FREQUENTLY ASKED QUESTIONS/ TERMS AND CONDITIONS OF PURCHASE
- WHERE IS ORANGE RESIDENCE LOCATED?
- ORANGE RESIDENCE is an undeveloped parcel of land located at IKO COMMUNITY, OVIA NORTH EAST LGA, EDO STATE.
Q2. WHO ARE THE DEVELOPERS OF ORANGE RESIDENCE?
- TOUGH ENGINEERING AND CONSTRUCTION, is a Leading Real Estate Company with office situated at 45 Ihama road, GRA, Benin City. Whereas, Orangewoods ltd., is one of its partners to the aforementioned company.
Q3. WHAT TYPE OF TITLE DOES ORANGE RESIDENCE IKO, HAVE ON THE LAND?
- DEED OF TRANSFER (and on demand, Survey plan).
Q4. ARE THERE ANY ENCUMBRANCES ON THE LAND?
A The land is free from every known government interest or adverse claims.
Q5. WHAT IS THE PAYMENT STRUCTURE?
- Outright payment of N1,350,000 only per 464sqm (50ft x 100ft).
- 3 months, 6 months, 12 Months Installment Payment is available and can be arranged.
- N.B: Non-Payment of the monthly installments as at when due shall be treated as a fundamental breach of the contract which shall result in termination or revocation of the contract/ OR attract default charge of 10% of the month payment.
Q6. WHAT IS THE SIZE OF THE PLOT?
- 464sqm (50ft x 100ft)
Q7. IS THE ROAD TO THE PLOTS MOTORABLE?
- Yes. The road to the plots is motorable and is maintained by the estate developer.
Q8. WHAT OTHER PAYMENTS DO I MAKE APART FROM THE PAYMENT FOR THE LAND?
- C of O (upon request of the client): N450,000 per plot.
- Estate Service charge of N500,000 per plot. This fee is only applicable to land owners that wishes to commence development on their acquired land. For those who wish to buy and re-sell, they will NOT be required to pay this fee. This fee covers the following;
*construction of drainage, paved roads, solar street lights, entrance and exit gates of our lanes, electric poles and cables, landscaping, etc.
Kindly note that this fee is applicable for a period of five (5) years after which it shall be subject to an upward review by the Estate Management. Furthermore, this fee does not cover the cost of access to utility bills such as (but not limited to) Water, electricity bills, gas bills, landscape maintenance, etc.
Q10. WHAT DO I GET AFTER THE INITIAL PAYMENT DEPOSIT?
- Starters’ pack comprising a letter of acknowledgment of subscription, receipts of payment.
Q11. WHAT DO I GET AFTER COMPLETING PAYMENT FOR THE LAND?
- Completion Payment Receipt, Allocation Notification Letter (a) Deed of Transfer & Survey Plan (where applicable) after Physical Allocation is done.
Q12. CAN I START CONSTRUCTION OR BUILDING ON THE LAND NOW?
- Upon completion of payment for the land and the Service Charge, you can start building on the land after Physical Allocation, while other development is going on.
Q13. IS THERE ANY RESTRICTION REGARDING THE TYPE OF BUILDING I CAN CONSTRUCT?
- Yes. The layout is in sections and you are limited to build houses on each section based on designated use or plan for that section (Commercial or Residential) i.e Bungalow, Block of Flats, detached houses (duplex). Note. "Face-me-l-Face-you" (Tenement Building) and Highrise houses will not be approved by the company and with Edo State Government afterwards.
Q14. CAN I RE-SELL MY PLOT/PROPERTY?
- Yes. Subscribers who have paid up for their land (in full) can re-sell their plot(s). Orangewoods Limited would require the seller to furnish the company with details of the buyer.
- A Charge of 10% of the land consideration (Covering Deed of Transfer and other Documentation fees) shall be paid to the company (Orangewoods ltd) by the new buyer.
- The current owner MUST notify the company if he/she decides to sell their plot(s) of land(s) to another buyer. This is to enable the company to get information on the “change of ownership” so that the details of the new owner can be included to the general Database.
Q15. CAN I PAY CASH TO YOUR AGENT?
- We strongly advise that cash payments should ONLY be made to Orangewoods Limited at its designated Banks. Otherwise, cheque(s) should be issued in favor of Orangewoods Limited. We shall not accept any responsibility for any liability that may arise as a result of a deviation from the above instruction.
Q16. WHAT HAPPENS IF I CANNOT CONTINUE WITH MY PAYMENT? CAN I REQUEST FOR A REFUND?
- Yes, you can apply for refund only if you have NOT been allocated your plot(s) or survey done. In the event of a Refund, you are required to give the Company Ninety (90) days' notice in writing to process your refund request and a further Sixty (60) days if the process isn't completed after the first 90 days. The refund shall be processed and paid after a deduction of 30% Administrative Fee and Others.
I hereby confirm that I have seen the land and ready to go on with the transaction.
THEREFORE, THE INFORMATION PROVIDED, TERMS & CONDITIONS HERE WITH IS ACCEPTABLE AND CONSENTED BY ME, I ACKNOWLEDGE RECEIVING A COPY OF IT.
