TERMS & CONDITIONS

Edo Development and Property Agency (EDPA) (herein after referred to as the Vendor) through Edo State Government offers for sale apartment at GOLF MEWS 23 Central Road, GRA Oredo LGA, Benin City, Edo State (herein referred to as the Property).

  1. Property Description

Edo Development and Property Agency (EDPA) (herein after referred to as the Vendor) through Edo State Government offers for sale apartment at GOLF MEWS 23 Central Road, GRA Oredo LGA, Benin City, Edo State (herein referred to as the Property).

  1. Purchase Price

Purchase price shall be as stated in the application form to be completed by the Applicant(s) The Purchase price is payable either in full or in instalments as specified in the offer letter addressed to Applicant(s). The Purchase price includes Legal Fees, and Value added Tax. Where the Applicant(s) is/are making payment in instalments, a default payment of any instalments within the specified period shall entitle the Vendor at its discretion to any of the following:

  • An upward review in Purchase price of the unit.
  • An interest charge on the outstanding amount at the prevailing bank rate at the time of default
  • Termination of Applicant(s) subscription.

All Cheque(s) or Bank Draft(s) shall be issued in favour of Edo Development and Property Agency. Acknowledgement of payment(s) shall be sent to Applicant(s) by email which shall be deemed delivered and read within 3 hours of sending the email. Payment by Cheque(s) shall only be acknowledged when payment(s) is/are received in cleared funds by the vendor. Direct payment into the Vendor’s account will only be recognized when the Vendor receives evidence of such payment(s) from Applicant(s) or their representative(s).

  1. Documentation

3.1 Full documentation for sale shall comprise the following:

  • Contract of Sale – Issue upon receipt of payment of at least 50% (Fifty Percent) of the purchase price
  • Deed of Assignment – Issued upon receipt of full payment of purchase price:
  • Form 1c – issued upon receipt of full payment of purchase price; and
  • Home Owners’ Agreement – issued upon full payment of the purchased price.

3.2   The  Applicant(s)  acknowledge(s)  and  confirm(s)  receipt  and  review  of  copies  of  the Contract of Sale, Deed of Assignment (the “Agreement”) in respect of the Applicant(s’) unit(s) and undertakes to execute the Agreement as provided without any amendment whatsoever upon issuance of each Agreement as provided in clause 3.1 above.

3.3 Applicant(s) will be responsible for title to the Applicant(s) unit(s)

3.4  The  Applicant(s)  shall  be  required  to  comply  with  the  terms  of  this  Agreement, Homeowners’ Agreement, Estate Building Guidelines: and the Estate Rules and Regulation as provided by the Vendor.

  1. Description

Applicant(s) acknowledge(s) that:

  • Units may not be delivered in accordance with the rendition made in marketing materials shown to Applicant(s).
  • Units will be delivered in accordance with the description and layout provided in the Contract Sale:
  • Units may vary in sizes to which final sizes will be confirmed by issuance of survey plan  for  the  unit  allocated, Survey  plan  indicating  sizes  of  relevant  unit(s)  will accompany the Deed of Assignment:
  • In events that the confirmed size of a unit (upon the issuance of survey plan) differs from the initial apartment size allocated to the Applicant(s) the Applicant(s) shall pay for the additional area at a prorated cost to be determined by the Vendor.
  • Request  for  alternative  allocation  will  be  treated  based  on  availability  of  an alternative  unit  (as  the  case  may  be). Applicant(s)  will  bear  cost  of  alternative allocation.
  1. Transfer of interest

Where full payment has not been completed, transfer of interest in units(s) or subscription by an Applicant(s) shall only be done upon receipt of prior express consent of the Vendor. Where a transfer of interest is to be made to a third-party, the Applicant(s) shall bear the cost of procuring new Survey Plan and Title Deeds and any other document required to transfer the interest and title to the third-party. The applicable cost for the procurement of the aforementioned documents shall be determined by the Vendor at the time of notification of intention to transfer.

  1. Property Description

Common areas within units shall be used jointly and communally by the residents within such units. Designated common and reserved areas within the Property shall be held and managed exclusively by the Vendor or its appointed Facility Manager(s).

  1. Revocation
  • The Vendor shall be at liberty to revoke an Applicant(s)’ allocation at any time if the Applicant(s) fail(s) to meet payment obligations or adhere to the terms and conditions stated herein
  • In the event of revocation, the Vendor shall not be liable to make any refund to the existing Applicant(s) the Vendor has received funds corresponding in value to the amount to be refunded from third-party Purchaser. For avoidance of doubt, the Vendor shall not be obliged to procure a third-party to acquire the Applicant(s) interest in the unit
  • Revocation of allocation or termination of subscription by the Vendor shall attract an  administrative  fee  of  10%  (ten  percent)  of  the  Applicant(s)  total  deposit received by the Vendor.
  1. Cancellation

The cancellation of this transaction by an Applicant for any reason(s) whatsoever shall attract      an  Administrative  charge  of  10%  (ten  percent)  of  Applicant(s)  total  deposit received by the Vendor. The Vendor shall not be liable to make any refund to the existing Applicant(s) until the Vendor has received funds corresponding in value to the amount to be refunded from a third-party purchaser. For avoidance of doubt, the Vendor shall not be obliged to procure a third-party to acquire the Applicant(s) interest in the unit.

  1. Marketing Materials

Rendition of the property in marketing materials are artist rendition and not the final designs or layout for the unit to be purchased.

  1. Direct Bank Deposit(s)

Direct payment into the Vendor’s account will only be recognized when the Vendor receives evidence of such payment(s) from Applicant(s) or their representative(s).

  1. Confidential Information

Any  information  that  parties  receive  or  otherwise  have  access  to  incidental  to  or  in connection  with  this  agreement  (collectively, the  Confident  information”)  shall  be  and remain the property of the Disclosing party. Confidential Information shall not include information which:

  • Was in the possession of the Receiving party at the time it was first disclosed by the Disclosing party;
  • Was in the public domain at the time it was disclosed to the Receiving party;
  • Enters the public domain through source independent of the Receiving Party and through no breach of this provision by the Receiving party;
  • Is made available by the Disclosing party to a third party on an unrestricted, non- confidential basis;
  • Was lawfully obtained by the Receiving Party independently of any disclosure by the Disclosing party.
  • was  at  any  time  developed  by  the  Receiving  party  independently  of  any disclosure by the Disclosing party.
  1. Dispute Resolution

If any dispute whatsoever shall arise between the parties in respect of this Agreement or the scope or operation thereof, the parties shall appoint authorized representatives, who shall be responsible for direct informal negotiation and shall use their best endeavors to settle the dispute on an amicable basis and within a reasonable period of time. If the parties cannot settle the dispute on an amicable basis within a maximum of thirty (30) days from the date of commencement of said negotiation, the parties agree that such dispute shall be finally settled under the Rule of Arbitration of the Nigerian Arbitration and Conciliation Act CAP A18.Laws of the Federation of Nigeria. 2004,1 (one) Arbitrator appointed jointly by the parties. In the event the Parties are unable to agree as to the choice of an Arbitrator, the Chairman of the Chartered Institute of Arbitrators(UK). Nigeria Branch shall appoint such an Arbitrator.

The arbitration shall take place in Edo State, Nigeria and the language of the arbitration shall be English. The decision of the arbitrator shall be final and binding on the parties, without recourse to the Court and each party shall bear its own cost of arbitration.

In addition to the right of arbitration, each party will have the right to obtain injunctive relief to enforce or prevent violation of this Agreement either party, and to obtain specific performance  of  this  Agreement  by  either  party  in  any  court  of  competent  jurisdiction without proceeding to arbitration.

Claims for damages or any other relief other than injunctive relief, however, may only be pursued through arbitration as set forth herein.

  1. Other Terms

The  subscription  form  contains  preliminary  terms  for  purchase  and  is  subject  to  the execution of the Contract of Sale and other title document which will contain the detailed terms and conditions of the sale. The terms and conditions indicated above are subject to change by the Vendor without notice. The executive of this form does not guarantee the allocation of any unit(s) within the Estate to the Applicant(s). Allocated are subject to availability.

I/We confirm that I/we have read and understand the terms and condition of the offer and agree to be bound by same

Applicant(s) Signature   ___________________________

Applicant(s) Signature   ___________________________

Applicant(s) Address     ___________________________

Email and Mobile number _________________________

Date______________________________________________