee Golden Estate, Redemption camp, the Redeemer University, Intercontinental bank training school, Cornerstone Estate, Cetep City University, KICC University (proposed), Graceland Estate, Trinity Secondary school, U.A.C Co-Op Estate, Union Homes Staff Co-op Estate, Master Golden Estate, Good Shepherd Homes, Parkland Meadows, Rosebud Gardens, Honey Land Estate, Resort Estate, etc.
P.E Pakuro: Yabatech Staff Estate, Ministry of Defence Co-op Staff Estate, Diamond Estate.
P.E Igbesa: 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 Estates lands for sale in ogun state?
Ans: A consortium managed by Realty Point Limited.
Q4. What is the price per plot for residential and commercial plots respectively?
Ans: Residential Plots Commercial plots P.E 1 Not available (N/A) Not available (N/A) P.E 2 Call/only available in Secondary Market N3,500 per/sqm (Price inclusive of plots & Development Levy P.E Pakuro Not available (N/A) Not Available (N/A) P.E Igbesa N1,350,000 per plot (Secondary Market Only) with N500,000 initial payment and spread balance of N850,000 installment for 10 months N3,500 per/sqm (Price inclusive of plots & Development Levy.
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 on the lands for sale in ogun state?
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 lands for sale in ogun state?
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 on the lands for sale in Ogun state?
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 on the lands for sale in ogun state?
Ans: Increase in price will not affect existing subscribers in any way except if/when they want to subscribe for additional plot(s).
Q11. What other payments do I make apart from the payment for the lands for sale in ogun state?
Ans: Survey fee: N130,000
Legal Documentation fee: N 20,000.00 for P.E 1 & P.E 2 Ofada
and 3% of sales value for others.
Development Levy Deposit: N300/Sqm2
Development Levy Balance: N700/Sqm2
Plot Maintenance Fee: N1,000/monthly
· Thereafter, Estate Services & maintenance Fee becomes payable per annum 12months after allocation
· Subscribers are allowed to pay this over a maximum equal monthly installment period of 24months at N18,900 per month. But the standing order/post dated cheques will be issued before allocation.
· 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 such payment, the reviewed amount is what becomes payable by the subscriber.
Q12. What do you mean by Development Levy Deposit?
Ans: Developmental Levy Deposit calculated now @ 300/sqm is the initial amount payable for infrastructural development in the estate. Subsequent payment for Developmental Levy will be when the final figure is calculated at the time the actual size of land is determined by Survey and current operating cost is known. 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: Paper allocation will take place after completion of payment for Land, Documentation, Survey and Development Levy Deposit. Physical allocation takes place after all necessary payments have been made.
Q16. Can I start construction or building on the lands for sale in ogun state now?
Ans: Yes, you can start building on the lands for sale in ogun state immediately after physical allocation.
Q17. What do I get after completion of payments for the lands for sale in ogun state, survey and title document?
Ans: Receipt, Deed of Contract, Letter of Allocation, Declarations of Deed of Restrictions (Consists of Estate Covenant, Rules and Regulations and Constitution of Landlord Association) also the Estate Management Agreement and Deed of Assignment.
Q18. What type of title does Realty Point limited have on the lands for sale in ogun state?
Ans: Exclusive irrevocable power of attorney donated by the customary owners.
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 P.E 1, registered survey & approved layout for P.E 2 and PE Igbesa and Perimeter Survey for P.E Pakuro.
Q20. What about Omo-oniles on the lands for sale in ogun state?
Ans: You will not have any nexus with Omo-oniles on the lands for sale in ogun state. 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, 20% administrative charges and also the deduction of “VAT” paid on your subscription payments made so far. 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.
Q24. Does Prime Exchange 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 development levy.
Q26. Are the roads to the estates good and motorable even during raining season?
Ans: Yes the roads to lands for sale in Ogun state P.E 1 & P.E 2 are tarred, good and motorable during both seasons. The road to P.E Pakuro shall be made very motor able all season. P.E Igbesa is also 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. Can I re-sell my plot/property?
Ans. Prime Exchange Limited can buy back plots from subscribers who have paid up on their land or assist to get a buyer. A charge of 15% (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 Prime Exchange Limited/Realty Point Limited assist subscribers in accessing National Housing Fund (NHF) loan?
Ans. Yes, Prime Exchange Limited/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?
· 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
· Allocation by letter
· Final payment of Development Levy
· Physical allocation of construction
Q32: Can I pay cash to your Agent?
Ans: While we are not discrediting anybody, we strongly advise that cash should be paid to PRIME EXCHANGE LIMITED designated bank accounts. Otherwise, cheques should be issued in favour of PRIME EXCHANGE LIMITED only. Please note that the management of PRIME EXCHANGE LIMITED 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 PRIME EXCHANGE 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 PRIME EXCHANGE LIMITED.
N: B: Please note the following among all others as may be communicated from time to time:
Development Levy Balance
· Balance of Development levy is now at N700/sqm (subject to review, according to market dictates).
· It comes to N453, 600 for a 648sqm plot and it becomes payable immediately after allocation.
· It can be paid in installments of a maximum period of 24 months via post dated cheques or Bank standing order instruction.
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.
· 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 esthetics within the estate and to give a good sense of orderliness which always has a way of impacting on property value/worth.