Hope Estate ,Ibeju-Lekki
…a haven of peace
TERMS & CONDITION
(FREQUENTLY ASKED QUESTIONS)
1: Where is Hope Estate (H.E)?
Ans: Hope Estate is located in Ladeba village, along the Elerangbe axis, off lekki-epe expressway, Ibeju-lekki, Lagos
2. What are the names of other estates, institutions and industries around Hope Estate?
Ans: Other Estates in the area include Dominion Gardens,City of hope estate etc. other major developments include the Lekki International airport which is under construction,Lekki free trade zone,lekki deep sea port,CHOSEN university, etc
3. Who is the developer of Hope Estate?
Cornell Realtors is a subsidiary of Adelade Fruita limited(RC 845181)
4: What is the price per plot for residential and commercial plots respectively?
Outright payment – N750,000
Instalmental options available on request
Commercial plots aren’t available for sale at this time
5. What is the size of residential?
Ans: Approximately 648 square metres or 60ft x 120ft or 18 metres x 36 metres for residential. When allocated, account between CR and the subscriber will be reconciled as to the actual size of the allocated plot(s). Where allocated plot is less than 648sqm, CR will credit client’s account with the differential at the rate of purchase and vice versa. This is based on the understanding that plots throughout the expanse of land after sub-division cannot each be exactly 648sqm.
6. Is there any encumbrance on the landed properties?
Ans: The landed properties are free from every known government acquisition and no adverse claimant.
7. What types of infrastructure will the developer provide?
Ans: Frontal fencing and landscaping to be completed with barbed wire fencing around the Estate and Electricity (i.e connection to the national grid and an 11/33KVStation to be energized on the estate). Road network,drainage system etc
8. How much do I pay for Development Levy?
Ans: N300 per square meter which is payable upon development of property on said plot.its payable in full or in instalments not exceeding 12months
9. 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 subscribe for additional plot(s).
10. What other payments do I make apart from the payment for the land?
Other payments to be made are when the subscriber is ready for allocation and they are;
ii) Legal Documentation Fee: N50, 000 per plot.
ii) Survey Fee: N150,000.00/plot
iii) Allocated Plot(s) size reconciliation settlement for plot(s) less or greater than 648sqm
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.
11. When will my plot(s) be allocated to me?
Ans: Paper Allocation (Provisional) will be done immediately payment is made
Physical allocation will begin in December 2013
Physical allocation will be done in batches; subscribers will be notified in writing. However, note that possession and occupation of the plot(s) shall be deemed to have commenced from the date fixed for handover and all risks and benefits in respect of the property shall pass to the purchaser.
12. 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. Subscribers can view the layout at our office to let their preferences be known, this is however subject to availability
13. Can I start construction or building on the land now?
Ans: You can start building on the land immediately after physical allocation.
14. Can CR build for clients?
Ans: Yes, CR is very willing and positioned to construct for clients. We would be your preferred construction company/contractor because the fact that we are on ground and shall be handling multiple units give us great economy of scale, making our pricing difficult to beat by any outside builder except he will compromise quality. We can handle the whole building process from architectural design, bill of quantity, building approval processing to actual construction.
Also, CR shall also be your best source for quality building materials for your construction activities.
15. What do I get after completion of payments for the land document and survey?
Ans: Receipt(s), Deed of Contract, Congratulatory Letter/Letter of Allocation, Landlord Association Constitution/Estate Covenants, Survey Plan and Deed of Assignment.
16. Does Cornell Realtors have Certificate of Occupancy (C of O)?
Ans: CR has completed all necessary payment for title and the C of O file is opened already and should be ready any moment from now
17. What about Omo-oniles?
Ans: You will not have any nexus with omo-oniles. No omo-onile wahala. We face that on your behalf.
18. What other value added service(s) is Cornell Realtors set to provide for subscribers into the estate?
Ans: CR shall continue to manage the estate to ensure that life is comfortable to all subscribers.facilities such as health facility,parks and gardens,recreation centeres etc have been accorded priority and will be accessible to all
19. What title would I get eventually?
Ans: Deed of Assignment of the unexpired term of 99 years.
20. 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 10% administrative charge. This is because the project is patterned after joint ventures.
21. Can I pay a deposit and pay balance anytime within the duration of tenure chosen (e.g. 2, 3, 6, 12, 15, 18, 20 or 24 months)?
Ans: After the payment of the initial deposit, you are expected to continue to make your monthly payments. Non-payment monthly as at when due will be treated as fundamental breach of contract which MAY result in the termination or revocation of contract. The developer is not required to put you on notice in this case.
22. Does Cornell Realtors charge interest on the balance of payment?
Ans: No, the transaction is interest free for active subscriptions that are within the agreed term.
23. Are the roads to the estates good and motorable even during raining season?
Ans: Yes, the estate is directly on the main road (tarred).
24. Is there any restriction as to the type of building I can have?
Ans: Not really, except otherwise determined by the Landlord Association.
25. Is there any time limit to commence work on my land after allocation?
Ans: it is expected that subscribers begin work on their site immediately after physical allocation.to aid this, CR is in talks with mortgage instituitions to provide funds to our subscribers with long tenor and low interest
CR and other company in our group shall be there to give every support and encouragement we can to facilitate speedy development of the estate.
26. Can I resell my plot/property?
Ans: Cornell Realtors can assist subscribers who have paid up on their land to get a buyer or they can come up with a buyer themselves, whichever comes first. A charge of 15% of the sale price (agency fee) is payable if Cornell Realtors sells for a subscriber.
27. Is it compulsory I make all these other payments after paying for the land to secure my investment within the estate?
Ans: For investors who are not really keen on developing their plot(s) within the estate, you can concern yourself with just paying for the land.other payments , Documentation & Survey and plot size reconciliation settlement can be left to whoever you sell your holding in the estate to later
You are sure that your investment is secured and available within the estate because we will not allow over subscription. Your intending buyer can check (conduct a search) and confirm your claims of having landed investment within the estate from our office before the purchase is made. This shall be done in writing and shall be at a fee of N2, 000 per property.
28. Does CR have any planned means to assist investors dispose of
their investment much later?
Ans: CR has designed the Hope Estate Scheme such that we plan to officially open the secondary market July 2014 by which time it is envisaged that the appreciation on the investment will well over 200%. Then we will act as agents to subscribers who will be willing to sell (cash out). This service shall be offered at a very reasonable fee to interested subscribers.
29. 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 for land has been made.
Both buyers (existing & intending) have to complete our Property Unit Transfer Form after which title documents and a Purchase Agreement can be issued to the new owner (buyer).
Plot ownership verification, an exercise which should take place in writing and in our office by the new buyer with the consent of the original buyer (seller now) attracts N1,000 fee.
A non refundable Transfer Fee of N25,000 (Twenty Five Thousand Naira only) per unit is payable before the Property Transfer Form can be treated.
Please note that the transfer fee is subject to review.
30. What is the sequence of event in this transaction?
Ans: i) Payment of land
ii) allocation of plot from layout
iii) Payment of Survey and documentation
iv) Allocation by letter
v) Allocation plot size reconciliation and account settlement
vi) Physical allocation and induction into Landlord Association.
31. What is your projection on this investment?
Ans: By our own estimation properties within Hope Estate can increase in value to as much as 250% in 18 – 24months (starting with initial promo price of N1,000,000 per plot). We have based this expectation on the nearness to infrastructural activities like the Lekki international airport,lekki free trade zone,lekki deep sea port,CHOSEN university,close proximity to the lekki-epe expressway,the Elerangbe-badore-ajah expressway currently under construction, the serenity and appropriateness of the location for residential purposes, the dynamics of the budding community in which it is situated, etc.
Note however that this is just an estimate; every potential investor shall be responsible for their investment decision and should seek professional counsel before taking a decision.
But if I were you, I will take position in the NEXT LEKKI.
Don’t wait to buy land, buy land and wait!
32. Can I pay cash to your Agent?
Ans: While we are not discrediting anybody, we strongly advise that cash should be paid to designated bank accounts. Otherwise, cheques should be issued in favour of Adelade fruita limited only. Please note that the management of Cornell Realtors accepts no responsibility for any liability that may arise as a result of deviation from the above instruction.
33. Which of CR’s Bank account(s) is (are) designated for this project?
Ans: Sterling Bank, Account Name: Adelade Fruita Limited, Account #: 222416008110
34. Any other thing to note when making payments into any of these?
Ans: Always ensure that at the bank you indicate your name as we have it in our records as the depositor even if/when you send someone else to the bank. This will help our internal accounting process.
One more very important thing please;
Also, we expect that you will send in your payment details via any of the following ways:
i) Scan the deposit slip you paid within the bank to firstname.lastname@example.org
ii) Send your copy of the deposit slip to our office
You will get notified as soon as we credit your Hope Estate land subscription account with us.
35. How can I see the place?
Ans: We conduct site inspections on Saturdays (except on Environmental Sanitation Saturdays) and leave from the following points:
1) Our Head Office: no 35,cele rd,ile-iwe bus/stop,isashi,off badagry expressway,lagos
By 10:00am promptSaturdays, but we do not conduct inspection to this site on Environmental Sanitation Saturdays)
2) Lagos business school,sango-tedo
By 10.00am prompt Saturdays, but we do not conduct inspection to this site on Environmental Sanitation Saturdays)
You can call any of our office numbers to register your interest for inspection and get the movement details. Prospects that drive are encouraged to come in their vehicles to reduce pressure on the one(s) to be provided by the company.
36. Does CR have programme of work for this project?
40. 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 CORNELL REALTORS. 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 CORNELL REALTORS.